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http://umanitoba.ca/outreach/evidencenetwork/archives/14423
We are now living in a unnecessarily bifurcated pension world. Public servants have very good Defined Benefit plans. The vast majority of private sector workers have no pensions at all, and those who do, are normally in Defined Contribution plans where there are no benefit guarantees whatsoever. There is no need for this bifurcation and the pension envy that results. Every worker in Canada could have a very good Defined Benefit plan without the employer facing unlimited funding risk. The way to achieve this is through Target Benefit Pension Plans such as the Shared Risk Plans of New Brunswick. The Provinces are already acting. It is time for the private sector to join the movement by offering their workers very good, but truly affordable, Target Benefit Pension Plans the pension plans of the future. Robert L. Brown is an expert advisor with EvidenceNetwork.ca and a Fellow with the Canadian Institute of Actuaries. He was Professor of Actuarial Science at the University of Waterloo for 39 years and a past president of the Canadian Institute of Actuaries.