Universal Pension Plan
Over the longer term, a supplementary pension plan should be instituted to provide a dependable savings vehicle for the one in three Canadians without any retirement savings. The UPP would be modeled on the Canada Pension Plan [CPP] but have opt out provisions.
Although all pension funds have been hit by the current market turmoil, it is anticipated that the quarterly report of the CPP investment board will reassure Canadians that their CPP benefits are secure. This reflects the importance of spreading the risk, professional management and the relative security of defined benefit plans. The recent lobbying efforts of private pension fund sponsors to defer their deficit funding obligations are a reminder of the need for a public or universal fund like the CPP.
Like the CPP, the UPP would be funded by employer and employee contributions. Government would be involved in the initial set up but not ongoing funding.
Call for Action
The First Ministers’ meeting was called to address the economic crisis facing all Canadians. CARP is asking that protection and relief for retirees and those contemplating retirement be made a priority on the Agenda for that meeting. Premier Doer of Manitoba has identified pension protection as a priority and BC Premier Gordon Campbell has called for a UPP.
Canada’s First Ministers will meet on November 10th ahead of Canada’s delegation participating in the global summit on November 15th in Washington.
Those Canadians who agree that retirement security should be a priority for our political leaders, here and abroad should contact their MPs and their own premiers as well as the Prime Minister and Minister of Finance. Their email addresses are set out below:
PRIME MINISTER/PREMIERS
Stephen Harper Prime Minister pm@pm.gc.ca
Ed Stelmach Premier of Alberta premier@gov.ab.ca
Gordon Campbell Premier of BC premier@gov.bc.ca
Gary Doer Premier of Manitoba premier@leg.gov.mb.ca
Shawn Graham Premier of New Brunswick shawn.graham@gnb.ca
Danny Williams Premier of Newfoundland premier@gov.nl.ca
Rodney MacDonald Premier of Nova Scotia premier@gov.ns.ca
Roland Floyd Premier of NWT floyd-roland@gov.nt.ca
Paul Okalik Premier of Nunavut premier@gov.nu.ca
Dalton McGuinty Premier of Ontario dmcguinty.mpp.co@liberal.ola.org
Robert Ghiz Premier of PEI rwjghiz@gov.pe.ca
Jean Charest Premier of Quebec premiere@gouv.qc.ca
Brad Wall Premier of Saskatchewan premier@gov.sk.ca
Dennis Fentie Premier of Yukon dennis.fentie@gov.yk.ca
A number of groups are coordinating their efforts with CARP to get this message out, including dan.braniff@rogers.com Common Front for Retirement Security (CFRS) (519) 363-2552 and Air Canada Pionairs info@saveourpensions.ca (905) 877-5809 and others which will be added on the website here.
Photo ©iStockphoto.com/ zennie
