Canada provinces reach preliminary deal on pension plan reform -source

Mon Jun 20, 2016 7:34pm EDT
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VANCOUVER, June 20 (Reuters) - Canada's provinces have reached an agreement-in-principle to support a compromise plan to expand the country's national pension plan that would see premiums raised moderately over time to provide greater payouts for Canadian pensioners, a source with direct knowledge of the deal said on Monday.

The proposed changes, if approved by the provinces, would start in 2019 and be phased in over seven years. Reforming the Canada Pension Plan (CPP) requires the support of the country's federal government plus seven of the 10 provinces, representing two-thirds of the Canadian population. (Reporting by Julie Gordon; Editing by Leslie Adler)