Proposed legislation deals with less controversial issues before more difficult matters to be dealt in further legislative changes planned for 2010.
Pensions and Retirement Security
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
Toronto (20 November 2009) – The time has come to turn Canada’s supplemental pensions jumble into a coherent system with a clear goal and a clear plan to achieve it, according to Keith Ambachtsheer, a leading pension expert and director of the Rotman International Centre for Pension Management at the University of Toronto
$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."
Ottawa (5 November 2009) – The status of women within the Canadian pension system is not the same today as it was 30 or 40 years ago, according to the chief actuary of the Office of the Superintendent of Financial Institutions Canada.
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