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Finance industry lobbying against enhanced CPP

CLC files Access to Information request to see who is applying pressure against bigger public plan.

CLC President Ken Georgetti says the CPP is a better option than private schemes.Ottawa (January 19, 2011): The Canadian Labour Congress has filed an Access to Information request to find out who lobbied the federal Finance Minister and his department against proposals that would enhance the Canada and Quebec Pension Plans.

"Last summer Jim Flaherty said that improving the CPP was the best way to ensure the retirement security of Canadians," says CLC President Ken Georgetti, "but the minister has changed his mind and now favours vastly inferior private sector plans. We want to know who got to the government and we hope this Access to Information request will provide that information."

Georgetti says that two access requests were filed in late December 2010, and they ask for both internal government and external lobbying materials related to the CPP and private sector Pooled Registered Pension Plans (PRPPs).

"Our sources tell us that the financial services sector was lobbying hard prior to the finance ministers meeting in Kananaskis in December," Georgetti says. "The banks and insurance companies want control over the retirement savings of Canadian workers and that's a shame because they charge obscenely high management fees for investing those savings. That can reduce your pension nest egg by more than 50 percent. The CPP is a far better option."

Related individuals, organizations and significant events

Posted: January 27, 2011

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