The Third Rail

The Third Rail

Saving Canada's Pension System

Book - 2013
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Over the next 20 years more than 7 million Canadian workers will retire. Baby boomers, the 45- to 65-year-olds who account for 42% of the country's workforce, will join the largest job exodus in Canadian history, moving to the promised land of retirement. Unless our crumbling pension system is reformed, many of these retirees will find this dreamland a bewildering and disappointing mirage.

In the early 1980s, consumers were setting aside 20% of their disposable incomes to their retirement plans; today the savings rate is a threadbare 2.5%. Retirement savings plans meant to build Canadians' personal war chests for their final years have failed to live up to their cheery promises of early retirement "freedom" - market returns are low, and financial fees are climbing. Moreover, retirement plans are now being compromised by high pension obligations and a shrinking workforce.

Canada has the capacity to diffuse this ticking pension time bomb with some hard choices, posits Leech. It's time for businesses, governments, unions, and employees to face these options and fix - and ultimately save - our pensions system, taking examples from Holland, New Brunswick, and Rhode Island - places in which new laws have been adopted to repair the pensions programs.
Publisher: Toronto :, Signal,, 2013
Toronto : Signal, 2013
ISBN: 9780771046636
Branch Call Number: 368.43 L516t
Characteristics: 183 pages
Additional Contributors: McNish, Jacquie

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NFreaderNWPL Aug 11, 2017

A pension fund manager and journalist collaborate to produce this brisk analysis of the state of income security in retirement. Using New Brunswick, Rhode Island, and Holland as case studies, they make the case for sustaining defined benefit pensions into the future without shying away from chall... Read More »


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NFreaderNWPL Aug 11, 2017

A pension fund manager and journalist collaborate to produce this brisk analysis of the state of income security in retirement. Using New Brunswick, Rhode Island, and Holland as case studies, they make the case for sustaining defined benefit pensions into the future without shying away from challenges.

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araby1
Dec 08, 2013

This is a short book that gives a good overview of proposed changes that are in store for pension plans in Canada. What it does not do is give any ideas on how to maintain a comfortable standard of living for seniors facing declining pension income. While the proposed changes may save underfunded pension plans, the benefits paid out will be a faint shadow of what was originally promised to millions of retirees. I believe that the only solution is a return to reasonable interest rates of around 5% on bank deposits.

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Hadley
Apr 01, 2014

Vincent Cianci, the Prince of Providence, was so indifferent to pension costs that he approved new cost-of-living allowance (COLA) benefits that hiked retirees' pensions by as much as 6 per cent annually.

The stunning raise was a windfall for some pensioners. By 2011, former Providence fire chief Gilbert McLaughlin was pocketing an annual pension of U.S. $197,000, three times his annual salary of $63,000 when he retired in 1991. If McLaughlin lives to one hundred, his pension will be $700,000.

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