Pension Awareness Campaign Supports Newcomers and International Students in Ontario.

Five simple steps to help plan for retirement and make sure the cost-of-living doesn’t derail future plans for your family.

Team Parvasi – Inside

TORONTO, Mar 1 , 2024

Immigrants now make up more than 34 percent of Ontario’s ’s population. For many, relocating to a new country comes with its own set of challenges, and understanding financial matters like pensions is crucial for long-term stability and security. To meet this growing need, Ontario’s financial services regulator (FSRA) has launched an educational campaign providing consumers with important information about pensions.

“No matter your journey to arrive or settle in Ontario, we encourage everyone to learn more about workplace pension plans, , and the benefits they can provide you and your family.” says FSRA’s Acting EVP, Pensions, Andrew Fung. “As more people settle in Ontario, learning about your financial planning options, including understanding pensions, can seem complicated. But we’re here to help.” A recent poll commissioned by the Financial Services Regulatory Authority of Ontario (FSRA), found that cost of living concerns are impacting retirement planning for many Ontarians:

• 81 percent of people are more concerned about paying for basic necessities like groceries than saving for retirement

• 44 percent said the high cost of living is hindering them from starting to save for retirement

• 20 percent of people think they will never be able to retire

• only 17 percent believe their quality of life will be better when they retire To help you get started, FSRA has set out a simple five-step savings strategy: :

1. Ask if your workplace offers a pension plan;
• If you are already a plan member, ensure you know what benefits you are entitled to. A good place to start is by reviewing your annual pension statement.

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2. Find out if your workplace offers a retirement savings plan;
• If you don’t have access to a workplace pension, there may be other options.

3. Learn about employer matching;
• If your employer will match your pension contributions, consider making maximum payments to take full advantage of the money you save for retirement.

4. Decide what you can comfortably save;
• It doesn’t need to be a lot! Whether it’s $5 or $50 or $500 a month, the more you can save and invest today, the better off you will be at retirement.

5. Consider making a pension plan part of your job search criteria;
• You already consider salary, benefits, and vacation when deciding where to work. Add the pension plan to your pros and cons list too!

Learn More FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca Links https://www.fsrao.ca/consumers/pensions https://www.fsrao.ca/pensionawareness

FOR MEDIA INQUIRIES: Russ Courtney Sr. Manager, Media Relations Financial Services Regulatory Authority C: 437-225-8551 Email: [email protected]

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