Over the last few months, the Pooled Registered Pension Plan has come up in the news and has received a fair amount of criticism. Labor unions and respected analysts have come against it for its shortfalls with regards to its long term financial portfolio. With all of its flaws however, the PRPP has some benefits that are worth examining.
First of all, the PRPP will cover those people who currently don’t have a pension plan. This is crucial as workers without any kinds of retirement plan have a good chance of falling into some kind of welfare plan later on in life. With the PRPP, the chance of this happening is drastically reduced.
The number one complaint brought about by opposing parties is the monthly fee for those participating in the plan. Luckily, the PRPP calls for a substantially affordable fee. The amount is comparable to most of today’s insurance plans, and best of all, it is strictly participatory, at least in the latest version covered by the media.
One other thing the PRPP does right is offer nationwide coverage, regardless of previous working location. This means that a person can transfer to another province or state and still be covered. With this kind of benefit, it’s almost hard to imagine why anyone would oppose this deal.
