TORONTO, ON: CARP chapters and retiree groups were disappointed to learn that no action was promised in the Throne Speech to address the threats to their retirement security wrought by the current market chaos.
CARP chapters and other retiree groups across the cross country assembled to listen to the Throne Speech in the hopes of hearing what the government would do to respond to the clamour for immediate relief and longer term protection of their pensions.
“There was a great deal of talk about fixing the global financial system in the future but nothing for Canadians hurt by the market turmoil now. Retirees across the country have called for immediate action and their new government appears to have ignored them. We hope that next week’s Fiscal Statement will be more responsive”, said Susan Eng, Vice President, Advocacy of CARP.
“What will it take to get this government’s attention? People are very hard hit and have made very reasonable demands. Maybe the Opposition can help get some change for us”, said Dan Braniff, Founder, Common Front for Retirement Security, [CFRS] who watched the Throne Speech with representatives of several other retiree organizations at a meeting in Barrie.
Liberal MP John McCallum is quoted saying that there are a number of moves the Tories could make right now to ease economic anxiety, including a pension change that would give seniors flexibility on when to convert their RRSPs into RIFFs.
In an open letter to all First Ministers, CARP had called for specific action to protect current retirement savings and to provide retirement security into the future, including an immediate moratorium on mandated minimum Registered Retirement Income Fund [RRIF] withdrawals, conditions to protect pensioners in exchange for extending the time for pension fund managers to fund deficits and implementing a universal supplementary pension plan for those without any retirement savings.
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
For further information, please contact:
Pam Maher 416.363.2277 x. 235 Communications coordinator
Anne Gravel 416.363.2277 x. 230 Researcher, Policy Development
Vice President Advocacy
CARP, A New Vision of Aging for Canada
or visit our website: www.carp.ca