CANADA - The Association of Canadian Pension Management (ACPM) has urged the government to make regulatory changes and allow its recommendations for the industry to be carried out.
Becky West, chair of the ACPM DC Issues sub-committee that prepared the report, said: "It's important to note that the ACPM does not advocate for defined benefit (DB), defined contribution (DC) or any other specific pension model.
"Rather, we are advocating for a level playing field for employers and employees to choose the pension model that suits them best and the ability of any model chosen to make a significant contribution to employees' retirement income," West continued.
The report, 'Delivering the Potential of DC Retirement Savings Plans', made recommendations which ACPM believed would result in stronger and more effective retirement plans.
West said some of these suggested changes could be affected without altering current regulations, but asked the government to act and enable more radical modifications to the system.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.