Leadership Council writes that about the real-world experience with public sector pension conversions to defined contribution that has been brought to light in a new report entitled "Shifting Public Sector defined benefit Plans to defined contribution — The Experience So Far and Implications for Canada."
Trustees writes in Benefits and Pensions Monitor our different understandings of the meaning of key terms, such as “DB”, and how the resulting linguistic and conceptual confusion impedes Canada’s pension policy debate.
editorials. In order to thrive and remain sustainable, BC’s public sector pension plans need to be part of a coherent and sustainable Canadian retirement income system. These three Globe and Mail editorials sketch out some of the challenges currently facing Canada’s retirement income system, and make some coherent suggestions for strengthening the system.
sector pension plans into defined contribution savings accounts for employees could cost governments up to 77 per cent more to provide the same retirement benefit for workers” following the release of a report called Shifting Public Sector DB Plans to DC.
renowned actuary demonstrates that converting large public sector defined benefit (DB) pension plans to defined contribution (DC) arrangements would not serve well the interests of governments, taxpayers, employers or plan members. Because DC plans are less efficient than DB plans, the most likely consequences of converting to DC would be higher administration costs, lower investment returns, and lower retirement incomes. Any existing unfunded liabilities are not addressed by converting to DC, and generally they become harder to manage after the conversion.
mandatory retirement savings plans for all Canadians.
Victoria News article (October 2013) – Independent financial consultant Peter Dolezal addresses the difference between B.C. public sector
pension plans and other provincial pension plans in Canada. According to Dolezal, B.C. stands out as possibly best-funded in Canada, to the great credit of the B.C. Government, its unions and the Plan’s Trustees.
Vancouver Sun article on BC public sector pensions. De Jong explains how BC public service pension plans are affordable and sustainable, and that Moody’s Investors Services has determined that the public pension system is a source of strength for BC’s triple-A credit rating.
sector pension plans. Moist highlights that “defined benefit pensions are not a frivolous perk and portraying them as excessive or ‘gold plated’ ignores the value they have for workers and the overall Canadian economy.”