Canada’s affordability crisis is making it increasingly difficult for many Canadians to save for retirement. In addition, public policy does not reflect today’s pension realities. The Securities and Investment Management Association (SIMA) is proposing a comprehensive retirement-savings action plan to modernize Canada’s outdated system and help protect Canadians’ financial futures.
“Our plan lays out achievable, evidence-based strategies that will boost retirement security, enhance flexibility, reduce pressure on public programs and support long-term economic growth,” said Andy Mitchell, SIMA's president and CEO. “With a sense of urgency, Canada needs to evolve and modernize its policies to close the gaps in the system so that more Canadians can take advantage of voluntary private savings options to adequately finance their retirement.”
Canada’s retirement income system was built decades ago on foundational pillars, including:
Government-
