Workers come together to organize against Harper's harmful EI changes.
Pensions and Retirement Security
Many Canadians are worried about their retirement security. Pension plans and retirement savings have been hit hard in recent years.
NUPGE continues to press the federal government to implement a series of measures designed to improve and strengthen Canada’s national pension system.
Expanding Canada’s public pension system is a sure way to provide our seniors with better prospects for a dignified and secure retirement. In that regard, the labour movement has a realistic, affordable and effective plan to rebuild and reform Canada's pension system. Find out more by joining the CLC Retirement Security for Everyone campaign.
Canadians decided a long time ago they wanted a system of public and workplace pensions which provides retirement security and dignity for everyone.
But some groups, like the Canadian Federation of Independent Business, the Fraser Institute and National Citizens Coalition are attacking Canada's pension system and advocating a race to the bottom in which only the top 1% of the wealthiest Canadians are guaranteed a decent retirement
C4P is about changing the debate on pensions. It's about ensuring that the voice of the 99% is heard and that public policies reflect their needs. We want to ensure there is a ongoing national conversation about the value of a strong pension system.
Our C4P activists across the country are engaged in conversations and presentations with co-workers, fellow union activists, friends and neighbours about the value of a strong pension system in Canada.
They are responding to the old arguments and myths that we can’t afford to improve the Canada Pension Plan and ensure retirement security for all Canadians.
And they are engaging people in conversations about the positive impact workplace pensions have in providing seniors with a decent retirement income as well as creating a strong and healthy economy.
Check out the resources available on our C4P web page to help inform you about the key pension issues and practical solutions to Canada’s growing retirement security crisis.
You can also be a C4P by signing the Champions 4 Pensions pledge. Join with our C4P activists to defend and promote the right of all workers in Canada to a decent pension.
The gains that union members make at the bargaining table spill over into creating healthier and more prosperous communities for everyone.”
“Our economy is being held back because the Prime Minister refuses to work with all major stakeholders to develop a comprehensive national skills development strategy." - James Clancy, NUPGE National President.
Alternative Federal Budget plan tackles Canadians' real concerns.
Pension and bargaining are topics for meeting with NBU President.
"But as they say, recognition that there is a problem, and getting a handle on its magnitude, is the first step towards a cure."
"We work on behalf of our members to promote and protect their rights in the workplace but our social justice work ensures that all boats rise together - union and non-union, here in Canada and around the world."
The provincial government continues to take credit for tax cuts that have failed to deliver the economic gains that were promised. The government also refuses to accept responsibility for the budget cuts and corresponding service cuts.
NUPGE urges the Conservative government to establish a Fairness Test to assess the distributional impact of key tax and spending policies in budgets and determine whether they will reduce income inequality or make the problem worse.
World Economic Forum releases pessimistic report. The report sees severe income disparity and Climate Change as among top three greatest risks to world economy.
Top elected leaders from eight major Ontario unions will be in Sudbury Tuesday night to host a forum on income inequality in the province.
"The real threat to our economy is the constant attack on the wages of Canadians, something being encouraged by the Harper government. When people have less income, they spend less, or they borrow more and they have less to save for retirement. None of these scenarios help build a stable economy," continued Clancy.
"People know that when economic injustice and inequality exist, our families and our communities suffer. Economic well being is a human right that must be protected." - James Clancy, NUPGE National President.
Newfoundland Conservative government announces it will seek changes to public sector pensions.
“B.C. Liberal government has put vulnerable families last on its priority list." BCGEU President Darryl Walker.
“Going forward, the SCA needs to clarify its vision for its employees and adopt a third-party mediation/arbitration process to ensure that the next round of bargaining is more effective.” - SGEU President Bob Bymoen.
Ontario Public Service Employees Union (OPSEU/NUPGE) taking striking Participation Lodge members message to the public in new radio ads now on seven different stations.
Members demonstrate demand for an equitable settlement by voting 89% in favour of strike action.
"Our goal all along was to allow our members control of the pensions that they themselves have paid for year after year,” Warren (Smokey) Thomas
“If we band together and act as one, we can change Walmart.”
"Walmart workers need to know that they are not alone in their fight for labour rights. At NUPGE, we know that labour rights are human rights." - James Clancy, NUPGE National President.
"To make a difference, Canadians need to pressure our government to take on the issue of income inequality head-on." - James Clancy, NUPGE National President.
As a result of the telephone town hall meetings many members were shocked at the possibility of losing control of their retirement savings, while others questioned the legality of the McGuinty plan.
"It is not the inexorable march of global economics alone, but rather choices – choices in public budgets, and in economic and social policy – that have failed to rein in the increasing income inequality distributed by the private market and aided in propelling us down this path."
