As part of our federal election coverage, Investment Executive explores the positions of the major federal political parties on the top issues affecting the financial services industry.

Here we look at where the parties stand on improving retirement security for Canadians:

Despite the importance of retirement security in a country that’s on the cusp of a rapid aging of the population, the major political parties are offering little in the way of vision on the issue.

The Liberals are proposing the introduction of a Registered Disabilities Savings Plan, modeled on the RRSP and sharing many of its features. Taxpayers that are caring for a disabled and financially dependent family member would be able to receive tax deductions for contributions to tax-sheltered accounts, which could be transferred for the benefit of the disabled dependent after a specified holding period. It is estimated that an RDSP, with an annual contribution limit of $4,000, could eventually attract about $230 million in annual contributions.

Beyond that, the Liberals note that their low-income targeted tax cuts would benefit many current retirees. They also propose to follow existing plans to increase annual RRSP contribution limits to $22,000 and increase Guaranteed Income Supplement payments over the next five years.

A bigger problem is dismantling some of the systemic barriers to seniors staying in the workforce. The Liberals don’t propose any specific solutions, but pledge to work with the provinces and territories, unions and employers to remove disincentives to work.

The Conservatives are also notably short on retirement security promises. They vow to protect existing retirement security programs, including Old Age Security, the Guaranteed Income Supplement, and the Canada Pension Plan. And they promise to immediately double the pension income amount that seniors can deduct for registered pension plan or RRSP income from $1,000 to $2,000, and gradually increase the deduction to $2,500 over the next five years.

The NDP is focusing on protecting pensions by promising to implement a pension benefits insurance system for federal employees, and amending bankruptcy laws to give both severance pay and unfunded pension liabilities priority in the allocation of corporate assets in the event of a bankruptcy. It would also legislate against employer-contribution holidays and tighten the rules to prevent employer underfunding of pension plans.

The NDP also proposes to amend the CPP benefit formula to permit time spent caring for the elderly or people with disabilities to be credited when determining benefit entitlements. And it would drop the appeal of a Supreme Court decision extending retroactive CPP survivor benefits for same-sex couples.

The Bloc Québécois says it would demand that a program be put forward to help senior workers.