CARP has been advocating for pension reform since 2008, starting with a call for a national pension summit and for a Universal Pension Plan to address the growing problem of personal retirement savings inadequacy.

It is now widely accepted that Canadians are not and cannot save adequately for their own retirement.

Twelve million Canadians – two-thirds of the work force – do not have occupational pension plans. The problem is especially acute for middle-income Canadians who may not be eligible for sufficient OAS/GIS benefits in retirement, but who don’t have sufficient personal savings to avoid outliving their money.

In June 2010, finance ministers finally acknowledged that Canadians were not saving enough for their own retirement and that governments had a role to play. The federal government introduced Pooled Registered Pension Plans (PRPPs) as a solution to the savings gap and finance ministers committed to considering a “modest” CPP enhancement.

Legislation for Pooled Registered Pension Plans is being put in place but little progress has been evident on enhancing the CPP besides the promise to continue discussing the options. The next opportunity for the FTP finance ministers to take action is their mid-December 2013 meeting. It has been three years since the finance ministers agreed that Canadians needed help to save for their own retirement and proposed a modest CPP enhancement. CARP has been pushing for action throughout that time. Below is a timeline of action on pension reform, from CARP’s first call for a national dialogue to the most recent push for action.

2008:

• CARP calls for national Summit on Pension Reform in the wake of the financial crash

2009:

• Federal Government holds Pension Consultations
• CARP calls for a supplementary Universal Pension Plan to help Canadians save for retirement
• CARP calls on MPs to support comprehensive pension reforms with increase to OAS, GIS, CPP, and the creation of a Universal Pension Plan

June 2010:

• CARP releases open letter to Finance Ministers urging action on pension reform
• Finance Ministers commit to new private savings vehicle and modest enhancement of CPP

Fall 2010:

• CARP reiterates calls for CPP enhancement and Universal Pension Plan in consultation papers to the Nova Scotia Department of Finance and Ontario Ministry of Finance

December 2010:

• Federal government introduces PRPPs
• Six provinces in unison call on the federal government to act on consensus for enhanced CPP
• Alberta and Quebec oppose CPP/QPP enhancement
• Finance Ministers meeting makes no progress on CPP enhancement

Winter 2011:

• CARP Poll^TM: Members reject PRPPs without safeguards
• CARP editorial: Public Option for Pension Security – PRPPs not enough
• CARP Open Letter calls on Finance Ministers to enhance CPP, cap PRPP fees

June 2011:

·       Federal government cancels Finance Ministers meeting, missing opportunity to build consensus on CPP enhancement

October 2011:

·       CARP renews call for PRPP safeguards and action on CPP enhancement

November 2011:

·       Federal government introduces Pooled Registered Pension Plans Act

February 2012:

• CARP urges Federal government to safeguard PRPPs with fee caps and defined benefits

April 2012:

• Ontario government renews commitment to CPP enhancement and investor protection on PRPPs

Fall 2012:

• CARP calls on Finance Ministers to move forward on previous commitments
• New Quebec government open to CPP/QPP enhancement
• CARP publishes provincial responses to open letter urging action on pension reform

June 2013:

• CARP issues open Letter to Finance Ministers to move forward on 2010 commitment to CPP enhancement.

October 2013:

• CARP calls on the federal government to show leadership on pension reform in Throne Speech
• PEI Finance Minister Wes Sheridan Announces CPP enhancement plan to CARP members at CARP AGM

November 2013:

• “If not now, when?” CARP calls on members to write to politicians on CPP enhancement
• Provincial Finance Ministers meet and find ‘common ground’ on CPP enhancement
• CARP chapters join in Canada-wide CPP letter to provincial and federal politicians