The Association of Canadian Pension Management (ACPM) believes that Canadians' pension needs would be best served by a retirement income system that embraces both mandatory and voluntary pension components and recommends "targeted action" in order to improve pension coverage and retirement income adequacy.

In the Principles for Mandatory Public Pension Plans report released June 23, the ACPM notes that lower income Canadians without workplace pensions are already achieving satisfactory retirement income replacement levels, while higher income earners without workplace plans are saving adequately on their own. "It is middle income Canadians working in the private sector without access to a workplace plan that appear to need the most help," says the ACPM.

The pension organization suggests there are five key steps to provide universal access to retirement income coverage in Canada. These are to (1) remove barriers to group coverage, (2) ensure defined benefit plans continue as viable options for coverage, (3) enable more innovation, (4) promote simplicity in administration, and (5) increase incentives to save.

"ACPM does not believe that changes to Canada's mandatory public plans alone will produce an optimal result for all Canadians," says ACPM board chairman Andrew Harrison.