McLeod sets record straight on pooled plans

M.P. Cathy McLeod spoke last Monday in favor of Bill C- 25, An Act Relating to Pooled Registered Pension Plans (PRPP)

OTTAWA – Cathy McLeod, Member of Parliament for Kamloops-Thompson-Cariboo was pleased to speak last Monday in favor of Bill C- 25, An Act Relating to Pooled Registered Pension Plans (PRPP).

“What makes Pooled Registered Pension Plans beneficial for this riding is the universality and portability of the plan. I know of individuals who work at Sun Peaks during the winter, but during the summer they must find other work at local ranches,” said McLeod. “Under our current system, these individuals would be left to contribute to RRSPs or TFSAs. With the portability of the PRPP, these individuals can contribute to the same pension plan regardless of which employer they happen to work for.”

The Canadian Taxpayers Federation (CTF) recently raised the issue of Members of Parliament pensions. The CTF stated, ‘… while they should be properly compensated for their roles, politicians should not be a class apart from the taxpayers that fund the government they run.”

“I have read the CTF’s report, and while I don’t agree with all of their numbers, they are right in stating that the MP pension plan is more generous than any other currently available. I know for a fact that this is an issue the government is currently reviewing and I will be supportive of the changes when they are proposed,” stated McLeod.

The discussion this week in Parliament has also centered on changes to the Old Age Security.

“I want to re-assure all seniors that they will continue to receive all the benefits they currently receive. We will ensure any changes are done with substantial notice and adjustment period and in a way that does not affect current retirees or those close to retirement, and gives others plenty of time to adjust and plan for their retirement,” said McLeod.

In Canada, there are two important programs that provide financial support to older Canadians: CPP and OAS.

 

“CPP is funded through premiums that working Canadians pay with each paycheque and is on a secure and sustainable path. It does not need to be changed. OAS is funded primarily through taxes on working people and is unsustainable on its current course,” concluded McLeod.