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    Poll finds waning confidence in future of Canada Pension Plan

    Just as the federal Conservative government is trying to sell voters on the need for pension reform, a poll suggests almost half of Canadians worry the bedrock Canada Pension Plan won't be there for them when they retire.

    The poll by Nanos Research, conducted for CTV News and the Globe and Mail, found that 48 per cent of Canadians surveyed earlier this month were "somewhat not confident" or "not confident" in the future of the CPP or the Quebec Pension Plan.

    That's a decline in confidence from a 2010 Nanos survey result of 41 per cent.

    The new poll found 41 per cent of respondents were confident or somewhat confident in the CPP but a majority - 59 per cent - also said they believed pension payments would be reduced in the future, CTV News reported.

    The online poll of 1,001 Canadians done between Feb. 7 and 11, found many were pessimistic about private pensions, many of which are in financial trouble due to poor investment returns. Some 47 per cent said they lacked confidence in their company's pension plan and 60 per sent expected payments from such plans to be cut in the future.

    The Canada Pension Plan, set up in 1966, requires working Canadians and their employers to contribute a portion of their income to the fund.

    Concerns in the 1990s about the sustainability of the plan in the face of an aging work force and increased life-expectancy prompted the then Liberal government to boost contribution requirements from the original 1.8 per cent to a combined 9.9 per cent in 2003.

    The changes were thought to have helped ensure the CPP's future for 75 years and experts generally consider it well-managed. But like all pension plans, it hasn't been immune to poor market returns in the last few years.

    The federal government has been softening the ground recently for changes to Old Age Security, a separate pension not covered by contributions.

    This week, Human Resources Minister Diane Finley confirmed a detailed plan would be presented in the upcoming budget, The Canadian Press reported.

    Older Canadians have reacted negatively to speculation the Tories want to boost the age when people can collect OAS to 67 from 65. Economists have said the program is in good shape and there's no need to increase the age limit.

    But in a Toronto speech Tuesday, Finley said without reforms young Canadians will face higher taxes, reduced social programs or larger budget deficits.

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    9 comments

    • julia  •  Toronto, Ontario  •  3 months ago
      With the torrent of nonsense coming from Alliance/Reform,this comes as no suprise.It should be remembered that the C.D.Howe Institute(a conservative thinktank),and others have said it is sustainable.It `s their propaganda trying to take root.Ideology trumps fiscal reality.
      • RAT 3 months ago
        you are right. It is just Harper's vision, and really you can't fault Flaherty, he's just a Conservative Sheep, following his Shephards orders. Harper is the real problem.
    • southoka2002  •  Kelowna, British Columbia  •  2 months ago
      If the government says something enough times and is negative in it's message, soon the people will start to believe it! This is happening right now with CPP and OAS. Typical Conservative strategy to make people feel there's no future hope with the plans. There's never anything positive coming from the government these days...always doom and gloom....divide and conquer tactics that the Harper government is so good to act on. Only the 40% are to blame.
    • TheNow  •  2 months ago
      Reduced the MP's pensions dam it.. Such delusional tactics to fool voters.. Start a Canada wide e-petiton to reduce the salery of politicians, and their expensive ride on taxpayers..
    • CLAUDETTE  •  Toronto, Ontario  •  3 months ago
      We should be worried about paying Old age security to older immigrants who never worked in this country nor contributed.
    • dzl  •  2 months ago
      Maybe if the politicians got their own pension system aligned with the rest of the Canada we would be able to retire at 60. These manipulative blood suckers can retire after 7 yrs of service regardless of their age. LET’S REFORM THE POLITICIANS PENSIONS TO WHAT REGULAR CANADIANS HAVE TO FOLLOW!!!
    • Bob B  •  Barrie, Ontario  •  2 months ago
      The conservatives are just digging to find a source to offset their deficit and they dont care where they get it . The only exception is they (conservatives) dont want it to touch their income/pension/expense accounts and whatever else they stealing from the hard working canadians. Ground: Harper and his wife, McKay, Finley' Toews (in a box), Flaherty and Fantino tied to their desks in Ottawa this could save millions.
    • RAT  •  Prince George, British Columbia  •  3 months ago
      Harper and the Conservatives have been telling Canadians that the CPP and OAS are both in trouble continuously. The population hears it enough and they start to believe it. So the Pollsters prove it to be true.
      Harper has his own beliefs, and is going to totally change the Canadian Social System. After he is done with the Pension System, how long until it is the U.I. Program. Any cost paid by Corporations he is going to eliminate or reduce. They are CPP, UI, WCB, Medical and Dental Plans, and of course retirement.
      In the end, Corporate Taxes will go down, Income taxes for the working Canadians will go up. CPP and OAS benifits will go down, subsities for Corporations will go up. Its all Harper's propaganda.
      • lloyd 3 months ago
        With Harper and his neocon followers things are only going to get worse,much worse.
    • FOOTPRINTS  •  Calgary, Alberta  •  2 months ago
      Steve Merti, Do you have a spell check on your computer, percent is not with an s in 2 words.
      Mr. Harper, what are YOU doing to the confidence Canada showed in you giving you a mandate to govern our country?. CUTS to everything that benefits the general population, but INCREASES TO THE POLITICIANS, helllllooo, there is something wrong with this picture. You must remember we protest so vehemently because you are not governing for the people, but for the leaders. This tactic was employed by the previous gov't which sent our country down the road to ruin, now you are adding salt in the wound, jeopardizing seriously the faith Canada placed in YOU. Ruminate upon that little morsel and consider the consequences of this folly.
    • sensible  •  Ottawa, Ontario  •  2 months ago
      I don't mean to sound condescending to anyone, but I want to add some insight. I am an old timer (smile) who was born here and am approaching retirement. Over the years, the politicians have freely admitted that they have dipped into our retirement funds to cover costs for other things. None of the politicians ever denied this. We have already paid for the measely 500/month for OAS through 45 yrs of high taxation + interest. The Harper government is dead set on ripping us off for anything they can get their greedy hands on.

      To the young, you need to look at this man for what he is. He is an absolute asshole who has a personal agenda and a corporate agenda. The fact is, he is the worst monster of all time. He is not only a liar, but believe me when I warn you that he will NEVER REDUCE YOUR TAXES or do anything for you at all. He thinks you are there to be used.

      Good politicians who genuinely care about their country's economy do not build fake lakes in buildings. This man wants to steal our money (and yours) so that he can use it for his own purposes. Conservatives do not care about the people at all.

      Some people can't see through him, but he IS a monster.

      **BTW, the most dangerous thing he has done, an action that shows his true colours, is his recent bonding with Israel and his statement that Canada supports Israel. He is merely drumming up votes, Canada can't do anything and won't do anything. Obama is in charge. The danger is that his reckless vote grabbing tactics where Israel is concerned has done nothing but place you, your family and loved ones in the most dangerous position you could possibly be in. Now we will see terrorist attacks all over our country and your children will live in fear, as they do in other countries which the Arabs are targeting.

      He will get a few votes from Jewish people who can't figure out that Canada can't and won't do anything anyway, and the rest of the nation will have to just live in terror and fear.

      Are you starting to see what this monster is all about?He caresnothing for Canadians or their safety. He is a tyrant, a liar and a thief.

      BTW, HARPER WE DON'T SUPPORT ISRAEL OR HER LAND GRABBING TACTICS!!!!!!

      STOP LYING!

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