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Global Meltdown - Pensions

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Global Meltdown



Fair Pensions for All


Underfunded pension plan

 In Ontario, 30% of Defined benefit (DB) are underfunded, according to the latest report (.pdf) by the Financial Services Commission of Ontario.  It's a similar story in Quebec, where 29% of plans are running deficits, according to data provided Retraite Quebec.  (Global) 


Prosperous countries

LONDON - Norway has been named the world's most prosperous country according to the 2015 Prosperity Index by London-based think tank The Legatum Institute.  (Telegraph UK)    REPORT:   Prosperity Index     Canada #6    Canada the most tolerant country in the world   Country without salary secrets


Benefit of security program

OTTAWA - The federal government will use its planned border exit-tracking system to avoid paying hundreds of millions of dollars in social benefits now going to people who shouldn't receive them due to absences from Canada.    (CP)    


   Seniors going bankrupt

OTTAWA - Seniors are carrying more debt into retirement and, as a result, a growing number are going bankrupt.  According to the federal Office of the Superintendent of Bankruptcy, 10% of those who declared bankruptcy in 2014 were aged 65 and older.   (CBC)   


Costs skyrocket  

TORONTO - It is increasingly widely recognized that there is something very amiss at the Canada Pension Plan Investment Board. (PostMedia)     MORE:   Stealth pension bailouts 


Pension rip-off fees

LONDON - A year-long inquiry into the pensions plans offered to staff by companies found savers were exposed to 38 different fees that depleted their funds.  (Telegraph UK)  RELATED:   Assault on gold-plated pension schemes


Everyone's a 'millionaire'

Norway’s sovereign wealth fund has grown so much that it makes every Norwegian citizen a “theoretical” millionaire.  The surplus revenue from Norway’s oil and gas investments around the world is collected in the Government Pension Fund Global.  (RT)  MORE:   Lessons from Norway   Crown corporations of Canada


Government workers earn more

VICTORIA - Government workers in BC earned an average of 13.6% more money than private-sector employees in 2011, according to a new report.  (QMI) 


Global problem

A global retirement crisis is bearing down on workers of all ages.  Spawned years before the Great Recession and the 2008 financial meltdown, the crisis was significantly worsened by those twin traumas. It will play out for decades, and its consequences will be far-reaching.  (CBC)   MORE:   Ruinous promises


Pension plans on watch list

OTTAWA - The Office of the Superintendent of Financial Institutions (OSFI) supervises roughly 1,400 private pension plans covering more than 637,000 employees in federally regulated businesses.   (Globe & Mail)   MORE:   CPP investments see 'explosive' growth 


Pension deficit jumps

LONDON -  The Pension Protection Fund (PPF) calculated that the aggregate deficit of 6,316 so-called defined benefit (DB) schemes - representing about 12M members - jumped to £236.6B ($362B) in March from £201.5B ($309B) in February.  (Telegraph UK)  REPORT:   March 2013 update    Pensions black hole   Invest 4,750 receive 5,000 every year for life 

Offshore pension plans

A investigation based on the Paradise Papers leak has found that millions of ordinary Canadians also have an interest in money parked in tax havens.  7 of the country's so-called Big 8 pension funds, representing more than 25M workers, have used tax havens as they invest Canadians' retirement savings, according to records in the huge leak of offshore financial documents made public.   (CBC)


Pension funds 2015

Towers Watson and Pensions & Investments released their Global 300 report this week, in which they update us on the assets of the 300 largest pension funds in the world.  (Pension 360)  REPORT:  300 largest pension funds   .pdf  MORE:   Global list exposes flawed plan


Pension change

HALIFAX - NS politicians will have to serve 2 years instead of 5 to become eligible for a pension after a panel that examined how members are compensated recommended the change.    (CP)   RELATED:   80 firefighters retire to protect pensions


Pension fund audit

TORONTO - A government audit of one of Ontario’s largest public-sector pension funds calls for greater scrutiny of board appointees and raises questions about pay levels, undocumented employee expenses and “significant” bonuses.   (Globe & Mail)  OPTrust 


Common practice?