Program will not benefit majority of Canadians preparing for retirement.
“When workers, through their unions, are able to bargain freely for decent wages, benefits and pensions, there are benefits for the middle class and for society as a whole." - Ken Georgetti, CLC President.
Finance minister has proposed major changes to Ontario's public sector pension plans.
Stand up for democracy by joining the June 13 protest agains tthe Conservative's budget bill.
The Conservative government, with its Parliamentary majority, is pursuing an agenda of fiscal austerity, cuts to public services and jobs and a renewed determination to attack trade union righs, al
In 2010, men accounted for 50.1% of total pension plan membership, while the percentage of women rose to 49.9%, a record level. In the early 1970s, men accounted for almost 75% of total membership in pension plans.
According to the Parliamentary Budget Officer, Kevin Page, Old Age Security is sustainable - despite what the Harper government is telling you.
The CPP remains the most stable pension fund in the country, funded on a sound basis and well managed by professional staff independent of government.
Of course, the country can afford pensions for some people. Pretty good pensions, in fact. CEO’s and the Executive ranks are doing quite OK in their retirement.
“We want C4Ps to focus on a positive message which talks about the impact workplace pensions have in providing seniors with decent retirement income as well as creating a strong and healthy e
For the first time, NSGEU/NUPGE representatives will share in the decision-making about the plan’s assets and will have a say about what to do if the plan is over or underfunded.
CPP benefits increase by 2.8 percent effective January 2012: Yearly Maximum Pensionable Earnings (YMPE) for 2012 set at $50,100
“The CPP offers an already existing administrative structure and framework to improve retirement benefits for working Canadians at relatively low cost.”
“Canada does not need yet another voluntary tax-assisted retirement savings program. It needs public pensions that provide all Canadians with a basic guarantee of adequate income.”
RRSP system is one of Canada's most expensive social programs, costing the federal and provincial governments over $17 billion in foregone tax revenue
"Workers are being told to work longer, pay more and receive less," said James Clancy, NUPGE National President. "We stand in solidarity with each and every UNISON member in the fight for decent pensions. Enough is enough."
Canadians don’t need another plan where they have to cough up a portion of their retirement savings to the financial industry.
Canada’s pension system is the tenth most stable system in the world.
A 50-year-old worker in 2008 could expect to stay in the labour force 3.5 years longer than in the mid-1990s.
"This shows that when workers stand together, they can stop their employer from making unfair cuts to their pay and benefits." - Joan Jessome NSGEU President.
The Pension Protection Act moves pensioners to the front of the line of creditors to be paid out during bankruptcy
New hires will receive part of their pension benefit from the existing DB plan under a reduced formula, and part from a DC plan.
“We have very serious expectations that the review is going to find that the plans are in fact sustainable."
Up to three million public sector workers to take part in massive strike on November 30 over pension reforms
As of October 1, 2011, OAS and GIS pension benefits will increase by 0.8 percent.
Difference can amount to a 13 percent bigger pension at retirement.
Many Canadians living pay cheque to pay cheque and unable to save, faced with the prospect of working longer before retirement.
The percentage of the labour force covered by a pension plan declined, from 34% in 1999 to 33% in 2009.
School board announces that employees will see a 2.65% increase to pension contributions that will be effective Jan. 1, 2012.
The new agreement maintains the defined benefit pension plan for current Air Canada workers.
The CPP Fund's assets reached a record high of $148.2 billion at the end of its fiscal 2010. That surpassed a previous high of $127.7 billion in June 2008, months before the onset of the global financial downturn.
Participation of women in pension plans continues the trend upward which began in 1998.
“With this decision, the Alberta labour board has relegated these important emergency health-care professionals to secondary status." - Health Sciences Association of Alberta (HSAA/NUPGE).
The evidence clearly demonstrated that the government was required to and did put aside real funds to deal with its pension obligations, along with funds collected from plan members' contributions.
The full name is now the Healthcare of Ontario Pension Plan
Among retired people with debt, 17 percent owed $100,000 or more.
Main split on pensions comes down to continuing to rely on a failed private sector model, or improving and expanding our public pension system.
In the past 12 months, there has been a significant rise in the number of retirees returning to the workforce because they need the income
Ruling sets a precedent for providing greater benefits to pension plan members in cases of corporate insolvency
Review of pension plans in the broader public sector misses the mark completely for the tens of thousands of workers who have no pension coverage at all.
Small GIS increase to go only to those seniors with less than $2,000 income a year.
QPP contributions will increase while workers who retire before age 65 will have their QPP benefits further reduced
"As a mechanism for addressing the deficiencies in Canada’s retirement income system, PRPPs are greatly inferior to an expanded CPP."
