Registered Pooled Pension Plans are Retirement Roulette
June 11th, 2012 - 10:04pm
Ms. Irene Mathyssen (London—Fanshawe, NDP): Mr. Speaker, the fact is that they are making cities pay the price for Conservative mismanagement. Shame on that minister.
My question is about the Conservative mismanagement of retirement security. Last month, private Canadian pension plans experienced one of the biggest slides on record. The funds lost all of the gains of the past year. This volatility is yet another example of why the Conservatives' reckless pooled registered pension plan scheme will not provide Canadians with retirement security.
When will they stop playing with the retirement security of Canadians? When will they stop playing retirement roulette?
Hon. Ted Menzies (Minister of State (Finance), CPC): Mr. Speaker, opposition members would actually have the opportunity to answer their own question pretty soon, because we actually have a piece of legislation that is willing and able to help 60% of the people in the workforce who do not now have a pension plan. That is an incredible number of people.
NDP members have chosen to ignore the 60% of people in the workforce who do not have a pension. They complain about not helping those people who are looking towards retirement. That is what they are doing, voting against seniors, voting against people who want to build a retirement package.
Ms. Irene Mathyssen (London—Fanshawe, NDP):
That is not true, Mr. Speaker. The fact is that the Conservative plan is leaving Canadian seniors vulnerable. It is a disgrace.
Private Canadian pension plans have as little as 70¢ available for every dollar owed to retirees. This instability threatens Canadian retirement security. It is long past time to invest more in the stable, secure and predictable Canada pension plan.