Alberta and British Columbia Review Pensions Legislation

The British Columbia and Alberta governments issues a press release on Friday, October 19, 2007, announcing the appointment of an expert panel to review pension legislation in both provinces. According to the release,

The Joint Expert Panel on Pension Standards will consult with stakeholders and present their findings and recommendations to both provinces’ finance ministers by Sept. 30, 2008. The panel will examine key issues that include:
· the role of pensions in attracting and retaining the future work force while ensuring fairness for both employees and employers, balancing risks and rewards;
· encouraging the establishment and maintenance of employee pension plans;
· changes that will continue making both provinces attractive jurisdictions for investment; and
· removing barriers to the creation and maintenance of pension plans in the two jurisdictions.

As more members reach retirement and pension plans mature, funding and sustainability have become important issues. At the same time, the proportion of workers enrolled in pension plans is on the decline, raising concerns about the future of retirement incomes for today’s younger workers. The panel will take these trends into account as part of their review and effort to create greater harmonization of pension standards between the two provinces.