Level exceeds the previous high reached in the second quarter of 2008.
Two thirds cite lack of funds as reason for not making RRSP contribution.
Payments under OAS and GIS will rise 0.5 percent.
Canadians believe they'll work longer than the traditional retirement age of 65, they're less confident about their retirement outlook, and they're concerned about their financial well-being.
Canadians 35-54 years of age are the most likely to have withdrawn money from their RRSP
"We brought together an excellent group of union activists for this committee. We are lucky to have them," James Clancy, NUPGE national president
On January 19, 2011, NSGEU president Joan Jessome sent the following letter to the editor of the Chronicle Herald in response to an article by Dan Leger. It has yet to be printed.
Forty percent of working Canadians age 55 or older view their financial plans for retirement as less than adequate.
At issue is the fact that the federal government raided a $28 billion surplus from pension plans of federal public service employees
“The notion that small businesses will join a PRPP because it’s simpler than existing employee-sponsored options is a bit of pipedream.”
'Could save taxpayers the cost of high management fees associated with the private sector insurance business and make pension coverage more effective and affordable.'
“Alberta simply don’t believe that there should be a public response to what they consider to be a private issue. It’s not a view that the government of Nova Scotia shares.
The percentage of paid workers covered by a pension plan declined, from 41% in 1998 to 38% in 2008.
38% will work out of financial necessity while 5% are waiting to win a lottery.
CPP changes derailed as federal finance minister puts forward a limited voluntary private-sector pension option designed for small businesses and the self-employed.
Finance Minister Jim “Flip Flop” Flaherty backtracks on commitment to enhance Canada Pension Plan; now pushing for a private sector voluntary plan.
'I'm pleased Minister Sheridan believes that its time to increase benefits under the CPP.' - Shelley Ward.
Expanding the CPP would ultimately save governments money, by making future retirees less financially dependent.
Special House of Commons debate shows broad-based support for expanded CPP
Help build the momentum for an expanded CPP by contacting your Member of Parliament.
'Time is running short to convince the federal government that it must move to reform the CPP.'
"Alberta is acting as a spoiler and standing in the way of real reform"
The clear majority of older workers planning to retire at the age of 65 from both their job and the labour force.
CPP Fund valued at $136.8 billion as of September 30, 2010
Three quarters of Canadians are financially unprepared for retirement
Bill 120, Securing Pension Benefits Now and for the Future Act, 2010 was passed at second reading in the Ontario legislature
Liberals to call for a voluntary supplemental pension plan
CPP is the envy of the world: it’s secure, funded on a sound basis and well managed by professional staff independent of government.
Ontario Court of Appeal upheld that the government had the legal authority to take the surplus when it passed Bill C-78 in 2000.
Decision fails to set an absolute precedent as the court rules future legal actions of this kind should be treated on a case-by-case basis.
Increasing percentage of mutual fund voting power is being exercised to vote against management
"It is time to fix the problems of workplace pension plans for Canadians."
Brief calls for higher CPP and GIS benefits and a national pension insurance program.
Quebec also 'lukewarm' to national pension reforms under consideration by Canada's finance ministers.
'No decisions have been taken yet to reduce any benefit or increase contributions.'
Toronto pension lawyer says precedent set by court could affect retirees depending on other financially stressed pension funds across Canada.
Judge hearing case filed by employees' pension committee castigates province for delaying action on pension plan shortfall.
This marks four consecutive quarters of growth in pension fund assets
'Hanging in the balance of the decision is whether the committee or the government has the authority to devise the plan to insure security and long term solvency.'
Legislation introduced by President Nicolas Sarkozy to raise the eligible age for minimum pensions to 62 from 60 and for full pensions to 67 from 65.
“Ontario teachers support the fight for public water services in the province and teach their students about the urgent need to support the right to water around the world.”
Maximum coverage of $1,000 a month when company pensions fail falls far short of recommended $2,500 level of support.
"The BP oil crisis has highlighted the significant financial risks presented by deepwater drilling and, as a fiduciary, we must be concerned about the possibility of future accidents and try to find ways to mitigate these risks."
For the five-year period ended June 30, 2010, the CPP Fund has generated an annualized investment rate of return of 3 percent; for the 10-year period the Fund has generated an annualized rate of return of 5.1 percent.
Agreement to distribute $22.5 million in proceeds arising from the demutualization of certain insurance policies.
If a university with the agreement of unions representing the employees, can reform its pension plan, the government will allow it to amortize its solvency deficits over a period of up to 10 years.
