Aon Hewitt surveyed 203 

The report, Canadian Retirement Trends Survey, provides Plan sponsors some interesting perspectives to understand the competitive landscape and reflect on their current plan and potential areas for improvement.

Key Findings: Across All Plans
95% are somewhat or very confident in the competitive position of their plan and see this as a key priority
59% are likely to assess retirement program design in 2013
83% will review plan member communication material
12% are very confident that employees are taking accountability for their retirement future
30% see employee accountability for their retirement future as a high priority issue

Key Findings: Capital Accumulation Plans
33% use webcasts/webinars to deliver financial education now
84% of CAP providers plan to communicate with plan members to provide general understanding/education about plans
75% are likely to communicate general investment education messages
50% intend to measure the competitiveness of their plan in 2013
54% offer target date/lifecycle funds

Also Notable
“The number of CAP sponsors who have conducted a GAP analysis since the Capital Accumulation Plan Guidelines were introduced in 2004 is very encouraging.  Seventy-seven percent of those responding have done such as analysis.”
“Governance and cost control efforts also appear to be key areas of concern and potential action in the coming year.”
“Automatic re-balancing as a feature in CAPs seems to be gaining ground.”

DB plan design changes are coming – but not this year
“The absolute cost and cost volatility of DB plans remain the main incentives for those sponsors looking at changes. The number of closed or frozen DB plans operated by survey respondents in Canada has continued to rise and has reached 50%. Despite the signal this sends that near-term action is needed, 77% of DB plan sponsors made no changes to their plans in 2012 and 68% expect to maintain the status quo this year as well. In addition, 69% are unlikely to evaluate phased retirement alternatives and 61% are unlikely to analyze aging workforce issues. Only 2% have opted for a so-called “hard freeze” for DB plans in Canada, far lower than in the United States.”
Read the full Aon Hewitt Canadian Retirement Trends Survey 2012  HERE.

About Aon Hewitt 
Aon Hewitt empowers organizations and individuals to secure a better future through innovative talent, retirement and health solutions.  Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide.  For more information on Aon Hewitt, visit www.aonhewitt.com.

Ampersand Top 10 Lists
10 Signs You May Need A Different Advisor/Consultant for Your Company’s Retirement Program
10 Mistakes Plan Sponsors & Administrators Make Managing Their Company Retirement Plan
10 Ways Ampersand is Different10 Retirement Plan Best Practices
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10 Pension Committee Best Practices
10 Advantages of Target Date Funds
10 Disadvantages of Target Date Funds

On April 18th, Alberta became the fourth province to introduce 

According to the government press release: Bill 18, the Pooled Registered Pension Plans Act will allow employers, employees and the self-employed to:

• access large, defined contribution plans that will be professionally managed by plan providers, such as banks and insurance companies
• take advantage of low fees, meaning members will pay less for the management of their plan and as a result, save more for their retirement
• join a pooled pension fund that allows members to access the benefits of being a part of a large fund including portability of the pension plans which will allow members’ accumulated benefits to move with them from job to job

Under an Alberta Pooled Registered Pension Plan:

• employers “are not required to offer a PRPP”
• if an employer chooses to offer a PRPP, employees will be automatically enrolled
• employer contributions are optional
  

Government Publications
News Release Announcing Alberta PRPPs
Alberta PRPP Legislation
Alberta PRPP Questions & Answers

Related Articles
Alberta follows B.C. with non-mandatory pooled pensions – National Post
Pooled retirement saving plans touted by Alberta government – CBC

Essential Reading
Pooled Registered Pension Plan Resources
Best of the Web on Pooled Registered Pension Plans (PRPPs) 

Included in the report was a ranking of the best account statements in the group retirement plan industry.

Given many participants who are enrolled in group retirement plans have basic levels of financial literacy it is critical that account statements not only show members account details in a clear, understandable manner, but to also be another means to educate them on their plans.

The DALBAR report indicated that:

• most statements showed a consistently high level of plan detail, with the top statements showing clearly the plan features and options available to the participant
• co-branding, with both plan sponsor and provider logos was prominent
• statement features can contribute to increase feelings of ownership and encourage client engagement
• the industry integrates its online resources into  statements in an unobtrusive, yet valuable manner
• leveraging websites and other online tools on the statement is an effective way to ensure that plan members are made aware of the full range of resources available to them.
  

