Pension News

Earlier this month, a delegation from the Common Front for Retirement Security (of which OWN is a charter member) met with senior staff from the Office of the Minister of State for Finance, Ted Menzies. On the agenda were the following five points:

  • Doubling the $5000 limit applying to Tax Free Savings Accounts
  • Increase in GIS benefits
  • CPP expansion
  • Prohibition of contribution holidays coupled with the amortization over 5 to 15 years of emerging surpluses and deficits
  • Finding remedies to the new Pooled Registered Pension Plans downsides (these are proposed substitutes for private pension plans tied to employment), including the fact that Canadian workers’ savings would be put in the hands of private financial profit centres

In response to this initiative, the Older Women’s Network has sent the following e-mail:

The Older Women’s Network is supportive of the important points raised in the CFRS delegation meeting with staff in the Office of the Minister of State for Finance. In particular, we support increases in the GIS and CPP, steps which would be of substantial help to older women in Canada — those already retired, and those about to retire, and those unable to retire due to inadequate pensions. As you are aware, a disproportionate number of women work in “non-standard” jobs or in the minimum wage sector, leading to underfunded pensions.

Margaret Hawthorn, Board Member
Older Women’s Network