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.
Pensions and Retirement Security
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 economy.”
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."
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.
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
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.