It's worth taking the time to get all Canadian provinces working together to improve the national pension system, British Columbia finance minister Colin Hansen said today.
“There is a growing interest to get on board this initiative that was started by B.C. and Alberta,” Hansen said. “If it takes us a little longer to get the other provinces on board, it would be time well spent.”
B.C. today posted a discussion paper on pension reform options and asked for public input that will be used to develop a position ahead of a premiers' meeting in August. All the provinces will be conducting similar public discussions, but B.C.'s is the first to launch, Hansen said.
Asked how today's announcement squares with his previous statements that the need for reform is “urgent”, Hansen said, “The crisis isn't today, but the crisis is coming if we don't act to make sure there's pension adequacy.”
About six percent of Canadians over 65 live in poverty, which is one of the lowest levels of poverty among the elderly in the world, he said. The issue is more threatening for coming generations who are working at a time when fewer employers are offering pension plans to supplement the CPP.
Any change needs to be made when the economy can best support it, Hansen added, noting that if the provinces and federal government keep working on the issue they may be ready to introduce something when the economy improves. “We know it will take a couple years.”
Andrew MacLeod is The Tyee’s Legislative Bureau Chief in Victoria. Reach him here.
7
Login or register to post comments
Curt
2 years ago
Hands Off
Keep the fricking politicians out of the pension plans! Colin and Campbell and the lieberals have created the mess in this province. Do not even consider dipping into the people's plans. Maybe you could give up your "golden" ones instead of trying to pennypinch the "average" worker. Keep your hands off!
circle A
2 years ago
Be very afraid!
In an earlier time, when decent people with some real life and financial experience guided the publics interests we were well served. campbell and hansen have probably already made plans for handing any and all money they can grab by any means possible and hand it over to their favourite howe street bagmen, all under the guise of prudent business practices and wise investment. they will see to it that unprecedented numbers of seniors in this province will know what real poverty looks like.
matken
2 years ago
Place for Olympic cameras
Once the Olympics are over, remove the 1000 cameras purchased to monitor the crowds in downtown Vancouver for two weeks, and place them in Howe Street business offices, in the BC Parliament Buildings in Victoria, and the offices of members of the BC Liberal "Party" and see if the lives of the average BC citizen improves. Of course, most politicians would probably want to resign if we could actually monitor everything they do each day. And, their puppet-masters would withdraw their support of politicians who could no longer fulfill their role of enriching the already wealthy. Politics would then attract a whole different breed of people - honest ones. What a concept.
Grania
2 years ago
Pension Reform
I do not want Colin Hansen even thinking about my pension. He and his boss have zero credibility when it comes to fiscal responsibility in ANY area!
Van Isle
2 years ago
Sorry Colin, there were
Sorry Colin, there were people way ahead of you on pension reform; your just a-johnny-come-lately on this issue. So the question has to be asked why your now onboard? Maybe to get some political points? Or manipulate the system so more tax money comes into the province's general revenue and corporations can pay even less taxes? Whatever your motives, I don't trust you. I use to work with an old school mate of yours and he made a comment to me years ago; "He was a weasel in high school and as far as I'm concerned he's still a weasel".
freebear
2 years ago
Here's a plan Hansen!
Give everyone a plan similar to yours you self interested ice hole!
Skywalker
2 years ago
They screwed up MSP...
...they screwed up almost everything they have got their hands on except their own salaries and pensions and now they want to get their hands on OUR pensions. What next?