The Canadian pension system is in trouble. It's estimated that roughly five million Canadians – one-third of the work force – are not building enough of a private nest egg to avoid a significant drop in living standards when they retire.
If many seniors’ living standards fall and some slide toward the poverty line, the impact for Canadians and the country as a whole could be staggering.
We need to learn about our pension system. We need to understand where the system is working and where it is failing. And, we need to find solutions to ensure that our aging population can live in dignity and respect.
That is why I have proposed the Senate Standing Committee on National Finance be authorized to examine the state of the pension system in Canada in view of evidence that approximately five million Canadians may not have enough savings for retirement purposes;
In particular, the Committee shall be authorized to examine:
a) Old Age Security/Guaranteed Income Supplement
b) Canada Pension Plan/Quebec Pension Plan
c) Private Savings - includes employer-sponsored pension plans, Registered Retirement Savings Plans (RRSPs), and other investments and savings
The study be national in scope, and include proposed solutions, with an emphasis on collaborative strategies involving, federal and provincial governments.
To read Senator Eggleton’s speech in the Senate go to: