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Watson Wyatt Submission to Ontario Expert Commission on Pensions
The creation of the Ontario Expert Commission on Pensions came as welcome news to many pension plan sponsors. The sustainability and continued viability of DB pension plans has been the topic of much discussion over the last several years, both within the financial community and in the public at large. In addition, court decisions, and strains on pension plan funding have clearly signaled the need to re-examine Ontario’s Pension Benefits Act, Regulations and the province’s pension regulatory system.
Watson Wyatt recognizes that an effective solution will be one which enhances the pension system for all stakeholders – pensioners, employees and plan sponsors. We also recognize that the Government of Ontario is concerned with the financial risks associated with the PBGF, the operational effectiveness of the Financial Services Commission of Ontario, and the role of the private pension system in ensuring income security for Ontario seniors. We expect improvements to Ontario’s pension system will require concessions by all stakeholders.
This Special Memorandum contains the substance of Watson Wyatt’s submission on the issues facing the Commission. The Commission is seeking input from pension stakeholders and its report is due in mid-2008.
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