News Release

FREDERICTON (CNB) - New Brunswickers may review a consultation paper and provide input into a country-wide review of the adequacy of retirement income, Finance Minister Greg Byrne announced today.

Byrne released the consultation paper which outlines the issue and some of the possible reforms that federal, provincial and territorial finance ministries are examining.

While research indicates that Canada has one of the lowest senior poverty rates among developed countries, the situation for future retirees is less certain.

"Over the past year, New Brunswick and other governments have been involved in a review of Canada's current retirement income system to ensure its ongoing strength," Byrne said. "There are a wide range of opinions about the adequacy of retirement income among Canadians, and differing proposals on how to improve the system."

Among the options being analyzed are:

• expansion of the existing Canada Pension Plan (CPP);
• a new plan that would supplement the CPP;
• modernization of pension standards to improve flexibility in pension plan design; and
• changes to the Income Tax Act (Canada).

"These options reflect the input received from various interest groups and individuals over the past few years," said Byrne. "Retirement income adequacy is an important policy issue in Canada and one to which we can all relate. We are seeking input from New Brunswickers on this issue and on the possible reforms."

The issue will be discussed at this spring's meeting of federal-provincial-territorial finance ministers.

New Brunswickers have until Friday, May 14, to take part in the consultation process by visiting the Department of Finance website to view the consultation paper and then providing their input by e-mail, [email protected], fax, 506-453-2281, or by mailing it to Retirement Income Adequacy Consultation, c/o Minister of Finance, Fiscal Policy Division, P.O. Box 6000, Fredericton, NB, E3B 5H1.