CANADA - The Common Front for Retirement Security (CFRS) has recruited 14 organisations to fight for better governance of pensions, investments and savings.
It comes after CFRS cited figures from the Small Investor Protection Association, stating Canadians lose C$18bn per year in fraud and excessive fees, calling it “white-collar crime”.
A CFRS spokesman said: “It is imperative that resident and foreign investors have confidence in the system – and pension plans need insolvency protection.”
According to CFRS, around 40% of Canadian workers are not enrolled in employment related pension schemes. It suggested a national contributory pension plan could be a lifeline for these people.
The alliance has over two million members who have thrown their support behind transparency and streamlining within the finance industry.
It concluded: “It is time to put aside petty jurisdictional squabbling and get on with reforms. Canada needs a central agency with sufficient enforcement teeth to protect pension fund investments within the framework of a system that is efficient, effective and competitive.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.