Retirement is a time when Canadians can relax and enjoy the product of years of hard work. But for some senior citizens, financial uncertainty threatens to cast a shadow on their golden years.

This government is focused on providing senior citizens with the support they need to enjoy the quality of life they deserve.

Cross-country consultations on federally-regulated pensions led to a number of reform measures designed to make pensions more stable, give pensioners more negotiation powers, protect pensioners by requiring companies to fully fund pension benefits on plan termination, and modernize investment rules regarding pensions.

After listening to the concerns of Canadians from coast-to-coast, we have developed proposals for targeted improvements. These proposals build on our system’s strengths, employing a healthy balance between government and private-sector involvement, including both mandatory and voluntary savings elements.

While the majority of pension plans are provincially regulated, future action will be taken to continue to strengthen the ten percent of pensions that fall under federal jurisdiction.

We have also been working with partners in the provinces and territories to ensure the financial interests of seniors are prioritized.
In addition to pension reform, we have taken an interest in supporting seniors in pursuing other sources of retirement income.

We have introduced the Tax-Free Savings Account to further encourage private savings and lowered the annual tax bill of seniors by $2 billion.

Budget 2010 invests an additional $10 million toward combating financial abuse of seniors and promoting volunteering through the New Horizons for Seniors program.

Senior citizens are also benefitting from the Tax Fairness Plan, which introduced a $1,000 increase in the Age Credit amount and allowed for pension income splitting.

We will strive to move forward in making improvements to our retirement system that are affordable for most Canadians. This government is committed to ensuring Canadians have the best retirement income system possible.

-30-