A Plan for Pensions. A Realistic, Affordable and Effective Plan to Rebuild and Reform Our Pension System
All for one. More for all. Ten reasons to expand our Canada Pension Plan
Canada is facing a retirement income crisis as more and more Canadians are about to enter their retirement without adequate income security. This pamphlet outlines ten excellent reasons why an expanded Canada Pension Plan (CPP) is the best solution to providing Canadians with adequate income in retirement.
Forget 'Freedom 55'
In May 2009, the Harper government proposed changes to the Canada Pension Plan (CPP) which they cloaked in the rhetoric of "allowing workers greater flexibility in their retirement choices." In reality the proposals are designed simply to induce workers to postpone their retirement until they are age 70 and to provide a disincentive to workers who consider retiring before the age of 65.
It's time for all of us to stand together and make our voices heard on this issue. Our message is clear: the Harper proposals which force Canadians to work longer are unacceptable. Instead, we want our federal government to expand CPP and increase GIS benefits in order to achieve greater retirement security for all Canadians.
Pension Tension
The private sector has failed miserably. The only way to ensure that all Canadians are able to retire with security and dignity is by expanding Canada's public pension system.
Pensions and the Economic Crisis
The current economic crisis has placed pressure on the retirement security of Canadian workers and pensioners. Many workers and pensioners have seen the value of their retirement savings erode as stock markets plunge. This policy paper outlines a number of policy options the federal and provincial governments can take to ensure that all Canadians will be in a position to retire with financial security and dignity.
Expanding CPP Benefit Coverage to Workers who do not have a Workplace Pensions
This backgrounder proposes that the legislation governing the Canada Pension Plan (CPP) be amended to require employers without workplace pension plans to pay additional CPP premiums. The extra money would be used to pay improved CPP benefit coverage to employees to cover any years they worked for employers without a workplace plan.
Future Considerations: NUPGE Pensions Manual (4th edition)
The manual is an easy-to-use guide including much of what you need to know about pensions and retirement from a union perspective and a valuable resource to help educate activists in the field of pensions. The 170-page manual contains 14 chapters covering a variety of pensions topics. You can order your copy fo the manual by e mailing national@nupge.ca.
We have also produced the chapters of the manual into the following series of Pension Backgrounders, which can be downloaded in pdf format. The backgrounders are designed for those activists who are looking for pensions educational material in a more bite-size format.
Pensions are Important - Backgrounder #1
This backgrounder examines the reasons why workplace pensions are increasingly a critical issue for working people. It underlines the fact that pensions are the deferred wages of workers and points out that a pension plan is one of, if not, the biggest asset that workers acquire in their lives. The paper stresses the need for union activists to become much more knowledgeable about pensions - not just on the technical aspects of their pension plan but on the broader perspective around joint control and influence over the investment policies of our pension plans.
A Brief History of Pensions in Canada - Backgrounder #2
This backgrounder chronicles the development of both private pensions and the public pension system in Canada from the first workplace pension plan in 1874 to the 1998 changes made to the Canada Pension Plan (CPP) to ensure sustainability well into the 21st century. It describes the important role of unions and collective bargaining in the growth of workplace pensions and our universal public pension system.
An Overview of Canada's Public Pension System - Backgrounder #3
download PDF French
This publication details the three publicly administered programs that make up Canada's public pension system: Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and the Canada Pension Plan (CPP). It provides an overview of the history, benefits, eligibility criteria and current rates for each of the three programs.
Private Retirement Savings - Backgrounder #4
This backgrounder provides an overview of Registered Retirement Savings Plans (RRSPs), the most popular method of personal savings for retirement among Canadians. RRSPs now receive more money each year than Registered Pension Plans (RPPs). In 2005, over 6.1 million Canadians contributed $30.6 billion to RRSPs. In comparison, 4.6 million Canadians belonged to about 1,400 registered pension plans in 2005 and the total contributions (from both employers and workers) to those plans were $30.3 billion.
How Much Pension Will an Individual Need - Backgrounder #5
This backgrounder examines how much income an individual or couple will need in order to live their retirement years in comfort and dignity. It considers income needs in retirement, provides an overview of the amount an individual or couple can expect from Old Age Security (OAS) and Canada Pension Plan (CPP) and provides a template to help individuals calculate how much private retirement savings they will need to provide a certain income for a set number of years.