DALBAR Statement Rankings
1. Industrial Alliance    Excellent
2. Desjardins Financial Security   Excellent
3. Standard Life   Excellent
4. Sun Life Financial   Excellent
5. Manulife Financial   Very Good

To purchase a copy of DALBAR’s 2013 Trends and Best Practices in Defined Contributions Pension Plan Statements complete with rankings, please contact Anita Lo at 416.777.1103 ext 223 or anitalo@dalbar.ca.

March 20, 2013

Earlier today, Saskatchewan Finance Minister Ken Krawetz’s budget address offered new hope for individuals, businesses and an eager financial services community looking for some good news related to Pooled Registered Pension Plans (PRPP’s).

Minister Krawetz announced his government’s intention to introduce PRPP legislation in 2013.  Budget documents indicate the Saskatchewan legislation would not require employers to offer PRPP’s, but where an employer chooses to adopt a PRPP for their organization, employees will be automatically enrolled but given the opportunity to opt out.

It had been a tough week for supporters of the Federal government’s PRPP initiative.  Introduced in December 2010 with the support of provincial Finance Ministers, PRPP’s were intended to provide a new lower cost, lower administrative burden retirement savings option for Canadian individuals and businesses. To date however, traction for PRPP’s at the provincial level has been lacking.   

Just last week, PRPP legislation died on the order paper in British Columbia.  This was the second time PRPP legislation stalled at the provincial level in the lead-up to an election.  Quebec’s version of the PRPP, the Voluntary Retirement Savings Plan (VRSP) faced a similar situation when Bill 80 also failed to work its way through the Quebec legislature before the then governing provincial Liberals were defeated in an election by the Parti Québécois.

Currently PRPP legislation, regulations and tax rules are in force at the Federal level.  However, given pension regulation is primarily under provincial jurisdiction, each province must pass enabling legislation and update related regulations order to make PRPPs available to employees, businesses and the self-employed not covered by Federal Pension standards.  To date, no province in Canada has completed these steps.  

Given the next election in Saskatchewan isn’t scheduled until November 2015, any eventual PRPP legislation slated for 2012 is unlikely to be de-railed due to election or change in government like in BC or Quebec.  

The Red Lily province may be the first in the country to make PRPP’s available to all business sectors and the self-employed.  Looking to the horizon, the new PQ government in Quebec has also signaled its intentions to proceed with VRSPs and Alberta may be another province set to introduce Pooled Registered Pension Plan legislation in the months ahead.   

Transcript of Ken Krawetz’s Budget Address

“Mr. Speaker, another way to improve the quality of life for Saskatchewan people is to provide more options for their retirement income.  

Saskatchewan has been supportive of the federal government’s efforts to strengthen Canada’s retirement income system through the introduction of Pooled Registered Pension Plans or PRPPs.

In order to make PRPPs available to all Saskatchewan employees and the self-employed, our government will introduce The Pooled Registered Pension Plans Act in 2013.

Saskatchewan’s PRPP legislation will mirror federal legislation, with modifications as necessary to align with existing provincial pension rules.

As with the federal legislation, PRPPs will be a voluntary option for Saskatchewan employers, allowing them to choose whether or not to offer a PRPP to their employees.

Our Government will also be introducing legislation that will create the opportunity for the Saskatchewan Pension Plan to become a PRPP provider.”

Saskatchewan 2013 – 2014 Budget (Excerpt)

Pension Innovation – The Introduction of Pooled Registered Pension Plans

In December 2010, Canada’s Finance Ministers agreed on a framework for a new pension product – Pooled Registered Pension Plans (PRPPs).  PRPPs are intended to improve the range of retirement savings options available to Canadians by providing a low-cost retirement savings opportunity for employees—with or without a participating employer—and the self-employed.

Following consultations with the public, stakeholders and provincial and territorial governments, the federal government introduced PRPP legislation in Parliament in November 2011.  At the federal level, the complete regulatory framework for PRPPs came into force in December 2012, comprised of the Pooled Registered Pension Plans Act and associated regulations, as well as the tax rules for PRPPs under the federal Income Tax Act.

While the federal PRPP legislation created a framework for all provinces to follow, on its own it makes PRPPs available only to employees of federally-regulated industries (e.g. air and rail transportation, banking and telecommunications).  Since pension regulation is primarily an area of provincial jurisdiction, it is necessary for provinces to implement enabling legislation in order to make PRPPs available to all workers.
 

Saskatchewan Introduces PRPP Legislation

Saskatchewan has been supportive of the federal government’s efforts to strengthen Canada’s retirement income system through the introduction of PRPPs.  In order to make PRPPs available to all Saskatchewan employees and the self-employed, the Government will be introducing The Pooled Registered Pension Plans Act in 2013.

The design of PRPP legislation in Saskatchewan will closely mirror the federal PRPP legislation, with modifications as necessary to align with existing provincial pension rules.  As with the federal legislation, PRPPs will be a voluntary option for employers, allowing them to choose whether or not to offer a PRPP to their employees.  Where an employer chooses to adopt a PRPP, employees will be automatically enrolled but given the opportunity to opt out.  While automatic enrolment for employees of participating employers encourages saving for retirement, providing employees with the ability to opt out ensures they retain the freedom to set individual financial priorities.

As under federal legislation, administrators of PRPPs in Saskatchewan can be any eligible Canadian corporation that meets the licencing requirements under PRPP legislation.   Financial institutions and life insurance companies are the most likely potential administrators, however other corporate entities that have the necessary expertise and experience may also qualify.

The simple design of PRPPs is intended to encourage participation by small and medium-sized businesses who may not currently offer an employer-sponsored pension plan to employees due to cost or administrative complexity.  While participating employers will not be required to contribute, they will be permitted to make direct contributions to a PRPP on an employee’s behalf.  Under the changes to the federal Income Tax Act, these direct contributions to a PRPP will be excluded from salaried compensation and thus will not be subject to CPP contributions and Employment Insurance premiums.  This feature may make PRPPs more attractive to employers than existing group RRSPs.

Upon retirement, it is anticipated that employees will have the same options for decumulating assets from a PRPP as are currently available for decumulation from a defined contribution pension plan in Saskatchewan.  In particular, the options on retirement are a registered retirement income fund, a variable pension benefit or a life annuity.

Evolution of the Saskatchewan Pension Plan

Saskatchewan is home to the Saskatchewan Pension Plan (SPP) which was created in 1986 to provide a unique retirement savings vehicle for individuals with little or no access to employer-sponsored pension plans or other retirement savings arrangements.  In 2010, federal and provincial legislative changes were made to increase the annual contribution limit to the SPP from $600 to $2,500, subject to an individual’s available RRSP contribution room.  The changes enabled SPP to better serve its clients, allowing contributors to establish a more meaningful level of retirement savings.

During the national discussion of PRPPs over the past few years, SPP has repeatedly been profiled as a working model of the simple, low-cost, voluntary defined contribution pension plan that was envisioned in the initial PRPP framework.  The introduction of PRPPs provides an opportunity for the SPP to continue to evolve in serving Saskatchewan residents and businesses by becoming a PRPP provider.  Along with the introduction of provincial PRPP legislation, Saskatchewan will be introducing changes to The Saskatchewan Pension Plan Act.  These legislative changes will enable the SPP to take the necessary steps to meet licensing requirements in order to offer a PRPP.

Canada Pension Plan

Since the outset of national discussions on retirement income adequacy, Canada’s Finance Ministers have examined options for modest and phased-in enhancements to the CPP and considered the impact such enhancements may have on the economy.

While Saskatchewan continues to actively participate in these discussions, the Government is not supportive of a CPP enhancement at this time.  In addition to having concerns about imposing an increase to mandatory CPP contributions on employers and employees at a time of relative global economic uncertainty, Saskatchewan also recognizes that moving forward with a mandatory CPP enhancement and a voluntary PRPP program simultaneously will diminish the likelihood of success for PRPPs.  Employers and employees facing mandatory increases in CPP contributions would be less likely to participate in a voluntary PRPP.

Conclusion

The Government encourages all Saskatchewan residents to examine their financial priorities, recognizing that individuals need to set aside sufficient amounts of savings over their working lives in order to provide an adequate level of income in retirement.  The introduction of provincial PRPP legislation will provide more Saskatchewan workers with a simple, low-cost option to support their retirement savings priorities.

