Canadians’ aren’t saving enough for retirement.
Don’t get us wrong. We know some Canadians save like clockwork, for example, putting aside 10 percent of every paycheque for private investments, RRSP contributions or payments into employer-sponsored pension plans.
But many never save a penny throughout their careers, and end up relying exclusively on the Canada Pension Plan, Old Age Security and Guaranteed income supplement. The result: a third of Canadians don’t have enough retirement savings to maintain their current standard of living after they retire.
That’s why the Liberal Party is calling on the government to immediately create the Supplementary Canada Pension Plan, an easy way for Canadians to supplement their future retirement income.
Growing retirement income is just half the battle. We also have to protect the pensions of workers – like those from Nortel – whose savings get wiped out when their employers go bankrupt in recessionary periods.
That’s why Liberals are calling on the government to create a Stranded Pension Agency. This agency would give Canadians a chance to transfer their pensions into the Canadian Pension Plan so that their assets can keep on growing after their employer has gone bankrupt.
Finally, Liberals are calling on the government to amend the Bankruptcy and Insolvency Act. These amendments would protect Canadians with long-term disabilities who are the most vulnerable when their employers go bankrupt.
