That's the thing. The successful public pensions are not managed by bureaucrats but by professional money managers. If this follows suit then great. Paying top dollar to get the right people managing a multi-billion dollar fund is a recipe (not a guarantee) for success.
Is the proposed Ontario Retirement Pension Plan a good idea?
- Thread starter probyn
- Start date
That's what I'm waiting to hear about. Do you have any details that haven't been made public or are you just speculating?
The Ontario Pension Plan is nothing but a tax. Plain and simple. Don't believe anything the Liberal government says. They have been lying from day 1 and continue to do so.
There is not much discussion about the amount of benefits. And how convenient it is that it EXCLUDES those with pension plans, such as all the public sector, OPG, police, firefighters, etc. She doesn't want to mess with the unions, or else. If it is a defined benefit plan, then those with little or no contributions into the plan will reap the rewards. The contribution rate will have to increase later on as the population ages. Note that this happened to the CPP also when it started. As the unions see that this is a huge sum of money, they will start demanding other benefits - spousal pension, disability, surviving children, etc. Soon it will balloon into another massive government run plan. The later generation will have to clean up her current mess when she is no longer around.
What about portability? What happens when someone moves to another province? Will they still have to pay into it? Will she enhance the death benefit? This is a very complicated endeavor, and she has tasked it with a junior newbie minister, with noclue as to what she is doing. Go figure.
There is not much discussion about the amount of benefits. And how convenient it is that it EXCLUDES those with pension plans, such as all the public sector, OPG, police, firefighters, etc. She doesn't want to mess with the unions, or else. If it is a defined benefit plan, then those with little or no contributions into the plan will reap the rewards. The contribution rate will have to increase later on as the population ages. Note that this happened to the CPP also when it started. As the unions see that this is a huge sum of money, they will start demanding other benefits - spousal pension, disability, surviving children, etc. Soon it will balloon into another massive government run plan. The later generation will have to clean up her current mess when she is no longer around.
What about portability? What happens when someone moves to another province? Will they still have to pay into it? Will she enhance the death benefit? This is a very complicated endeavor, and she has tasked it with a junior newbie minister, with noclue as to what she is doing. Go figure.
The purpose of Wynne's pension plan is to provide some sort of a pension for those who cannot afford to save for the future. Saving for the future should be inclusive of families and not individuals. If an individual passes away what benefit does the family receive? In Wynne's plan it is nothing.
If the Liberal government is so concerned about low income earners or employees working in companies that do not have pension plans, then why not mandate an RRP or form of an RRP that will follow the individual around until retirement or death. Upon death, that benefit will be passed on to the beneficiary.
If you want to force everyone into saving for their retirement, then be fair to everyone. A lot of people work for their families and any savings they store away should go to the people they saved for, not the government
Bahahaha. Someone has bought the spin without looking at the soup.
No.
The ORPP does NOT apply to the people who are unable to save for their retirement. It only applies to those who are able to save, but choose other things to spend their own money on. That is, if you're barely above the minimum wage and have no hope of any retirement savings, the ORPP will not give you a dime. But if you're doing "okay" and just find that the bills keep piling up every month, then the ORPP will come around to make sure you're drowning at the end of every month - in the hope that you might get a pittance back once you retire.
The ORPP is designed to give Wynne and the Liberal Party a slush fund to spend on pet projects, while future ORPP deductions might pay you back 20, 30 years from now.
For many people over 45 - it becomes much easier to work self-employed than trying to get a job through normal means. So we just disappear from view ? I guess that means our taxes aren't required either.
I agree with you wholeheartedly, Mr. Piggy. The recent history of the Liberal government is the pits. With the lack of financial controls over such items as the Ornge project, the two gas plants, the Green Programme, the EHealth Programme, et al, et al, at al, would any sane person trust the Liberal government with more millions of dollars? In a few years, the new programme would no doubt be bankrupt from mismanagement and pilfering via management fees, consulting fees and payouts to cronies and hangers on that politicians cannot resist. The actual recipients would get a small pittance of their contributions and future taxpayers would be on the hook for Ponzi type payouts to existing pensioners.
A bad idea and further redistribution of wealth to satiate the chattering classes.
Contrary to her parties "for the people" mantra,...they know that people who try to support themselves,...DO NOT vote Fiberal.
FAST
The answer is yes, the Nanny State is always a bad idea. What happened to the concept of personal responsibility?
Would it be easier to set up your own pension plan-. Defined contribution plan based on employee only contributions of 0.1 percent of wages? This new ont pension plan applies only to those employees without a pension plan- with this type of pension plan you would be exempt?
There could be worse things from the Liberals (I don't think this plan will hurt us), however, when Hudak talked about lay offs in the public sector, Wynne said the economy couldn't afford it. Can the provincial economy afford this new pension plan?
Any pension plan will still cost a tremendous amount of money out of our pockets that we didn't envision when we set individual wages. My preference has always be to look after my people well and trust that they will look after themselves. The day I'm responsible for someone else's retirement is the day I'm retiring.
Someone should tell these middle class people not to spend beyond their means. At least with the forced pension they will have something when they're old other than bills.
SORRY,...I agree with the 1st sentence,...but not the 2nd,...they will just retire with more debt,...their situation will be no different than today.
I'm not bad mouthing civil servants here,...but that is how they look at retirement,...retire with a mortgage,...don't have to worry about it,...
FAST
The fact that we are discussing the 'pension' aspect of this so called plan means they have won. It has nothing to do with pensions. The big picture is that the government is broke, and trying to find ways of bailing themselves out of the mess they are in. Their public sector buddies with DB pensions don't have to pay. Only those struggling without a DB plan and managing their own moneys. As stated earlier, they will get broke, by funding the liberal largesse.
It's fairly obvious there's two conversations going on here. One is about how public pensions like the CPP and likely future ORPP operate. The other is political opposition to anything involving the ORPP, and has a lot of misconceptions about how pensions work.
Why don't we carry the nanny state further and have the government control more of our lives? It's working so well in Russia, Cuba, North Korea, etc..
On second thought, I prefer to live in a capitalist society where I earn my keep and make decisions to determine my future.
Plus, these idiot politicians can't stop bankrupting Ontario through their larceny and waste yet they want to tell us how to manage our financial future.
Retarded on every level.
D.
