OTTAWA – After a lifetime of hard work, you deserve to know you’ll be able to retire comfortably when the time comes. But some 11 million working Canadians now have no workplace pension. And as life gets more expensive, most families can’t save enough to go it alone. People in my community are worried about their future, say NDP to Harper Conservatives’ “Pooled Registered Pension Plan.”.
“Stephen Harper is leaving families to face the retirement crisis alone. ”
Conservatives’ new idea doubles down on the same private funds that are already failing so many. On November 17, he launched his “Pooled Registered Pension Plan.”
“It’s like a group RRSP that employers may now offer instead of defined-benefit workplace pensions. In other words, Harper wants you to pump even more of your savings into risky private funds and stock markets.
“If you’ve watched your RRSP tumble in recent years, you know how risky this approach can be. Private funds are also burdened by high fees that make fund managers wealthy but drain as much as 50 per cent of your contributions over a lifetime. In 2007 alone, before the recession hit, RRSP holders lost a whopping $25-billion to management fees. ”
NDP says in times like these, most Canadians aren’t looking for more fees and more risk. “You deserve a secure retirement plan that offers peace of mind to your family—not just to fund managers. That’s why, instead of asking you to play roulette with your retirement, New Democrats have a plan to increase your guaranteed public pension.
“Forty-five years ago, New Democrats helped launch the Canada Pension Plan (CCP) — rock-solid, low-cost and inflation-protected. Now we have a plan to affordably double your CPP benefits over time, to a maximum of $1920 per month. Most provinces are also now calling for an expanded CPP—and were shocked when Ottawa rejected the idea at last December’s meeting of finance ministers. But it was the right plan then and it’s the right plan now.
“The global economy is headed for rough waters and Canada is not immune. Now is the time for practical, stable solutions that protect our families for years to come. Stephen Harper thinks millions of Canadians should have to gamble to win the right to retire in dignity. New Democrats are fighting for a plan that offers every Canadian peace of mind—guaranteed. “