RELATED ARTICLES

Strike Two for Pooled Registered Pension Plans in British Columbia
Pooled Registered Pension Plan Resources
Best of the Web on Pooled Registered Pension Plans (PRPPs)
Latest BC Budget Teases on PRPPs (Pooled Registered Pension Plans)
Understanding Pooled Registered Pension Plans (PRPPs) – Advantages and Fiduciary Duties

Thursday, March 14, 2013
By Shawn Patton 

Try as it might, the Federal Government’s effort to expand and improve retirement plan coverage in Canada via Pooled Registered Pension Plans was dealt another blow today in British Columbia.

It was only a few short weeks ago that Pooled Registered Pension Plans (PRPPs) seemed to have received new life with the BC Liberal government introducing legislation to permit access to individuals and businesses to the fledgling federal government savings program. Once passed and upon receiving Royal assent it would have become the first province in the country to do so.  However, with an election looming in May, today was the last day of the current legislative session and Bill 16 covering PRPPs died on the order paper.

This is a “strike two” of sorts for PRPPs a new savings vehicle launched by the Federal government that, in large measure, requires the co-operation and support of the provinces to expand access to the product outside of the Territories and a small number of core industries (e.g. banking, inter-provincial transportation) which are under the jurisdiction of Federal pension legislation and regulations.

Strike one occurred in very similar circumstances when Bill 80 also failed to work its way through the Quebec legislature and receive Royal assent before the then governing provincial Liberals were defeated in an election by the PQ.  There the similarities are likely to end.

In Quebec, the change in government does not necessarily mean the end of PRPPs for that province.  In their most recent budget, the PQ government indicated that they “will table, by the spring of 2013, a bill to implement the new voluntary retirement savings plans.”   

While here in BC, with the Liberals trailing badly in the polls (19% by some measures) and the NDP looking more and more like a government in waiting, PRPPs are very unlikely to get a second chance in the near term, if the governing party does indeed fall.  The NDP under Adrian Dix are more likely to support an expanded Canada Pension Plan, advocated by the federal arm of the party, many labour unions and other groups, than helping a Harper government gain any traction for PRPPs.  

So . . . who is next to swing at the PRPP ball?

Quebec seems the safe bet, with decent odds that Alberta and Saskatchewan aren’t too far behind.

The theme of this year’s survey, Improving Adequacy: A Secure Retirement for All, centred around what effect new Old Age Security (OAS ) rules might have on employees’ income adequacy, how plan members might view and plan for retirement, and what forms of help they are getting from their employers.

Action Steps
The survey is very informative, offers a range of professional insights and includes numerous practical Actions Steps (examples below):

• Employ auto-enrollment and auto-escalation to encourage members to join the plan and save on a regular basis.
• Use simple messages tailored to specific audiences to help members understand the tax benefits and matching opportunities of contributing to the plan.
• Provide education on budget planning to help people manage debt and save for retirement.
• Provide tools to help members develop realistic expectations as they save for retirement.
• Show members how much they could receive by age 63 based on different rates of return and contribution levels.
• Demonstrate the monetary value of benefits to boost satisfaction and retention levels.

Some Stats
64% own some type of mobile device (smartphone or a tablet)
13% of that group use their device to access their employer sponsored retirement savings plan
1% use it to access personal investments or other financial accounts
14% for retirement planning tools or information
21% of survey respondents report having a formal, written financial plan that outlines the age they intend to retire and the amount of money they need in order to retire by that age (dropped from a high of 46% in 2007)
Very few plan members indicate they would most like to receive information via mobile friendly websites or apps (6%) or through social media outlets (2%).

The survey was conducted by Rogers Connect Market Research Group online between June and early July 2012, with 1,212 Canadians who participate in a DC pension plan or group RRSP provided through their employer.  What was interesting and added to the value of the survey, in my estimation, is the inclusion of 100 Canadians who are offered a DC pension plan or group RRSP by their employer but do not participate in the plan.

Taking a closer look at Pooled Registered Pension Plans?  

Looking to gather more information, compare providers and products as part of a due-diligence process?

Please find below a compilation of Pooled Registered Pension Plan resources and websites.  

