Statement by Minister Duncan on the Recommendations of Pension Investment Advisor Bill Morneau
"In the 2012 Ontario Budget, our government announced its intent to create a framework that would facilitate the pooling of pension fund asset management. At the end of May, I announced that Bill Morneau was appointed to help determine the advantages of pooled asset management for Ontario's public-sector pension funds and, if appropriate, a path to implementation.
Today, I want to thank Mr. Morneau for the excellent work he has done in making recommendations for implementing pooled asset management for Ontario's public-sector pension funds.
Mr. Morneau met with or spoke to over 100 people and groups, representing labour and management at Ontario's broader public-sector institutions; managers as well as current and former leaders of large Canadian pension funds; investment management professionals; interested industry associations; and retirees.
As the next step in this process, our government is asking individual plans, affected stakeholders and others to provide their feedback on the report's recommendations. This information will help inform the government's position as it reviews the report and develops an implementation plan that will continue to build upon Ontario's internationally recognized pension plan model and make the management of public-sector pensions even stronger."