The Government of Canada is committed to supporting a secure and dignified retirement for Canadians by improving Canada's retirement income system. Part of that commitment is to promote the efficient funding of federally regulated pension plans and ensure pension benefit security for plan members and retirees.
Today, the Department of Finance Canada released a consultation paper on potential solvency funding relief options for 2021 and measures to further strengthen the framework for federally regulated pension plans, as committed to in Budget 2019. About seven percent of private pension plans in Canada are federally regulated, such as those in federally regulated industries like banking, telecommunications, and inter-provincial transportation. The release of the paper and the launch of public consultations mark the next step in the government's ongoing work to enhance Canadians' retirement security.
