Why Canadians need a lifetime retirement saving limit
Retirement | Canada
“A lifetime accumulation limit is a simple, elegant, and workable fix for Canadians who do not have career membership in generous pension plans, and its guarantee of equal and sufficient access would benefit all Canadian workers.”
In a C.D. Howe Institute Backgrounder report on pensions in Canada, Buck’s Faisal Siddiqi and James Pierlot of Pierlot Pension Law suggest that the best way to reform Canada’s tax rules for retirement saving would be to implement a lifetime accumulation limit. This would replace the “factor of 9” currently in place, would “cut the Gordian knot that ties pension plan design to the DB/DC paradigm and to employer sponsorship,” and make catch-up retirement saving possible.
Read the full report here.
