A pension plan for everybody - MoneySense

A pension plan for everybody

Here’s a nifty way to solve the pension crisis: let private sector workers join plans set up for government workers.

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While federal and provincial leaders debate how to solve the pension crisis during meetings in Whitehorse this week, an interesting proposal has been suggested by the head of Ontario’s municipal workers pension plan: let anyone join a government employee pension plan. Michael Nobrega, president and chief executive of OMERS, says private sector workers should be allowed to join plans set up for civil servants, thereby allowing them to collect a similarly decent pension. Currently only about a quarter of private sector workers have a pension, versus more than three-quarters of government workers. Private plans also tend to be less generous when paying out.

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