“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.”
Pensions and Retirement Security
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.
“We have very serious expectations that the review is going to find that the plans are in fact sustainable."
Up to three million public sector workers to take part in massive strike on November 30 over pension reforms
U.K. (23 September 2011) – British unions have called a day of strike action on November 30, warning that Britain faces the "biggest mobilization in a generation" unless the government rethinks "hugely damaging" changes to public sector pension plans.
As of October 1, 2011, OAS and GIS pension benefits will increase by 0.8 percent.