{"id":17133,"date":"2019-10-09T09:30:11","date_gmt":"2019-10-09T13:30:11","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/80-of-canadians-would-prefer-pension-improvements-over-salary-increase-hoopp-136785"},"modified":"2019-10-09T09:30:11","modified_gmt":"2019-10-09T13:30:11","slug":"80-of-canadians-would-prefer-pension-improvements-over-salary-increase-hoopp","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/10\/09\/80-of-canadians-would-prefer-pension-improvements-over-salary-increase-hoopp\/","title":{"rendered":"80% of Canadians would prefer pension improvements over salary increase: HOOPP"},"content":{"rendered":"\n
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Martha Porado<\/span> | October 9, 2019 <\/p>\n

Most (80 per cent) Canadians said they\u2019d rather have an improved pension, or any pension, than a higher salary, according to new research by the Healthcare of Ontario Pension Plan.<\/p>\n

The survey of 2,500 Canadians found more (75 per cent) respondents are worried about being able to save enough for retirement than are primarily concerned over personal debt (55 per cent). \u201cCanadian public opinion is optimistic, grateful, but increasingly anxious,\u201d said David Coletto, chief executive officer of Abacus Data, at an event in Toronto on Tuesday. His firm worked with the HOOPP on the survey.<\/p>\n

\u201cThere\u2019s a broad understanding across the country that Canadian pension quality is on the decline,\u201d he said.<\/p>\n

Read: University of Saskatchewan, Community Living Toronto join CAAT\u2019s DBplus pension<\/a><\/strong><\/p>\n

As far as sentiment over the future of pensions in Canada, 81 per cent of respondents said they believe the reduction in workplace pension coverage will affect the overall quality of life for Canadians. And 78 per cent said they believe there\u2019s a moral obligation to ensure Canadian children have the same level and quality of pension coverage as their parents and grandparents had.<\/p>\n

Further, 83 per cent said they believe the government should modernize regulations to allow for more innovative plans and other savings schemes, and 76 per cent said they believe the shrinking of workplace pension coverage hurts the economy.<\/p>\n

Employers and governments alike bear the brunt of the blame for the decline in pension plan quality, said Coletto. \u201cCanadians understand the scale of the problem and they admit to seeing an emerging crisis.\u201d<\/p>\n

Read: Pension plan sponsor appetite strong for new innovative design options<\/a><\/strong><\/p>\n

Notably, 73 per cent of survey respondents said they believe companies can afford to provide good pensions regardless of how the economy is doing. \u201cIt\u2019s not enough to say, \u2018We can\u2019t afford it,’\u201d he said.<\/p>\n

Jim Keohane, the HOOPP\u2019s president and CEO, said the plan recognized the need to engage in this research because its discussions with public policy-makers have demonstrated there\u2019s little fact-based research on which to base new policies.<\/p>\n

The formation of plans for the private sector that resemble the HOOPP\u2019s design would have the biggest impact to improve the retirement outlook for Canadians, he noted. \u201cWe\u2019re not just a manager of pension assets; we take the management from the employer.\u201d<\/p>\n

That model could be of great interest to the private sector, said Keohane.<\/p>\n

Read: Jim Keohane to retire as CEO of HOOPP in 2020<\/a><\/strong><\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Martha Porado | October 9, 2019 Most (80 per cent) Canadians said they\u2019d rather have an improved pension, or any pension, than a higher salary, according to new research by the Healthcare of Ontario Pension Plan. The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17133"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17133"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17133\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}