Dipac

Ontario Pension Reform

On August 24 Ontario Finance Minister Dwight Duncan announced the highlights of the second stage of proposed further reform of the province's pension system.

Reaction to the announcement details has been swift with the suggestion that both praise and disappointment apply. To date much of this reaction originates with 'pension industry' representatives...the consultants, lawyers and managers who largely service the industry and the plan sponsors. At this point organizations such as DIPAC, and the Canadian Federation of Pensioners have not publicly expressed any opinion. This will change as the government's indicated consultation and dialogue process unfolds.

What is evident at this early stage is that this round of pension reform is more complex than that which took place last spring. Proposed changes are more controversial, and generally are likely to be widely opposed by the industry. We can expect there will be a significant need for individuals, such as DIPAC members, to be in contact with their MPPs in order that the priorities of pensioners not become lost in the shuffle.

More to come in due course!!