Continually, on the HOOPP board we hear that DB pension plans—common in the public sector and unionized private sector workplaces—are gold-plated and not sustainable. Nothing could be further from the truth.
Sixty-four percent of Ontarians surveyed are worried they won’t have enough income to live on in retirement. Eighty-two percent of those who have DB plans are confident they’ll have enough to retire on, but only 57% of those in DC plans are as confident. But even those with pension plans at all are in the minority in this country—approximately 60% of Canadians have no workplace coverage whatsoever.