'Everyone concerned about the effectiveness of the Canada Pension Plan (CPP), Old Age Security (OAS) and Guaranteed Income Supplement (GIS) programs is urged to participate.'
Households in the age group 70 and over whose income was ranked in the bottom 20 percent, home ownership raised incomes, on average, by 20 percent.
Canada's publicly-run pension system did far better than private pension plans.
No impact will occur on pension formula, inflation protection in retirement, survivor benefits or disability benefits.
Leading leadership candidate misinforms Nova Scotians about pension plan contributions by public employees. - Updated
'CPP's investment in the tar sands involves pensioners in a toxic legacy when they should be able to rely on an ethical, sustainable retirement plan.'
Polling data contradict CFIB claims that small businesses oppose Canada Pension Plan reform
The National Union and its Components call for expansion of public pensions at P.E.I. meetings.
Canadian pension funds increase in value by 2.5 percent in fourth quarter of 2009
"We have no interest in a system that provides reasonable retirement security for some but doesn't for the majority of Canadians."
Decision follows adoption of 2009 OPTrust statement on responsible investing.
Draft law introduced in Parliament but no action will be taken until its constitutionality is tested in the Supreme Court.
Bill C-501 would grant pension plans secured status during corporate restructuring and bankruptcy proceedings.
OPSEU delivers important message to Ontario legislature members on Bill 21.
The rate of participation in pension plans increased slightly for women, while men registered a small decline.
“These huge cuts target low-income Greeks and those most vulnerable such as women”
“Workers need access to low-cost, well-managed additional pension arrangements to achieve their retirement goals.”
CPP Fund Totals $127.6 Billion at 2010 Fiscal Year-End
Major changes include immediate vesting of pension benefits and allowing pension surplus to increase to 25 percent.
'Canadians need real measures, such as pension reform, to improve their economic well-being' - James Clancy.
Changes permit joint trusteeship of the plan in the future
“Expanding the CPP would address the issue of coverage, security of benefits, and low cost of administration – all the key objectives of pension reform.”
'A secure, enjoyable retirement should be the right earned by workers for decades of contributions to one’s community and Canada’s economy.' - James Clancy.
The BCGEU has been working hard with a number of partners to bring pressure to bear on the government on this critical issue facing members.
C-501 would secure underfunded pension plans throughout bankruptcy proceedings
Court rejects $57-million deal to pay benefits to former and disabled employees until the end of 2010 in exchange for an agreement not to sue Nortel
CLC leader says Finance Minister will face backlash
Amendments provide immediate vesting of pension benefits and organizations with more than 50 employees will be required to have workers on their pension-management committee.
The budget contained no new initiatives around pensions reform and retirement security. Federal government ignores calls for National Pensions Summit, commits to only undertake consultations.
This marks second consecutive quarter of growth, however, the value of pension funds still 7.5 percent below the high reached in the second quarter of 2008.
“A great demographic divide exists between younger Canadians and those who are nearing retirement or already there. Younger Canadians clearly lack confidence in the viability of public and private pensions in the future, while older Canadians are much more confident.” - Nik Nanos of Nanos Research
Public sector pensions are paid for by the deferred wages of public employees throughout their careers and private sector workers deserve the same opportunity to protect themselves in retirement.
Deal comes at the price of an acknowledgment that the claims of Nortel pensioners, former employees and employees on Long-term Disability are unsecured, and rank in equal priority to those of all other unsecured creditors, including the bondholders.
Almost one third of Canadians aged 35-54 expect to be working in their retirement years.
Pension funds claw back from losses caused by the economic crisis.
"When you attack people's retirement savings, you are asking for the fight of your life and I think it would be a most unwise thing for any political party to do.”
Retiring boomers leading downward trend
Rosy outlook portrayed by Calgary professor does not stand up to research by pension expert Bob Baldwin.
About 1,000 pensioners from paper mills in all three provinces stand to lose up to 40% of their modest pensions when Fraser Papers goes into bankruptcy.
Abitibi, Nortel and CanWest workers need action now: says NDP
Canada's finance ministers are doing Canadians a grave disservice by pretending that no real crisis exists within our failing pension system.
(16 Dec. 2009) - 'We need a National Pensions Summit that provides Canadians from all walks of life with an open forum to fairly explore and assess the viability of all options designed to improve retirement security for all Canadians.' - James Clancy.
Pension fund revenues exceeded expenditures by $10.6 billion, representing first positive cash flow since the second quarter of 2008.
CPP benefits increase by 0.4 percent: 2010 Yearly Maximum Pensionable Earnings (YMPE) set at $47,200
Proposed legislation deals with less controversial issues before more difficult matters to be dealt in further legislative changes planned for 2010.
