The more accurate name for Flaherty’s concept of a Pooled Registered Pension Plan would be a Corralled Registered Pension Plan, in which all Canadians get herded into putting their retirement savings into the hands of the insurance giants in order that the insurance giants can extract a fee stream.
Meanwhile what income guarantees does this plan afford Canadians along the lines that MP's retirement income is guaranteed and free from risk? Answer: None
Flaherty's concept is no substitute for the pension funds like CPP or the privileged public sector pension plans like OMERs or Teachers’, but rather just a chance for Canadians to get corralled by Flaherty for the betterment of others, like those in the insurance industry to get their hands on Canadians' retirement savings. And maybe blow them up, like Manulife has proven itself so adept at doing with its latest failed retirement savings vehicle known as variable rate annuities.
Friday, December 17, 2010
Posted by Brent Fullard at 2:04 PM