“Re: Stop the music! CARP speaks”

Mr. Corcoran argues that there is no need to fix Canada’s pension system. Leaving aside his opinion about the messengers who call for change – including one of Canada’s premier business schools with whom CARP is proud to keep company – the essence of his argument is that the experts engaged by the federal government think that Canada’s pension system does well enough for most. But what would he propose for the rest? Even his Mintz report identified a significant number of people who are not saving enough. Anyone retiring without savings or a workplace pension is expected to live on $16,000 to $19,000 consisting of OAS and CPP/QPP topped up by GIS. That is fact, not rhetoric.
CARP members who overwhelmingly support our position that the retirement system needs fixing are themselves already retired. Any reform will not benefit them but they are offering their advice based upon their own experience and judgement. These people watched their voluntary investment in RRSPs evaporate in this market crisis. The thousands who rallied on Parliament Hill face certain calamity since their bankrupt companies cannot meet their pension deficiency obligations. These too are facts.
So when Mr. Corcoran’s experts tell older Canadians facing retirement that there’s nothing to worry about – they may as well ask instead: “Who are you going to believe – me or your own two eyes?”
Susan Eng
Vice-President, Advocacy
CARP, A New Vision of Aging for Canada

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