Liberals would also provide workers the opportunity to have CPP take over the investment of their pension plan in the event their employer goes bankrupt.
B.C. and Alberta governments prefer Ottawa take the lead in pension reform but are prepared to go their own way should the federal effort fall short.
"It begins with disclosure. Investors have a right to clear and comprehensive disclosure on material environmental, social and governance issues. We will be working with Northwest & Ethical to promote change using the tools of shareholder engagement." Larry Brown
Another example of corporate greed – 72 Nortel executives will receive a total of $7.5 million US on top of their current salaries in 2009
Ottawa (25 November 2009)—Canada’s Old Age Security system needs improvement in order to help ensure the economic security and dignity of Canadians in retirement, says a new report released today by the Canadian Centre for Policy Alternatives (CCPA).
“A supplementary pension plan is needed to give middle-income Canadians without workplace pensions a better crack at securing a comfortable retirement”: Keith Ambachtsheer
$5.4 billion of the increase comes from investment income, reflecting a 4.6 per cent rate of return over the past six months
Of total pension assets at the end of 2008, social security comprised 7.6 percent, workplace plans 58 percent and individual registered savings plans 34.4 percent.
NUPGE publishes the first of three reports on ideas that emerged from a series of 26 town hall meetings across the country to assess the way forward from the global economic collapse.
'It’s time to consider expansion of our public universal workplace pension plan, the CPP.' - Joan Jessome.
"Presently, the gap in CPP pensions between males and females is narrowing even if it is not expected to disappear completely."
Permission must be first given by plan members to extend the recovery time
“All these changes are positive. But not one of them addresses the current and most significant problems we’re facing – the lack of pension protection and retirement security for Canadians” Larry Brown, NUPGE National Secretary-Treasurer
The average funding level for OECD defined benefit pension plans went up from a 24% deficit at the end of 2008 to an estimated 18% deficit by June this year.
The limited protection is the same as what Quebec government offered all pension plans in the province in January 2009.
Legislation will allow an employee who meets pension plan retirement criteria to continue working, and accrue additional benefits, while receiving pension benefits.
Average estimated solvency ratio of federally regulated DB pension plans at June 30, 2009 was 88 percent
The Netherlands (80.5) and Canada (76.2) scored highest in this index due to the level of minimum public pension and a relatively high net replacement rate of income for median income earners.
Only 30 percent of women have a formal financial plan to meet their retirement goals
'Only 38% of paid workers have workplace pensions.'- Monica Townson.
The Human Resources Council for the Voluntary & Non-profit Sector is conducting a confidential survey which may be of interest to individuals aged 45+ planning to retire or make other work changes, or who are already retired.
"The contractual retirement age and associated post-employment benefits are cornerstones of our collective agreement, which has supported Air Canada pilots' careers for decades."
Old Age Security pension, paid to people 65 years of age and over, will remain unchanged at $516.96 per month
The dream of 'freedom 55' will recede to a new reality of 'freedom 70' for many Canadians if the Conservatives get their way, says NUPGE president James Clancy.
'We support your position that the best fix to the current situation lies in expanding the Canada Pension Plan (CPP) and agree with your hesitations about the effectiveness of proposals for new provincial or inter-provincial pension plans.' - Larry Brown.
Ontario is asked to change legislation to permit the transfer of pension assets to the Ontario Municipal Employees Retirement System (OMERS).
Labour movement is critical of the proposal because the supplemental plan wouldn't be mandatory and doesn't require employers to match employee contributions.
Retirees point out that they are forced to stand in line along with bondholders in order to retrieve the retirement savings and future disability payments Nortel promised before it went bankrupt.
This was the third consecutive quarter that pension funds experienced a decrease in value.
Three quarters of workers in the U.S. say they have less than a complete understanding of their retirement plan
Canada's banking regulator should license and approve all financial instruments available to investors in the country, even if they originate in the U.S., CCPA report recommends
Increase comes primarily from a 7.1 percent return on investment income during first quarter of fiscal 2010
Larry Brown, NUPGE's national secretary-treasurer, says the Harper government is misleading Canadians on pensions issues. Instead of responding effectively to the crisis, the government is stalling and even moving backward, he argues.
Average settlements of $16,000 now being made by Saskatchewan government.
“Hundreds of workers are joining the union determined to stand up to this unacceptable attack on their pensions.”
Sets precedent likely to undermine pension plans across the country.
Pension plans must permit the union to appoint a person in accordance with the union’s constitution instead of providing for a person to be elected by the active members.
Mandate to provide ongoing advice to the government pension reform proposals and keep the government informed on stakeholder viewpoints.
