Lining our pockets for retirement (Editor’s notes)

Pooled registered pension plans are a good first step to help workers save
By Todd Humber
|Canadian HR Reporter|Last Updated: 01/31/2011

Everybody wins when retirees have more money. The more purchasing power workers have as they ride into their golden years, the better off the economy will be.

The one potential loser is HR departments trying to retain valuable talent — but offer challenging work and employers will be able to keep the best on staff and coax great talent out of retirement, as article 8951 illustrates.

But let’s get back to retirement nest eggs, or the lack thereof — about 38 per cent of employees were members of a registered pension plan as of Jan. 1, 2009, the most recent data available from Statistics Canada. In the public sector, 84 per cent of workers had a pension scheme of some type, while in the private sector only about one-quarter had coverage.