 |
TORONTO (May 18, 2004): The Ontario Teachers’ Pension Plan today applauded the decision by Federal Finance Minister Ralph Goodale to suspend the restrictions, put forward in the last federal Budget, that would have seriously curtailed the ability of pension plans to invest in income trusts.
“It is always impressive when you carry a message to legislators and they listen to you and act,” said Claude Lamoureux, Teachers’ President and Chief Executive Officer. “We look forward to working with Minister Goodale and his officials in defining their concerns and working towards equitable and effective solutions.
“The restrictions, as introduced in the budget speech, would have seriously restricted our ability to make money for teachers to secure their retirement income. Pension plans representing millions of Canadian workers would also have been affected.
“Many other pension plans and individuals also voiced their concerns to the Minister, including the Ontario Finance Minister, The Retired Teachers’ of Ontario, the Pension Investment Association of Canada (PIAC), the Canadian Venture Capital Association of Canada (CVCA), and the Association of Canadian Pension Management (ACPM),” added Lamoureux.
The Ontario Teachers’ Pension Plan is an independent corporation responsible for investing the $75 billion fund and administering the pensions of Ontario’s 155,000 elementary and secondary school teachers and 93,000 retired teachers.
Responsibility for ensuring the pension plan is fully funded lies with the Ontario government and the Ontario Teachers’ Federation, the plan’s co-sponsors, who set benefit and contribution levels.
To view Ralph Goodale's announcement click on the following link:
http://www.fin.gc.ca/news04/04-036e.html
Ref:
Lee Fullerton
Director, Communications
(416) 730-5347
lee_fullerton@otpp.com
|
|