“This ‘pension factor’ is particularly powerful for improving the economic security of vulnerable older households - women and members of racial/ethic minority groups,”
Fat-cat pensions in the public sector are a myth, says the TUC.
Federal PS pension plan declines by 22.7 percent while plan’s top executives paid $3.8 million in bonuses
Losses renew PSAC’s call for joint trusteeship of their members’ pension plan and an end to rewarding of bonuses to investment fund managers
Report by the UN Principles for Responsible Investment finds that asset owners and investment managers have increased their commitment to Responsible Investing in the wake of the economic crisis.
Study shows life expectancy at age 65 has increased from 14 to 18 years for males and from 18 to 21 years for females.
Deal provides moratorium on funding the airline’s $3 billion pension shortfall for 21 months and averts Air Canada from seeking bankruptcy protection.
"It was reassuring to hear the OECD state so frankly that an effective pension system is not only socially necessary, but also one of the required responses to the economic crisis," says Larry Brown, NUPGE Secretary-Treasurer
'No wonder the most enthusiastic endorsements have come from employer oriented think tanks.'
Instead of getting behind ill-conceived Alberta /British Columbia (ABC) plan, western premiers should use their clout to call for a national pension summit
'They lost $24 billion and they wiped out the last four years of contributions in that loss.'
Public sector workers pay 8% to 9% of their income to finance public pension plans, far more than the 3% to 5% contribution rate for other workers with pensions. - NUPGE's Larry Brown.
The defined benefit pension plan remains intact with benefits protected and no other concessions were made.
Unlike funding relief measures adopted by other jurisdictions, workers have no say but assume the risks to their pension plans if the current market downturn continues for an extended period
'Governments should underwrite the pension plans of Canadian workers because to do anything else would be unfair and economically disastrous.' - Larry Brown, NUPGE.
5.9 million Canadian workers belong to workplace pension plans representing only 32 percent of the workforce
Former Ontario Superior Court Judge James Farley, who oversaw Air Canada's 2003 bankruptcy, will seek a solution on the company's pension and other issues
“This is really outrageous and it understandably offends people,” said Clancy. “How can they possibly justify these bonuses when the fund lost over $23 billion dollars last year? That defies common sense.”
CPP Investment Board says long-term outlook remains stable despite setbacks caused by turmoil in international economic markets.
'The private sector has failed miserably.... The only way to ensure that all Canadians are able to retire with security and dignity is by expanding Canada's public pension system.' - James Clancy.
AbitibiBowater granted permission under the Companies’ Creditors Agreement Act (CCAA) to suspend payments on its unfunded pension liabilities.
Air Canada appears to be headed for a showdown with its unions over the airline’s underfunded pension plans.
CEP asked the court to force the company to respect an agreement that allows employees with 20 years of service to retire at age 57, instead of 58
Criticism of CPP investment Board as it plans to provide managers with pay bonuses after pension plan lost $13.8-billion in last year
Fifteen universities have some form of defined benefit plan with combined assets of over $13 billion
Employers using crisis to push for looser regulation of how pension workers' money is managed.
"The financial crisis is not the fault of retirees, and they shouldn't have to shoulder a disproportionate amount of the burden because the province's pension guarantee fund is underfunded"
Physicians for a Smoke-Free Canada says Canada should follow Norway's lead to exclude tobacco holdings from public funds.
NSGEU critical of province for not working with union to develop best way to plan for the future.
First proposed in its ill-fated November 2008 Economic and Fiscal Statement, the federal government implements temporary solvency relief for federally regulated pension plans facing large funding shortfalls.
Government introduces temporary measures but withstands pressure for short term fixes to deal with the financial crisis, according to OPSEU.
(20 March 2009) - The second of two commentaries by James Clancy, national president of the National Union of Public and General Employees (NUPGE), on the challenges facing pension plans in Canada. Read first commentary
(19 March 2009) - The first of two commentaries by James Clancy, national president of the National Union of Public and General Employees (NUPGE), on the challenges facing pension plans in Canada.
Shareholders at all of Canada's ‘Big Five’ banks have won the right to vote on top bankers' compensation, reflecting growing investor frustration with executive pay.
Funds valued at $869 billion compared to $951.7 billion the previous quarter.
The Ontario Public Service Employees Union responds to the report of the Ontario Expert Commission on Pensions.
Caisse president admits making unsafe investments wiping out one quarter of the entire assets of Canada's largest pension fund manager.
Shareholders eager to vote on the “say on pay” issue will have ample opportunity to do so this proxy season.
NUPGE to partner with Ethical Funds to encourage corporations operating in the Alberta oil sands to assess and disclose social, environmental, and financial risks of their oil sands exploitation.
