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Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
Strengthening pensions: a CUPE overview
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Strengthening pensions: a CUPE overview

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CUPE national president Paul Moist was the closing speaker on a lively panel at the national pension trustee training. He wrapped things up by mapping out the challenges and opportunities on the road …

CUPE national president Paul Moist was the closing speaker on a lively panel at the national pension trustee training. He wrapped things up by mapping out the challenges and opportunities on the road to retirement security for all.

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  • 1. :te/cope 491 Canadian Pension Overview SHARE BC Pension Forum December 10, 2009 Vancouver, BC Paul Moist National President Canadian Union of Public Employees
  • 2. <ul><li>Global recession </li></ul><ul><li>Bankruptcies up </li></ul><ul><li>Investment returns down </li></ul><ul><li>Legislative shortcomings </li></ul><ul><li>Interest rates / demographics </li></ul>Pension Tension Rising……Why?
  • 3. <ul><li>CPP coverage is wide, indexed, secure, and portable. Provides a maximum 25% of average Canadian wage ($11,575). </li></ul><ul><li>OAS / GIS….secure, universal….just not enough. Designed for a maximum 15% ( $6,945) replacement of YMPE. </li></ul><ul><li>Third leg of pension stool doesn’t exist for most Canadians. Eleven million workers, 65% of workforce, have no workplace pension. Only 31% of Canadians have any RRSP wealth. Median RSP $60,000 ($250 / mo.) </li></ul><ul><li>Result - massive retirement income insecurity. </li></ul>The 1960’s Game Plan Never Materialized!
  • 4. <ul><li>Ontario, BC, Alberta and Nova Scotia reviews </li></ul><ul><li>Federal review (Menzies Committee) </li></ul><ul><li>Trade union movement </li></ul><ul><li>Canadian Bankers Association </li></ul><ul><li>CARP – Plan Retirees’ – Canadian Public </li></ul>Everyone Agrees There Is A Problem
  • 5. <ul><li>Canadian Labour Congress plan </li></ul><ul><li>Double CPP benefits </li></ul><ul><li>Immediate 15% increase to OAS/GIS benefits </li></ul><ul><li>Introduce a Federal Pension Insurance Fund </li></ul><ul><li>A national summit on pensions </li></ul>Solutions
  • 6. <ul><li>Provincial / federal wrangling </li></ul><ul><li>Harper government </li></ul><ul><li>Pension / finance industry </li></ul><ul><li>Debt / deficit hysteria </li></ul><ul><li>The absence of a pension champion </li></ul>Expect Resistance / Inertia
  • 7. <ul><li>U.S. in decline </li></ul><ul><li>China / India rising </li></ul><ul><li>Declining union density </li></ul><ul><li>World GDP $45 trillion - $600 trillion in derivatives </li></ul>Big Picture Impacts on Canadian Pensions
  • 8. <ul><li>Labour unity / resources….a plus </li></ul><ul><li>SHARE principles needed / wanted </li></ul><ul><li>Broad consensus on the need for change </li></ul><ul><li>Challenge remains….a Pan-Canadian solution </li></ul><ul><li>Collective Risk Sharing – a debate we can and must win </li></ul>Canadian Pension Debate – Some Positives
  • 9. Questions ?

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