October 15, 2019
New research released by the Healthcare of Ontario Pension Plan reveals the growing anxiety surrounding Canadians on retirement security. The research suggests Canadian workers would rather have a better pension than a higher salary.
Susan Nickerson, partner in Torys’ Pensions and Employment Practice, commented on the circumstances both employers and employees face: “While employers do have concerns about the complexity and cost of offering pension plans, they also know the value of having employees who are financially healthy”.
Susan calls for more innovative pension options outside of conventional DB and DC plans to better meet expectations.
“We need to supplement these offerings with financial literacy programs that help ensure employees of all ages recognize the value of workplace pensions”.
Learn more about our Pensions and Employment Practice.