Workers are rightly worried about the fall in the value of the private pension savings and governments need to step up their efforts to provide social safety nets, warns OECD
The five unions representing Air Canada workers are calling on the Office of the Superintendent of Financial Institutions (OSFI) to require the airline to fund its pension plan, before being permitted to wind-up its holding company
Canadian mutual funds still most commonly held retirement investment, despite highest fees in the world which negatively impact on long-term savings potential.
60 vs 65 - Applying early for CPP can mean more money in the bank - the decision is a choice between receiving your normal benefit starting at age 65 or starting earlier and receiving a smaller monthly amount
Proxy vote records highlight greatly increased deference on key environmental, social and governance issues
Dispute over pension benefits dates back to 1980s.
Workers are conflicted about their retirement prospects Nearly half of Canadians expect to work past age 65 for ‘lifestyle reasons’, while about the same number site financial reasons
'The PSPP is invested conservatively and has weathered the global economic downturn in reasonably good shape.'
Canadian pension plans suffered the steepest annual decline on record as global equity markets continued to plunge in the fourth quarter of 2008
The appalling spectacle of Nortel's older workers and retirees facing the potential loss of their pensions is not just heartbreaking, it’s a social and economic disaster unfolding in slow motion.
'This is very welcome news for workers in Quebec, but falls short in guaranteeing pensions,' notes NUPGE National Secretary-Treasurer Larry Brown.
The federal Finance Minister will push ahead with the creation of a long-debated national securities regulator, despite strong opposition from Quebec and Alberta
The issue is important to workers because so many depend on sound financial markets to ensure healthy pension funds.
National Union policy paper outlines steps to protect and enhance the retirement security of Canadians during the current economic crisis.
The federal government has released a discussion paper on improving the framework for federally regulated private pension plans.
Sponsors of Both Defined Benefit and Defined Contribution Plans Face a Challenging 2009
Despite weak economic conditions and poor market returns, most companies have taken only small steps to guard against defined benefit (DB) pension risk, particularly Canadian plans, according to a Hewitt Associates survey.
The CCPA has kicked of 2009 with today's release of A Banner Year for Canada's CEOs by Hugh Mackenzie, who found that Canada’s best paid 100 CEOs tallied one billion in average total earnings in 2007 – a historical first.
Proposed legislation would allow businesses to spread their solvency payments from five to 10 years with the consent of active members or their collective bargaining agent and retired plan members
The pensions systems of both provinces could suffer if the ‘lowest common denominator’ philosophy of TILMA was imported into pensions
Social Development Canada announces 2009 benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS).
In his widely criticized fiscal update on November 27, federal Finance Minister Jim Flaherty proposed that federally regulated pension plans will have twice as much time—10 years instead of five—required for solvency payments.
Economic downturn may persuade older workers to delay full retirement
Ontario Expert Commission on Pensions releases report
Union activists from across Canada meet in Toronto
NSGEU says Finance Minister’s comments were 'premature'.
Panel calling for a new province-wide pension plan administered by an independent agency
Government to create province-wide DC plan
Working Session to provide a combination of education and information sharing on key pension issues at the national and provincial levels
The value of Canadian pension plans suffered the largest quarterly decline in a decade as the credit crisis caused equity markets around the world to drop.
One third of all NBUPPE members eligible for pensions within five years
While many Canadian employers face retirement levels of 20% or more over the next five years, most admit that they are not fully prepared to deal with this important issue.
Canadians have lost more than 80 billion dollars since March 31
New Study Says Mainstream Investors are Assessing Labor and Human Rights Sustainability Risks for the First Time
New Study Says Mainstream Investors are Assessing Labour and Human Rights Sustainability Risks for the First Time
DB plans can deliver the same retirement income at 46% lower cost than DC plans
CPP Fund valued at $127.7 billion as of June 30, 2008
Value of pensions plans drop in 4thQ 2008 following six consecutive quarters of gains
Nearly 30 percent of Canadians nearing retirement are less than confident their retirement savings will suffice to maintain their standard of living, according to data from Statistics Canada.
The case, Elaine Nolan, et al. v. Kerry (Canada) Inc. et al., will be watched closely by unions and employers alike
A new research studyfinds that a standardized international policy on fee disclosure would help pension plan members become better informed consumers of DC plans
OPSEU seeks input from members and retirees on how the surplus in the pension plan should be allocated
The consideration of environmental, social, and governance (ESG) issues into institutional investment will be major trend over the next five years
SHARE report sheds light on how mutual funds exercise their powerful voting rights to maintain the status quo in corporate Canada
More than $900 million loss in investments rocked by the U.S. credit crisis
Union presents brief to Nova Scotia Pension Review Panel calling for greater control over employers
Regulations to allow the use of letters of credit to secure pension fund solvency deficiencies
Protects wages and vacations benefits of workers whose employers go bankrupt
Only 38.1% of paid workers had a registered pension plans in 2006
Damages claimed for Nortel's 'failure to provide to their employees reasonable notice of the changes to the pension plan.'
The biggest corporate takeover in Canadian history – the purchase of BCE Inc. by a group led by the plan
Increase is 0.7 percent over the previous quarter
Head of Ontario Teachers Pension Plan calls for National Pension Reform Summit
Tthe ability of Canadians to put away adequate retirement savings is in jeopardy: C.D.
France's government wants to extend the period of pension contributions from 40 to 41 years.
The biggest corporate takeover in Canadian history hits a roadblock
Retirements have been increasing rapidly in the federal public service as the leading edge of the baby boom generation calls it quits
Many of the DC plans and RRSPs available to Canadians 'will not contribute meaningfully to an adequate retirement income'
Plan sponsors will be required to fully fund any deficits on wind up
While pension risk continues to be a 'hot button' issue for many organizations, a recent survey reveals that many Canadian CFOs are less likely to see the situation as a long-term crisis
OPTrust pension plan expected to soon eliminate the Plan’s current funding deficit and have a surplus, based on double-digit returns from 2003 to 2006
The decline of DB pension plans in Canada is being exacerbated by federal laws and regulations that foster employer underfunding
'It’s outrageous that after three tries, the government claims it still isn’t ready to make this modest protection a reality.' - Larry Brown
Legislation designed as an incentive for the Quebec’s large number of baby boomers to keep working pass 55 to ease an impending labour shortage.
Plan facing a $12.7 billion shortfall, about 11 percent short of meeting current pension obligations.
Breakthrough means plan will be in place by April 1, 2010
AMO should treat paramedics the same as police and firefighters
Employers without pension plays should be asked to pay higher premiums
Value of all pension funds in Canada amounted to $957.2 billion for the three-month period ending September 2007
First-ever sharehoder votes on 'say-for-pay' at Canada's big banks get strong support
SRI now growing at a much faster pace than the broader universe of all investment assets under professional management
Slightly more than two million people between the ages of 55 and 64 were employed in 2006—a 43% increase over 2001 figures
Top 100 executives averaged $8,528,304 in 2006
Budget proposes to increase income exemption under the GIS program to 100 per cent of the first $3,500 of employment income
NS government announces three-person Expert Committee to review Nova Scotia’s Pension Benefits Act
PEIUPSE President Shelley Ward fears province may try to use pension reserves to finance public-private-partnerships (P3s)
Employment has increased 10 times faster among older workers aged 55 and over than among workers aged 25 to 54
Appeal in a 2007 decision of the Ontario Court of Appeal to Court to determine the appropriate conduct of employers managing employee pension funds
Legislative Framework Governing Pensions. How Pensions are Funded.
Seventeen research papers on topics ranging from the funding, taxation, and governance of pension plans, to comparative models of risk-based industries and guarantee funds.
Cannot 'allow the government to hijack' the pension rights of 125,000 Albertans
Probation and parole officers, sheriffs, highway safety officers and conservation officers should be given the same pension accrual rate as police, correctional officers and paramedics
Growing support among investment management firms for shareholder proposals that address excessive executive compensation
Social Development Canada announced in December the latest benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS).
'Poor equity performance in the fourth quarter took its toll on plans’ funded status'
City will invite pension fund investors to consider investing in the revitalization of Toronto’s historic Union Station
Top 100 executives paid $8.5 million compared to average worker's salary of $38,998
Legislation will provide up to $3,000 in wage protection for employees of companies that go bankrupt
'Many seniors are suffering.' - Carol Furlong
How Much Pension Will an Individual Need?
Pensions could be undermined if TILMA philosophy influences review, says NUPGE's Larry Brown
NUPGE's Larry Brown says its time to extend pensions to new members of the workforce
Survey of 69 employers by AON Consulting Inc.
An Overview of Canada's Public Pensions System and Private Retirement Savings
'The legislation ... allows an employer to be selective.' - BCGEU
Two new publications: Pensions are Important & A Brief History of Pensions
Deciding the fate of $30 billion in surpluses confiscated by Ottawa to put on federal deficit
Business lobby group's 'research' on pensions laced with misleading information and false claims
Critical need for a national policy on retirement security, says NUPGE's Larry Brown
Canadian Centre for Policy Alternatives shines a spotlight on obscene corporate salaries
Details won't be released until two unions now at the table negotiate new collective agreements