Pension budget 2012

Once again we need to tell Finance Minister Flaherty – hands off our pensions!

Both he and the Prime Minister are openly talking about federal public service pensions, leaving the door open to changes in the next federal budget.

Those changes could include reducing benefits, changing the plan for new and younger employees and/or increasing contribution rates even more.

The government should strengthen retirement security for all rather than weaken the pensions of hard working public service workers.

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The email message:

Dear Minister Flaherty,

I’m very concerned by your recent public statements that you are taking a serious look at public service pensions for the next federal budget.

As you well know, the federal public service pension plan is paid for by federal employees through deferred wages.  I contribute to the plan and my contribution rates are continuing to rise each year.  From 2005 to 2013 rates will have increased by just over 40%.

You must also be aware that the average $25,000 pension currently being paid to retired federal employees is not exactly lavish.

I’m a conscientious employee and I find it disheartening that my salary and benefits are being undermined by my own employer.   Between contributions and returns on investment, our pension plan is adequately funded according to the office of the Chief Actuary.  You should be defending federal employees, not endorsing the misinformed opinions that regularly appear in the media.

The whole point of pension plans is to spread the risk, provide a better return on investment than could be achieved by an individual and provide lower administrative costs through economies of scale.

I urge you to leave the federal pension plans alone and find ways in your next budget to help ensure that all Canadians can look forward to retirement security, such as expanding the CPP/QPP plan.

Why not set a good example and work to strengthen retirement security for all.

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Hon. Jim Flaherty

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Pension budget 2012

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