Policy Resolution 10

10. Pensions: Old Age Security & Canada Pension Plan

WHEREAS 60% of working Canadians in the 21st century do not have an employer-sponsored retirement income pension plan, and Canada Pension Plan is a critical source of retirement income;

WHEREAS the Canada Pension Plan is presently structured to provide a maximum of 25% up to the Year’s Maximum Pensionable Earnings of the average working Canadian upon retiring at age 65;

WHEREAS youth employment and career opportunity is a continuing economic public policy issue and full time employment opportunities for young adults are increasingly limited in today’s employment market;

WHEREAS the qualifying age for eligibility for old age security benefits was raised to age 67 from age 65 thereby creating a domino effect impacting on the above economic and social objectives;

WHEREAS voluntary retirement savings are subject to excessive management and administration fees that could be avoided through voluntary supplementary CPP contributions;

BE IT RESOLVED that the Old Age Security Benefits eligibility revert to age 65 to facilitate the voluntary exit of older Canadians from this market into alternative part time employment and or retirement;

BE IT FURTHER RESOLVED that the Liberal Party of Canada in partnership with the Provincial and Territorial Governments adopt and implement legislation to enhance retirement benefits under the Canada Pension Plan to 50% for workers earning between $30,000 and $80,000 per year upon retirement at age 65;

BE IT FURTHER RESOLVED that the CPP be amended to accept voluntary supplementary contributions which would be subject to the RRSP contribution limits.

Liberal Party of Canada (Ontario)