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.
Pensions and Retirement Security
- See also Retirees.
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.