Pensions in Crisis
Posted December 10, 2009
Frequent media reports about private sector pension plans in crisis — General Motors, Nortel, Air Canada — have drawn attention to the potential inadequacy of retirement savings for most Canadians. The immediate concern for members of those plans has been their under-funded status and the difficulty in accessing corporate assets to make up for those deficiencies in the context of bankruptcy proceedings.
Members of those plans are understandably disappointed with the way their plans have been managed and regulated. Nevertheless they are better off than most Canadians. Sixty percent of Canadians ( sixty-two percent of Nova Scotians) do not belong to any pension plan and most of them do not have any RRSP savings either.
Government must take steps to ensure that pension promises are properly managed, and their funding properly protected. It also has to take steps to encourage greater participation in retirement savings programs.
When you “Download The Whole Story” the proposed action for government to take is at the bottom.
Join the conversation on pensions…
Comments of all kinds are welcome. Here are some questions on which we would particularly like to hear:
- Are you a member of a pension plan? Do you believe that you have adequate provision for your retirement?
- How do you feel the deficits in the public sector plans should be shared between taxpayers and participants?
- Is it important to you that the province commit itself to balanced budgets?
- Do you agree that transparency is required for the MLA pension plan?
- Do you agree that it is urgent that government present its response to these issues at the next budget?
- Do you agree that 10% of total payroll is the maximum future contribution that the province should make to the plans?
Related ArticlesPensions in Crisis
- The Teachers’ Plan Deficit Needs to be Addressed May 18, 2018
- CPP Changes: Don’t Pop The Champagne July 8, 2016
- A Weak Response to the Teachers’ Pensions Plan Deficit June 20, 2014
Voters trying to understand the various positions being advocated for the Canada Pension Plan have every reason to be confused.