Workplace Pension Plans - Backgrounder #6
This backgrounder provides an overview of the number and type of private pension plans that workers belong to through their workplaces. It examines in detail the difference between a defined benefit plan and a defined contribution plan, and it outlines the clear advantages for workers in belonging to a defined benefit plan.
Legislative Framework Governing Pensions - Backgrounder #7
This backgrounder provides an overview of federal and provincial pension standards legislation and the federal Income Tax Act which regulates the terms and operations of the over 14,000 registered pension plans in Canada.
How Pensions Are Funded - Backgrounder #8
This backgrounder outlines in general terms the complex process involved in the financial management of pension plans, especially defined benefit plans. It describes the mechanics, various approaches and concepts used to determine the level of contributions and how they are invested in order to secure future promised benefits. The backgrounder explains many of the key concepts in pension funding such as actuarial evaluations, mortality factor and solvency issues.
Key Elements of a Pension Plan - Backgrounder #9
There are many different types of pension plans and many variations in the benefits to which a member might be entitled. It is not an easy task to analyze the positive and negative aspects of a particular pension plan and any analysis will vary based on differing individual circumstances. This Backgrounder provides a general checklist of the key elements to look for in a workplace pension plan.
Pension Plan Governance - Backgrounder #10
Pension plan governance refers to the system used to organize the roles and responsibilities of all individuals involved in governing, managing and administrating a pension plan. This backgrounder outlines the various governance models for pension plans and explores the pros and cons of each model.
Pension Plan Administration - Backgrounder #11
This backgrounder provides a general overview of how a pension fund is managed and how it is administered. It deals primarily with decision making authority and administration practices and procedures of pension plans.
Union Approach and Policy to Joint Trusteeship of Pensions - Backgrounder #12
This backgrounder examines a number of issues related to union trustees on pension plans and their relationship to their union. It also offers a number of suggestions regarding a union's approach and policy with respect to working with those trustees who have been elected or appointed to represent members with respect to decision making involving the members' pension plans.
Socially Responsible Investment (SRI) - Backgrounder #13
A backgrounder on the specific strategy of adopting social and ethical goals in addition to the rate of return objective in pension fund investing. It also examines the duty of a trustee to consider Environmental, Social and Governance (ESG) issues in their investment decision making. The backgrounder also provides a brief introduction to the three basic pillars of a SRI strategy: ethical screening; shareholder activism; and Economically Targeted Investments (ETIs).
The Language of Pensions - A Glossary
The language used in the field of pensions is often complex, technical and intimidating. A lot of terminology is seldom heard int he everyday language of working people. The purpose of this glossary is to explain as simply as possible over 150 technical terms used in relation to workplace pension plans.
No Pension Panic: The Real Pensions Crisis - It's all about coverage, not funding
This paper sheds light on the current funding and coverage status of pension plans in Canada. Based on detailed research and the latest Statistics Canada data, this paper clearly shows that the real pension crisis in Canada is not about the financial sustainability of defined benefit plans but the alarming decline in workplace pension coverage, especially for new members of the workforce. The paper builds the case for a strong national policy focus on improving the level of pension coverage to ensure all Canadians have financial security in retirement.
The Disadvantage of Dual-Class Structures to Public Shareholders
The National Union of Public and General Employees (NUPGE) and the Service Employees International Union (SEIU) have released a white paper that examines many of the potential problems associated with dual-class stock. This report looks at the 96 TSX-listed companies that have capital structures in which holders of one class of common stock have greater voting rights than holders of another class. These capital structures, commonly referred to as 'dual-class' structures, allow an individual or group to exercise voting control of a company even though their equity stake may be far less than 50%.
A Pensions Agenda for the National Union
This paper was one of the four major policy papers passed by delegates attending the 2004 Convention. The paper outlines a diversified mix of strategies for the National and its' Components through which to articulate and advance a distinctive and progressive pensions agenda.
The Retirement Tsunami
A "tsunami" is a huge tidal wave. Canada is facing a demographic tidal wave, as large numbers of working people all near retirement at the same time. A huge number of both government employees and private sector employees will have retired within five or ten years. Many of these potential retirees carry vital skills and organizational memories. This paper explores the implications for our leadership, our staffs and the programs and services our members currently deliver.
