PENSION COVERAGE ‘WOEFULLY INADEQUATE’
The Vancouver Sun – by Gordon Hoekstra
“David Hart had worked at Norampac’s recycled paper plant in Burnaby for 35 years when he learned last September that the plant was closing permanently by the end of this year. Despite the shock of the untimely plant closure, at 56 and still shy of his retirement goal of 60, Hart considered himself fortunate. He knew he had a defined-benefit pension that would backstop his retirement…As the holder of a workplace pension plan, Hart is in a minority in Canada, where the latest Statistics Canada figures show 39 per cent of employees are covered by such a plan. Only 25 per cent of private-sector workers have coverage. In British Columbia, that number is lower.” Gina Macdonald, a fee-only financial adviser with Macdonald, Shymko & Co., offers some comments about workplace pensions and retirement income. Click here to read the rest of the article
