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Sponsors Believe Canada In Retirement Crisis

A majority of 165 pension plan sponsors who responded to a survey by Morneau Shepell believe that Canada is experiencing a retirement crisis. "Our perceptions of a crisis are virtually unchanged from three years ago when we conducted a similar survey," says Fred Vettese, chief actuary of Morneau Shepell and co-author of ‘The Real Retirement: Why You Could Be Better Off Than You Think, and How To Make That Happen.’ "This is in spite of statistics that recent retirees are generally retiring with adequate, or more than adequate, assets. The numerous media reports of a crisis over the past few years have been effective in shaping our perceptions." While 71 per cent of pension plan sponsors believe there is a retirement crisis, they are split on what should be done. A little more than half of the sponsors think that governments need to take decisive action soon, while the rest say it is up to employers and individuals to solve the crisis. Of the remaining 29 per cent who don't feel there is a crisis yet, 21 per cent believe we're heading toward a crisis in the future. Only eight per cent of all respondents think that the retirement system is in need of just a little fine-tuning.

Courtesy of Benefits and Pensions Monitor website News Alerts

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