Make Pensions Fairer22 Apr 2022
At present pensions providers are taking large amounts of the money that individuals save for their retirement in fees and commissions, often with a lack of clarity as to what such fees are for or whether they will be applied at all. Given the importance of saving for retirement, we would aim to disincentivise providers from charging excessive fees and ensure that any costs associated are clearly stated up front. All pension funds should have to state their costs in a clear, unobfuscated way at the point when a pension is set up. We will introduce a right to move pension savings to providers with lower overheads without penalty.
We will work to reduce the cost of saving for retirement and try to ensure that everyone in Canada has access to quality pension products.
We will make it illegal for any government or organization to touch funds set aside for pension for any reason other than its intended use of pension payout or investment for the fund. This includes prohibition against diverting pension funds to cover deficits or backruptcies whether temporarily as a loan or permanently.