CANADA - The disparate treatment between private and public pensions is "unjustifiable and unfair", the Canadian Federation of Independent Business (CFIB) claimed.
"Those of us who work in the private sector will not have the same means to retire as our counterparts in the public sector, and to add insult to injury, we are subsidising their retirement lifestyles,” said CFIB president Catherine Swift, who added Canada was well on its way to a two-tier retirement system.
"There is no valid reason why Canadian taxpayers are on the hook for public sector pensions plans when in fact half of the Canadians working in the private sector will not even benefit from any private pension plan upon retirement.”
CFIB research showed the proportion of early retirees within the public sector was around 56% in the year 2005, while in the private sector it was just over 33%. For self-employed individuals it was only 20%.
Swift added the average retirement age for private sector employees had decreased from 65 years of age in the mid-1970s to 62 years of age today, while the public sector age had fallen notably more, from 64 years of age to 59 over the same period.
“Undeniably, both [private and public sectors] play crucial roles in the economic well being of Canada," said Swift. "But the different treatment in law, regulation or compensation philosophies that exist between public and private sector pension plans, is unjustifiable and unfair to Canadians."
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.