Canadians are concerned over the solvency of their pensions and retirement income. With the down turn in the economy last year it became obvious to our government that work needs to be done on pension and securities reform to assure all Canadians that have worked hard and saved will be able to enjoy their retirement.

On March 24, the Honourable Jim Flaherty, Minister of Finance, and Parliamentary Secretary Ted Menzies, announced the launch of cross-Canada consultations to gather input from Canadians on ensuring the ongoing strength of Canada’s retirement income system. The consultations will inform discussions at the next meeting of federal, provincial and territorial Ministers of Finance in May, where the retirement income system will be a key agenda item.

Canadians work hard to realize retirement dreams. Our Government will be giving Canadians an unprecedented opportunity to provide direct input on the future security and soundness of Canada’s retirement income system.

In British Columbia a town hall meeting will be held in Richmond.  Canadians not able to attend town hall meetings are encouraged to participate in the online consultations by visiting the Department of Finance’s website: www.fin.gc.ca/activty/consult/retirement-eng.asp.

The equity markets have recovered and the light is getting brighter at the end of this economic tunnel, but we all know the market and economy cycles.  I believe setting regulations and good policy decisions on retirement income will help minimize the risk financial markets have on pension solvency.

The Government of Canada only regulates around 10% of the pension funds.  The other 90% are regulated by the provinces. Knowing this, it is imperative that we work with the provinces on this issue.


Colin Mayes, MP - Okanagan Shuswap