Pension grab goes global
If you’re a cop in Canada and you were resting assured you lived in a country that would never screw around with your collective bargaining rights or your pension, guess again. What’s happening in the U.S. is now spreading north and east.
James Leech, CEO of the Ontario Teachers’ Pension Plan says Canada’s politicians and business leaders need to reform the pension system or the country could be staring into the “abyss” as a wave of workers retire.
“The worst case scenario is that we just keep digging ourselves into a bigger hole and when we hit that final crisis the pain will be significantly greater because you’ve got a shorter time frame to do it,” Leech said. He co-authored “The Third Rail: Confronting our Pension Failures,” in which he highlights problems facing the country: Canadians aren’t saving enough for retirement, they’re living longer, and generating lower investment returns.
Read the story in the Financial Post.
And check out the comments. There’s lots of people angry about the teachers’ pensions. But we like the guy who says, “Yesterday Canadian pensions were the most stable, best funded in the world. Today they are “crumbling.” Which is it?”
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