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
Flaherty's Pooled Pension Plan idea
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5 comments:
Here`s a thought , maybe Flaherty & the gov`t should just leave people alone & let them fund their own retirements.
It was gov`t interference in the free markets that killed the one investment that had the potential to fuel retirement income for decades for everyone , income trusts.
How is it that shifting our wealth dollars to insurance companies is any better than owning your own income trusts & paying your own bills.
Boggles my mind.
Dr Mike Popovich
As soon as Flaherty or the insurance industry gets involved that's the kiss of death for any benefit to the little guy.
Maybe Flaherty should forgo his gold plated pension plan and invest in this piece of crap scheme instead.
This is another Flaherty pet project with tax payers funds and yes another board seat for Flaherty to pad his but with when
he desides to take his golden parachute pension. Beacuse Parchutes is what will be required when the sheep invest in this
ponzi scheme gets rolling .
CIJ
This is another Flaherty pet project with tax payers funds and yes another board seat for Flaherty to pad his but with when
he desides to take his golden parachute pension. Beacuse Parchutes is what will be required when the sheep invest in this
ponzi scheme gets rolling .
CIJ
What's a person to do to have a secure and semi-happy retirement?
Secure income is a necessary condition. It won't buy happiness but not having enuff money for living expenses has gotta be too hard.
How do you get a secure income for retirement? Here's how.
#1: You gotta save: about 20% of your gross income for about 30 years.
#2: You gotta invest well: you need to achieve a minimum annual 7% return on your retirement savings.
Ontario Teachers Pension was banging out about 10% year-over-year for awhile but then they fell in with Flaherty and some boys from BCE.
#3: When you're retired, you gotta protected your capital and even increase your capital a little bit every year (enuff to stay ahead of Carney's coming inflation, eh?) because you don't know how long you're going to live.
I've heard tell that poor people die sooner... So maybe that's unwritten part of Flaherty's retirement savings plan?
If you know anything about Flaherty's 31.5% double taxation on income trusts inside your RSP, you already know that Flaherty has buggered rules #2 and #3.
The real harm that Flaherty has caused is that there's not enuff good Canadian marketable securities for the retail investor who is on his own for retirement.
I don't figure the provincial politicians as being smart enuff to have figured that out. What else do you wanna know?
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