NDP proposes creating an Ontario Pension Plan for all

News Release
Ont. NDP

QUEEN’S PARK – All Ontarians would have the opportunity to retire with the security of a decent, dependable retirement income under a new province-wide pension plan unveiled today by Ontario NDP Leader Andrea Horwath.
“No matter where they work, all Ontarians should be able to retire with dignity, security and without worry,” Horwath said. “An Ontario Retirement Plan is a sensible idea that would allow people who want to save for their retirement the chance to do so, wherever they work.”
An Ontario Retirement Plan would ensure the 65 per cent of Ontarians who lack a pension plan at work would have access to a worry-free retirement savings option that would provide secure, stable retirement income.
Horwath proposes a flexible plan that reflects the realities of today’s modern workforce:
Employees can take their pension with them when they change jobs;
The plan protects against stock-market volatility thereby guarding against sudden drops in retirement savings; and
Available to any working Ontarian without a workplace pension.
Horwath and New Democrat Pensions Critic Paul Miller have been meeting with concerned retirees, private and public pension providers across Ontario.
“There are millions of people without enough retirement savings and Ontario’s government can’t ignore them,” said Miller. “The federal government should be moving now to expand the Canada Pension Plan – but the McGuinty Liberals can’t sit on the sidelines and wait.”
Susan Eng of the Canadian Association of Retired People echoed Horwath’s call. “This is a sensible, modern plan that is an important first step to ensuring a decent retirement income for everyone. This plan would offer a flexible, secure retirement savings option to all Ontarians, who presently lack a workplace pension plan.”
“Ontarians have told us they want a retirement savings plan that will let them retire with security, dignity and the quality of life they’ve worked hard to build,” Horwath said. “An Ontario Retirement Plan would open the door to a decent, dependable retirement income for every Ontarian.”

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