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Canada Pension Plan Legislation Tabled

Related document: 

• The Canada Pension Plan (CPP): Securing its Future for All Canadians.

Finance Minister Paul Martin and Human Resources Development Minister Pierre Pettigrew today announced the tabling of final legislation on changes to the Canada Pension Plan (CPP). These changes are supported by the federal government and the provinces of Newfoundland, Nova Scotia, New Brunswick, Prince Edward Island, Quebec, Ontario, Manitoba and Alberta. This support meets the statutory requirement that changes to the CPP receive the concurrence of at least two-thirds of the provinces with two-thirds of Canada's population.

"This legislation represents a significant step forward in fulfilling our commitment to secure Canada's retirement income system. The proposed changes will ensure the plan's financial sustainability and make it fairer and more affordable for future generations of Canadians," said Mr. Martin.

"Canadians recognize that the CPP is a key element of our national pension system. These changes will strengthen our pension system so that it continues to give Canadians the opportunity to build sufficient income for their retirement," said Mr. Pettigrew.

Last February, federal-provincial agreement was reached on changes to secure the Canada Pension Plan. The changes resulted from the latest federal-provincial statutory review of the CPP, which included cross-Canada consultations. Canadians were unequivocal: they asked their governments to preserve the plan by strengthening its financing, improving its investment practices, and slowing the growing costs of benefits.

Draft CPP legislation was first tabled in the House of Commons in February 1997. In response to comments, further refinements were made over the spring -- mostly regarding the new CPP investment policy. Revised draft legislation was released in July for further comment.

The new measures will become law once legislation to amend the CPP is passed by Parliament, and supporting orders in council are approved by two-thirds of the provinces representing two-thirds of the population of Canada. As part of the agreement reached in February, supporting provinces will pass orders in council so that the changes can be in effect on January 1, 1998.

For more background information please refer to the attached backgrounder entitled The Canada Pension Plan: Securing its Future for All Canadians.

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