RRSPs Need Enhanced Access

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    The Investment Funds Institute of Canada (IFIC) wants the federal government to take measures to enhance access to registered savings plans such as group RRSPs. In a submission to the House Standing Committee on Finance ahead of the next federal budget, it says the rules surrounding group RRSPs need to be altered to put them on a more level playing field with workplace pensions. It recommends that employer contributions should be exempt from payroll taxes and employer contributions be locked-in. The rules should also be changed to allow auto-enrollment in group RRSPs as this feature increases employee participation in retirement savings plans.