Government Publications
Alberta News Release Announcing PRPPs
Alberta PRPP Legislation
Alberta PRPP Questions & Answers 
Saskatchewan News Release Announcing PRPP
Saskatchewan PRPP Backgrounder
Saskatchewan PRPP Legislation
Quebec VRSP Legislation
Q&A for Plan Administrators
Q&A for Employers
Q&A for Employees and Self-Employed Individuals
PRPP Federal Legislation
PRPP Federal Regulations
PRPP CRA Income Tax Circular IC13-1
Financial Consumer Agency of Canada – Info for Employers, Employees

PRPP Microsites
Industrial Alliance – VRSP
Manulife
Standard Life
Sun Life

General
Best of the Web on Pooled Registered Pension Plans (PRPPs)
PRPPs not Risk-Free for Employers 
Table Comparing PRPPs with other Plan Types
Table Comparing Plan Features of PRPPs with other Plan Types
Pooled Registered Pension Plan (PRPP) – Questions & Answers
IA Summary

Ampersand has been closely following Pooled Registered Pension Plan developments since inception.  Our prior coverage of PRPP developments HERE … how does our early and ongoing coverage compare to other advisors or firms?  

If you are looking for comprehensive, experienced and most importantly independent perspective and advice on PRPP’s … we are here to help, contact us.

SURVEY HI-LIGHTS

Canadian Less Confident
“Macro” events – from economic challenges in the U.S. recession, to the European debt crisis – have translated into real impact on individuals and their plans for retirement.

• Fewer Canadians expect to retire at 66 (51% in 2008 vs. 26% in 2012), and an increasing number say it’s because they need to cover basic living expenses.
• The number of Canadians who say they will be working at age 66 because they need to has grown from 53% in 2008 to 63% in 2012.
• More than one-third say there is a serious risk they will outlive their savings, yet there is a huge disconnect between what they expect to save and what they say they’ll need.

Workplace retirement savings edge
The survey found that participating in a group retirement plan does have a positive influence in the outlook for plan members:

41% of Canadians with a workplace retirement plan say they are satisfied with their retirement savings vs. 23% of non-members
35% of Canadians with a workplace retirement plan say they expect to be retired at 66 vs. 16% of non-members
41% of Canadians with a workplace retirement plan who say they will be working past 65 say it’s because they want to vs. 32% of non-members

And while those with a workplace plan have a higher level of expected savings for their retirement than non-members ($453,000 vs. $297,000), plan members are still underestimating just how much they will need in retirement.

For the full report, click HERE 

Other Resources from Sun Life

Bright Paper Retirement realities – growing a little harsher
This report highlights the key findings and specific insights into how group retirement plan members view their retirement.

Top 5 workplace retirement plan advantages
Discusses how participating in a workplace retirement savings plan makes a difference for plan members.

When the Pension Consultant or Advisor is diligent and comprehensive in their fulfilling their role & duties, they are a key member of the organizations extended advisory team.  Unfortunately, there may come a time when an existing advisor may not bring a level of service, knowledge or attention to detail to their responsibilities and may need to be replaced.

Top 10 Reasons Companies Switch to Ampersand for Group RRSP & Pension Plan Advice & Support

1. Straw Broke Camels Back
Service, or lack of service and contact, is the number one reason plan sponsors replace their existing advisor/consultant.  Maybe you tend to see and hear from your advisor only around the time of semi-annual or annual Plan Review Meetings?  What is the level of contact between formal meetings?  Are you receiving pro-active advice and value added information on investment, industry or regulatory news or updates between meetings?

2. Growth or Complexity
An organization and/or retirement program may expand or become more complex outgrowing the capabilities and expertise of the current consultant/advisor.   The advisor may no longer be the best fit or fully capable of delivering the expertise to fully protect and serve the needs of the company, executives and plan members.  ”Selling” or setting-up a retirement program is very different from ongoing oversight and diligence that mitigates risk and personal liability.

3. Specialization
Their current advisor is more focussed, interested and comfortable with benefits, insurance or individual wealth management.  You want a consultant who specializes and focuses exclusively on the management, oversight and governance of group retirement and pension plans.

4. Strong Representation 
Doubts arise that their current advisor is truly serving their client’s best interests.  The actions and attitude of current advisors may not show focus and alignment with the best interests of plan sponsors, administrators and retirement plan members.  Clients respect and gain confidence and peace of mind from our approach.   There is no “gray” … we fiercely represent, advocate and protect our client’s best interests including bringing our experience and market insight to fee negotiations, fund line-up reviews and overall “governance first” approach.

