Lachine

Stephen Harper’s Retirement Roulette

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25 novembre 2011 à 14h49 3 minutes de lecture

A worry-free, financially secure retirement is of utmost importance to many citizens. Almost every day, I hear from another constituent who’s deeply worried about what the future holds for his or her family. Unfortunately, 11 million working Canadians have no workplace pension, the cost of living is increasing at staggering rates, and many individuals are finding it difficult to save for their retirement.

Despite this worsening reality, Stephen Harper is leaving families more vulnerable, to face this crisis alone. His only new idea doubles down on the same private funds that are already insufficient for so many.

“Pooled Registered Pension Plan”

On November 17, Stephen Harper launched his “Pooled Registered Pension Plan”. It’s like a group RRSP that employers may now simply offer their employees, instead of defined-benefit workplace pensions. In other words, Mr. Harper wants you to place even more of your savings into risky private funds and stock markets.

If you’ve watched your RRSP drop in recent years, you know how precarious this approach can be. Moreover, private funds are also burdened by high fees that make fund managers wealthy but reduce 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.

In uncertain financial times, most Canadians aren’t looking for more fees and risky investments. 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.

The Canada Pension Plan (CCP)

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/QPP benefits over time, to a maximum of $1920 per month. Most provinces are also now calling for an expanded CPP/QPP—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.

Isabelle Morin, MP, NDG-Lachine