Charles Sousa, Ontario finance minister, is asking other Canadian provincial and territorial finance officials to work together to create a supplemental retirement plan to the C$192.8 billion (US$175 billion) Canada Pension Plan, Ottawa.
“We will work out the alternatives and provide options and together show real leadership on protecting the interests of all Canadians,” Mr. Sousa wrote in a letter to other finance ministers. “This is not an Ontario-only problem, nor should it be an Ontario-only solution. While Ontario has critical mass to develop a supplementary solution, we would welcome (your) involvement in developing a retirement solution so that all workers, no matter where they live or their lives take them, can benefit as well.
Mr. Sousa and Ontario Premier Kathleen Wynne announced in December they would consider creating a provincial supplemental plan to the CPP after efforts to create a national one were rejected in talks between the Canadian government and provincial finance ministers.
A group of pension experts led by Paul Martin, former Canadian prime minister, is advising the Ontario government on improving the retirement system. Ms. Wynne has said details on a supplemental plan would be released in spring.