Strengthen the protection of workplace pensions.

What success looks like

Canadians with privately sponsored pension plans experience enhanced retirement security.

Government's narrative on progress

Further to its commitment in Budget 2018, the government sought feedback from Canadians, including pensioners, employees, companies, and lenders to inform a whole-of-government, evidence-based approach towards addressing retirement security for Canadians. Consultations in late 2018 with workers, pensioners, companies, experts, and the public resulted in more than 4,400 online submissions, in addition to formal written submissions from stakeholder groups. The government reviewed the feedback received during the consultations with a view to developing a balanced way forward to enhance retirement security for Canadians, particularly for those who have workplace pension plans. As a result of this work, in Budget 2019, the government is proposing legislative amendments to pension, insolvency and corporate laws to enhance retirement security and better protect workplace pensions in the event of a company’s insolvency. All while ensuring Canadian marketplace framework laws continue to serve as strong platforms for economic growth, innovation and jobs for Canadians.

Note: this is the government's own description, not an independent assessment.