WINNIPEG - The Manitoba government says a personal care home company broke the law when it allowed its top executive to retire and then rehired him at higher pay, but the company says it did nothing wrong.   (CTV)


Pension fraud scheme

MONTREAL - Quebec provincial police have arrested 11 people and are carrying out 14 search warrants in connection with an alleged pension fraud scheme.  According to provincial police, more than 300 clients profited from the criminal organization across 4 continents.  (CBC)   MORE:   SQ breaks up fraud ring  


Unions not entitled to surplus

OTTAWA - The SCC says several major public unions are not entitled to a $28B pension surplus that the government hived off to help pay down the deficit.  The high court ruled 9-0 that the government does not have a "fiduciary obligation" to return funds to the public sector unions.   (CP) 


Pension deficit

REGINA - The City of Regina's pension plan added $84M to its deficit last year - and its money woes continue, a report going to city hall says.  It says the employees' pension plan, which covers about 6,700 city workers, non-teaching school workers, health region employees and library staff, had a deficit of $293M at Dec. 31, 2011.  (CBC)


Pension aid $100M to $200M

OTTAWA - The Liberal government's move to top up Nortel pensions could cost taxpayers $100M to $200M, (Toronto Star)  PREVIOUS:  Nortel pension bailout   Personal pension pot drops 60%


Reform falls short

OTTAWA - The CD Howe Institute report says the government is underestimating the plans' liabilities by about 40%, or $100B, so taxpayers are on the hook for more than advertised.  (CBC)   MORE:   Public pension recommendations   Pooling pension assets urged    

Still overpaid

OTTAWA - A new CD Howe Institute report suggests that changes to federal public pension plans still haven't gone far enough to bring overall employee compensation in line with the private sector.  (CP)


Comparison of Public-sector and Private-sector salaries and benefits   .pdf

Unions to fight pension changes

Public sector pay drowning ON in debt

Private sector earn less, work more

Public sector health benefits 'deal'

Retirees considering legal action

Pension overhaul hits snag

MPs tone down their own pension benefits

Retirement delayed

Delayed retirement 

Employees to fight pension reforms

PS pensions 'gross unfairness'

ON unions to fight civil service cuts 

Low interest rates come with cost for savers

$100K a year pension

US has 86M full time private sector workers   

House passes MP pension changes

AB pension a step in the right direction

Public Service annual report 2011-2012 

Freedom 55 dreams differ from reality

Pension plans in Canada

Fair pensions for all

Failure club 


None of the above  

Government must live within its means

Canada must tackle costs of greying

Taxes up 1700%

Ontario eyes civil servants pay  

Public sector union starts re-branding

Backlash building

Canada Pension Plan

$7M bonus as CPP loses $24B

The public sector pensions bill

Reason for overpaying Public Service

Canadians worried about retirement

MPs have 'platinum-plated' pensions  

CD Howe Institute

Ottawa ending extended EI benefits

Pension plans to cost taxpayers $50M

If you don't have a PS pension  

Ottawa faces pension shortfall

Calling in sick   .pdf

Canada's pension liabilities   .pdf

Public Sector Pensions   .pdf

Pension liabilities

EI scheme is fraud

Quebec deals with the meltdown

Ontario pension plan isn't enough

US city declared bankrupt

STOCKTON - Stockton's largest debt is $900M owed to the CalPERS to cover pension promises. (BBC)  

Bankruptcy clears way for pension fight

Case for CalPERS cuts

Stockton files for bankruptcy  


Officials indicted on fraud charges

Alleged pension fund corruption

New budget tool, lawsuits

Polarization is paralyzing California

California budget crisis

Is California too big to fail?

Tale of two woes

CalPERS special review

Teachers pension fund short

Get out of jail order

Amid cost cutting, pensions rise

Politicians, unions plunder power

CalPERS report loss

Budget to reshape the Golden State

Irish welfare state glimpse of the future

Critics target public pensions

CalPERS $100K pension club


California state budget crisis 



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