5. Cost vs. Value
Sadly many companies do not know how their advisor or consultant is compensated or the actual dollar amount they received last year.  It can be a rude awakening for companies once ask they ask the perfectly legitimate and responsible questions around their advisor’s compensation.  Many questions arise: given the amount paid, did the plan, administrator and plan members receive value?  Did the level of service, advice or protection provided by the advisor warrant the commissions they received?  Does the amount and method of compensation create conflicts of interests?

6. Fee Transparency & Disclosure
Once companies understand and evaluate the appropriateness of the amount their consultant was paid, the “next shoe to drop” typically is questions and concerns around their advisor’s actions and values around compensation transparency and disclosure.  At the end of each year, you know exactly the cost of your lawyer or accountant, why not your Pension Consultant?  Learn Ampersand’s different approach to compensation.

7. Lack of Independence
Does your existing advisor represent a single company?  At Ampersand we have the ability to work with virtually any record keeper and service provider without bias, putting forward advice and recommendations strictly based on what is best for the client and their plan members.

8. Written Service & Compensation Agreement, Reviewed Annually
At the start of each engagement, we work together with you to understand the needs, priorities and scope of services and support required. We then draft a Service & Compensation agreement as a means of being transparent and accountable to you. Then EACH year, together with you, we review the plan activity, service and governance requirements to ensure the advisor compensation is fair and mutually agreeable.

9. Loyalty Pricing
Loyalty should be rewarded and efficiencies gained should be reflected in our compensation. We will “put in writing” an advisory fee which reduces as tenure milestones are achieved.  In other words, our compensation reduces at 2, 5, 10 year milestones.

10.  Fee Disclosure & Transparency
At the start of our engagement, we will explain all fees and how we are compensated.  Using clear language we will educate you and ensure you understand “how the system works,” your alternatives and potential sources of savings.  Annually we will disclose the amount and source of all compensation we receive as your pension consultant. What amount did your existing broker or consultant receive last year servicing your plan, administrator and employees? You know the cost of your accountant or lawyer, why not the benefits or pension consultant? Why haven’t they self-disclosed their compensation already?

But don’t take our word for it.  Contact Us for references or list of testimonials.

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The BC government tabled the last budget of their current mandate yesterday.  One topic of particular interest to the HR, Finance and Pension community was the portion of Finance Minister de Jong’s budget speech outlining his governments intentions related to Pooled Registered Pension Plans (PRPPs).  (Excerpt and link to full speech below)

It will be an interesting few months with the next BC election looming in May.  

Do the governing Liberals truly intend to introduce and try and pass all the necessary PRPP enabling legislation and regulations before they face the voters and potential defeat?  Or will we have a similar scenario as the VRSP Bill that is dead/delayed with the election of a new Quebec government?  What is the provincial NDP’s position on PRPPs? 

Lots of questions, sorry not many answers.

UPDATE – March 14, 2013
Some answers are in … the last legislative session before the May provincial election came to a close today (March 14, 2013).  Bill 16 covering Pooled Registered Pension Plans did not pass with the legislation dying on the order paper. 

BC Budget 2013 

Pooled Registered Pension Plans

The third new initiative to help keep life affordable for families isn’t, strictly speaking, a budget measure. And no, it’s not in the budget bill.

But it is important, because it will help a lot of families save for the future. And saving isn’t just for six-year-olds.

Some individuals are fortunate to have good pension plans. But those who are self-employed or work for small businesses don’t have access to the same opportunities.

In fact, it’s estimated that just one of every three B.C. workers belongs to a registered workplace pension plan.

It’s difficult to save for retirement on your own — especially while you’re raising a family. Too often, parents are forced to choose between the needs of today and the needs of tomorrow.

And Mr. Speaker, we intend to give those families a break.

During this session, we will introduce measures that make it easier for working families to save for retirement… and provide an additional, optional safety net for those who cannot currently access group pension plans.

We worked with the federal government and will create a mechanism by which thousands more British Columbians will have the opportunity to pool their retirement savings with a regulated pension program… and benefit from economies of scale closer to those sustaining large scale pension plans.

We will provide the House with details in the coming weeks. It’s one more way we’re working with the people of British Columbia to build a strong, secure future for our province.