The results of a recent nationwide survey show many Canadians are concerned they do not have the means to properly save for retirement – and the majority believe Pooled Registered Pension Plans (PRPPs) would help address this fear.
According to the survey data:
- 64% of respondents support the introduction of PRPPs over an increase to Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) contributions.
- 4 out of 5 respondents without a workplace savings plan worry about retirement lifestyle.
- 74% said it’s ‘important’ or ‘very important’ for their province to introduce legislation to make PRPPs available. That figure climbs as high as 85 per cent in Quebec and 84 per cent in Newfoundland.
- 77% believe saving through a PRPP would make it easier for them to reach their retirement goals.
Federal Regulations
The Government of Canada has also finalized regulations required to launch the PRPP, under the Pooled Registered Pension Plan Act (Bill C-25).
The federal government’s efforts are a model for all provinces to move forward with their own PRPP legislation, to provide more Canadians with access to workplace retirement savings plans.