Former PM to advise Ontario on pensions

Former Prime Minister Paul Martin will advise the province’s finance minister, in an effort to improve retirement security for Ontarians.

Premier Kathleen Wynne made the announcement this morning.

She says that because Canada Pension Plan benefits are limited to $12,000 a year, there is a need to force people to save more for their retirements.

Martin will work with Ontario finance minister Charles Sousa to enhance retirement income security.

“From an economic point of view, not just a social point of view, if you haven’t got confidence in the pensions you’re going to have when you grow older, it’s going to affect the economy, it’s going to affect your spending, it’s going to affect the way in which you’re going to lead your life.”

As the federal finance minister, Paul Martin worked with the provinces to reform the CPP in 1997. Part of those reforms meant cuts to pension benefits.