New hires will receive part of their pension benefit from the existing DB plan under a reduced formula, and part from a DC plan.
Pensions and Retirement Security
“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
U.K. (23 September 2011) – British unions have called a day of strike action on November 30, warning that Britain faces the "biggest mobilization in a generation" unless the government rethinks "hugely damaging" changes to public sector pension plans.
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.
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.