How Much Pension Will an Individual Need?
Ottawa (26 Oct. 2007) –The National Union of Public and General Employees (NUPGE) has released the fifth and sixth in its ongoing series of Pensions Backgrounders. The publications are designed for union activists seeking educational material to build their knowledge base and skill level around critical issues in the field of pensions.
How Much Pension will an Individual Need? examines how much income an individual or couple will need in order to live their retirement years in comfort and dignity. It considers income needs in retirement, provides an overview of the amount an individual or couple can expect from Old Age Security (OAS) and Canada Pension Plan (CPP) and provides a template to help individuals calculate how much private retirement savings they will need to provide a certain income for a set number of years.
Workplace Pension Plans provides an overview of the number and type of private pension plans that workers belong to through their workplaces. It examines in detail the difference between a defined benefit plan and a defined contribution plan, and it outlines the clear advantages for workers in belonging to a defined benefit plan.
The first four of the series were released in March and May of this year. They are:
- Pensions are Important
- A Brief History of Pensions in Canada
- An Overview of Canada's Public Pension System
- Private Savings Retirement
A section of the National Union website entitled, NUPGE and Pensions, contains many of the NUPGE pension publications as well as news stories on pension issues from across Canada and around the world. The National Union also produces a regular Pensions E-Bulletin containing the top pensions news stories from its website. For those who are interested in subscribing to our Pensions E-Bulletin, please e-mail firstname.lastname@example.org.
NUPGE is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE