On a mission to get up to speed with the government’s plans for pension reform, I did what a typical Web user might do: I typed the words “pension reform in Canada” into my search engine. The query brought up almost two million articles.

My knee-jerk reaction? “That’s a good number and confirms that pension reform is widely discussed.”

But on closer examination, I realized that behind the links are media and policy pundits waxing on about impending reform, while the voice of the masses—barring the occasional public opinion poll—is worryingly absent from the discourse.

It turns out that engaging employers and employees about the implications of pension reform is no easy feat. And, in general, retirement reform may not be an immediate priority for plan sponsors, either.

An online survey conducted by Nanos Research between July 5 and 9 considered the public policy challenges we face as a nation and looked at issues that are important to Canadians. The survey found that issues that are “not perceived as close to the day-to-day lives of Canadians” are of low importance.

“The challenge is that many public policy pressures that demand attention are complex and distant, not just in terms of geography, but also in time and money,” says public opinion pollster Nik Nanos.

Moreover, the survey shows that Canadians have low confidence in our ability to find solutions to the issues of our aging population.

The question remains: Who should educate plan members about pension reform?

Given the apathy, the notion that employers and policy-makers are advocating pension systems designed around participant choice doesn’t inspire confidence and calls into question the underlying view that, when it comes to their financial literacy, employees are well-informed agents and capable of maximizing their long-term self-interest.

Aside from selecting a provider, plan sponsors not only are tasked with ensuring that their plan design structure is the right fit for their companies’ and employees’ needs, but
are also hard-pressed to find imaginative ways to increase employee engagement in order to improve their employees’ retirement readiness.

They have their work cut out for them.