Government to create province-wide DC plan
Vancouver (23 October 2003) – B.C. Premier Gordon Campbell announced yesterday that his government will create a new pension option for British Columbians who currently have no access to a pension plan. The creation of the pension plan was one of the components of the out his government's 10-point economic plan which he announced in a province-wide television address Wednesday evening.
Over 75 per cent of our private sector workers in B.C. currently aren’t covered by a group pension plan. “We will spearhead a privately financed, defined contribution plan that creates a viable pension option for those who want to participate. It will be available to all employers, employees and self-employed people on a voluntary basis”, the Premier stated.
“By pooling contributions and managing them under a single plan, we will maximize investment earnings, lower administration costs, reduce risk and give people new, worry-free access to guaranteed pension entitlements.”
The Premier said the new pension option will be established as quickly as possible. He will recall the legislature for an unplanned sitting this fall to implement the new pension plan along with the other measures contained in the $500 million economic plan.
The BC government have been working closely with Alberta through the Joint Expert Panel on Pension Standards established in October 2007 to explore options for an improved pension system.
Last week, a Nova Scotia Pensions Review Panel, as part of an interim report it released, recommended a new province-wide pension plan that an independent agency would administer.