Here’s something these folks need to ponder: over 40 years of falling interest rates, often hovering near zero, have made defined benefit pension plans nearly impossible to maintain. The go-to “solution” is to get that magical entity known as “others” to make up any shortfall. But those “others” are growing tired of handing over their capital to be consumed.
Fed into the performance-based formula, those figures have meant former Queen’s employee Gordon Crawley has received no increases since he retired in November 2021. Meanwhile, the consumer price index (CPI) has risen by more than 16 per cent over that time frame, according to Bank of Canada data.
He says it’s been difficult, especially knowing he won’t get any additional payments to top up his pension and help deal with inflation until the fund’s returns have made up for lost ground.
Unions and their pension funds literally drove Stelco out of business. They they drove US Steel out of Canada.
The company now known as Stelco (as far as I know) does not have any relation to those old companies or their pension liabilities.
You can strike all you want, but eventually Reality delivers the bill.
Defined benefit pension plans should have been made illegal long ago. Pensions should be limited to paid up cash contributions plus earnings allocated to each member of a pension trust. At retirement the company is free of liability and the money is used to buy a life annuity. The minute a company quits growing or starts shrinking a defined benefit pension plan devours it.
The answer is simple … Government Motors. Simply have the government use taxpayer receipts to pay for all those pensions … including COLA increases. It’s worked out FABULOUSLY for General Motors.
As an aside … you could always have become a Firefighter … and collect your public employee UNION pension … spiked … and negotiated with no regard to how unfunded the entire program has become.
Almost 80, and the bitches tax my pension top up funds I earn for myself!
in your 8th decade. good for you. be wary of all things called ‘medical advisory’.
take vit C every day to bolster immune system. lift weight if you can without discomfort.
and have a good long weekend day off.
also lm drafting a testimonial for the church l attend, will post a portion here called
‘where did all existence come from? did time have a beginning? and
how does one proton prove life was God’s doing?’
Trump just skimmed $12k off our (the wife and mine) taxable SS income. Thank you Trump! The GREATEST POTUS in my lifetime … perhaps EVER … in the history of the USA.
Yet total revenue in 2025 was $5.26 T … highest EVER
Spare me this ‘governments run out of money’ stuff. Heard it before; just doomspeak.
As for the settler colonialist hard white acid right unioneers sniveling about their ‘defined benefits’ pensions, well, we know where these crypto racist, capitalist adjacent group think scum stand in the grievance rainbow. Downstream from the sewage plant of blame.
Here is a trial balloon for you: CPP needs a top up, and once the boomers have croaked out from influence, then it is time for a caring Government, with compassionate Leadership, to go pig roast on the assets. By that time, the socially compliant replacements will have replaced the complainers. Which was part of the plan, was it not?
F. Scott FitzGerald had a prosperously retired uncle, D. “Fine Benefits” FitzGerald.
Ever wonder how the CPP can raise the payout to seniors.? It might be the over contribution of Alberta taxpayers.
From 1981 to 2022, Alberta workers contributed 14.4 per cent (on average) of the total CPP premiums paid—Canada’s compulsory, government-operated retirement pension plan—while retirees in the province received only 10.0 per cent of the payments. Alberta’s net contribution over that period was $53.6 billion. This significant net contribution was more than six times that of any other province.
Wexit!
About 30 years ago when the CPP accumulated funds were about zero after 30 years of contributions, Alberta should have started their own pension plan. Since they raised contributions from about 2.5% to 10% about half of the accumulated funds relate to the gross over contributions by Albertans and over payments to others. We ain’t ever getting that back. We are younger and have significantly higher incomes. Can anyone think of one reason Albertans want independence?
bingo. like l posted previously, *** just do it however kaybeck did *** ‘get the ball rolling’ on cleaving various functions FROM feds TO the province sose when independence happens, voila !!! already partways thru the COMPLETE separation. do it AB. DO IT BEFORE THEY BOX YOU IN
This is likely due to the age mix (i.e. contributors vs beneficiaries.) Provided the premiums are the same across the board, you will likely see this many times across the various provinces.
Mr. Crawley needs gainful employment as a car detailer or construction laborer as penance for his wasted life as a socialist lazy no-working unionized parasite slug for the government.
Crawley the slug? Cartoon potential.