The Benefits Canada Editorial Advisory Board met recently to discuss the current pension and benefits landscape and to share perspectives on future trends. The conversation quickly turned to pension reform: what is changing, what should be changing and what 2010 may bring.
For the first time in a long time, pensions are a burning issue for the government and the media. The window for change is wide open, but the direction that change will take remains unclear.
Pension coverage for Canadians is central to the debate. Many are looking to the federal government for a solution, and the fact that pension coverage was on the agenda for the December meeting of finance ministers in Whitehorse speaks volumes on the importance of the issue.
Yet the ministers have concluded that there is no pension crisis in Canada—and a delayed or inadequate federal response could cause further fragmentation in an already-divided system. For example, the Alberta government has said that it plans to move forward alone if no “pan-Canadian” solution is forthcoming.
As governments continue to tackle the controversial issue of pension reform, there is tremendous opportunity for industry stakeholders to get involved. Many have already done so, writing position papers and letters to government officials to express their opinions, positing possible pension models and lobbying for change.
While all of this activity is a step in the right direction, there’s always the concern that this much-needed change won’t come to fruition. After all, pensions isn’t the sexiest of topics, and it may be even more unattractive to those with their own political agendas.
What’s the solution? We need a Pension Champion, said one of our advisory board members. Someone to advocate on behalf of employers and working Canadians. Someone to push forward the pension issue on the broader political agenda.
Agreed. But the question remains, Who will lead the charge?
Bring out the bat signal, call in Clark Kent. We need a hero, a champion for the pension cause. Never has the call to action been stronger.
Alyssa Hodder is Editor of Benefits Canada.
alyssa.hodder@rci.rogers.com
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© Copyright 2010 Rogers Publishing Ltd. This article first appeared in the January 2010 edition of BENEFITS CANADA magazine.