Mr. Speaker, we are helping millions of Canadians save for retirement more easily by introducing the pooled registered pension plan. This new, low cost and accessible option would help more Canadians meet their retirement goals. This is especially important for those working for small businesses and the self-employed.
PRPPs would improve the range of retirement savings options for Canadians by providing a new accessible, straightforward and administratively low cost retirement option for employers to offer their employees. It would allow individuals who currently may not participate in a pension plan, such as the self-employed and employees of companies that do not offer a pension plan, to make use of this new type of pension plan. It would enable more people to benefit from the lower investment management costs that result from membership in a large pooled pension. It would allow accumulated benefits to move with the person from job to job. This new pension plan would help all future seniors.