Letter to the editor
In response to “Canary in the Pension Coal Mine” August 6, 2013.
I think what the Canary in the Pension Coal Mine meant to say was “the real crisis is that six in ten workers do not have workplace pension plans.” Study after study shows that Canadians are not saving enough for retirement. The individualized RRSP system is not working – only 25 per cent of tax filers contribute each year.
The financial crisis left pension plans, like all investors, will some ground to make up. The good news is that pension plan health is improving across the country. It would be short-sighted to abandon a time-tested, efficient model of defined benefit pensions because of a temporary and surmountable funding challenge.
The best solution would be to expand Canada Pension Plan (CPP). It covers nearly all workers, is affordable and would make real change.
CUPE Alberta President
Acting Communications Representative