The Pension Investment Association of Canada (PIAC) is pleased that federal and provincial finance ministers have held preliminary meetings to discuss pension reform, the association said Monday.

“PIAC urges governments to strive for harmonization of pension rules across Canada to resolve the legislative and administrative barriers that are hampering the existing pension system,” it said in a release.

PIAC has also called for governments to eliminate quantitative investment rules and move to the prudent person standard, “which is in line with the approach taken by most other developed countries.”

“While we need government to address the retirement income situation for those many Canadians who do not have a pension plan, governments should also make sure that changes are made to help ensure that existing pension coverage does not decrease further,” said Gayle McDade, PIAC’s chair.

PIAC’s mission is to promote sound investment practices and good governance for the benefit of pension plan sponsors and beneficiaries. Senior investment professionals employed by PIAC’s member funds are responsible for the oversight and management of over $890 billion in assets on behalf of millions of Canadians.

IE