Special: Ontario Pension Consultation - Find out how you can get involved!
Ontario Finance Minister Dwight Duncan supports the expansion of Canada Pension Plan benefits, which is a good thing for working Canadians.
But with so much change occurring in our economy and across all workplaces it's critical that we ensure the expansion of future CPP benefits is sufficient to support the growing number of workers who will be eligible to retire soon.
These benefit improvements also need to properly support younger workers who face the challenge of new and changing workplaces that are generally less secure, with fewer benefits and no private pension plans or plans that won't provide enough financial security in retirement.
The Ontario government has asked for public input on this issue. Take a few minutes and have your say.
Take Action Now!We need to speak out in support of the Canadian Labour Congress campaign to improve retirement security for all Canadians. We must urge Minister Duncan to step up and support the CLC's plan, including the doubling of future CPP benefits.
Provincial finance ministers along with the federal finance minister are scheduled to meet in December to make decisions about Canada's retirement income system. That's why we need to raise our concerns now.
For additional information, download the background notes prepared by the CLC which provides additional info for your letter.
Please take action as soon as possible. The deadline for submissions is November 29, 2010.
The income security of your retirement and the retirement of your children and grandchildren is at stake.
The Honourable Dwight Duncan
Minister of Finance
7 Queen's Park Crescent, 7th floor
Toronto, Ontario M7A 1Y7
Dear Minister Duncan,
I am writing to thank you for your position to expand the Canada Pension Plan (CPP) benefits, and to tell you why I support the campaign to double future CPP benefits.
Things have changed in Ontario. It's a different world for working people like me than it was for my parents' and grandparents' generations. And it will be different again for our children. Jobs aren't "for life" anymore. Most of the new jobs don't come with unions or the benefits they negotiate, like good pension plans. More and more of the jobs with pension plans aren't as secure as they used to be. Many are being forced to make their pensions less secure by switching away from "defined benefit" to "defined contribution" plans.
For working people like me, saving for retirement has become harder. There's more risk that our savings won't be there - just look at how RRSPs have failed to deliver on their promises. In the last fifteen years, I've seen the stock market crash three times (1997, 2001 and 2008).
Like everyone else, I'm carrying more debt than my parents and grandparents, which means I don't have the money to risk on the markets. I also can't afford to just hand a chunk of my savings over to the banks and financial companies to pay their high management fees. I need a way to make my limited savings go further.
Improving the Canada Pension Plan is the best way for me and my kids - to save enough to cover the basics after 65. Doubling future benefits would cost me less than $25 a week (at the most) by the time the increase is fully phased in over seven years. There's nothing the banks can provide me that costs so little and offers the same kind of retirement security for the rest of my life.
Knowing I can save enough to cover the basics through the CPP, means it won't be as hard to save more on my own in order to have the retirement I want. I won't have to worry about my basic retirement needs if I change jobs, or move to another province.
When you meet with the other finance ministers in December, don't settle for anything less than what it takes to double future benefits - a 50% replacement of the working income covered by the plan, what they call yearly maximum pensionable earnings.
It's what I need, and what the next generation of working people in Ontario need to save enough for retirement.
<INSERT YOUR NAME>
<INSERT YOUR ADDRESS>
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