In it, ACPM sets out measures that it believes will “significantly assist in achieving [the] objective” of “creating current and future generations of financially secure and independent retirees.” It notes that this is an important Canadian policy objective.
Comprehensive dashboard
The calls to action include creating a comprehensive dashboard of all individual retirement income sources including government benefits, employment-based pensions and retirement income and individual savings.
This would enable Canadians to compare all available sources of retirement income and their estimated aggregate income, using information from the Federal government and Canada Revenue Agency.
The second proposal is computer-based modelling tools to help capital accumulation plan sponsors to provide guidance to members to assist them with managing CAP decumulation and allow for CAP members to develop retirement income investment plans with investment strategies for each portion of the member’s stream of income and their risk tolerance.
Protected titles
ACPM also wants all jurisdictions within Canada to regulate areas of practice and titles for professionals working in retirement and financial planning. It is also calling for transparency on compensation.
