Another advantage of the ORPP is that it would shift the structure of pensions in Ontario in the direction of defined benefit plans and away from defined contribution plans. As Friedberg and Webb (2005) write, “defined benefit pension plans have become considerably less common since the early 1980s, while defined contribution plans have spread.” (p. 281). Defined contribution plans are th...
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... becoming less and less reliable. As Godbout, Trudel and St. Cerny (2014) write, the year which one retires has historically had a major impact in Canada on the returns one could expect from their pension contributions. According to Godbout, Trudel and St. Cerny (2014), “A steady decline in returns was observed in which the rates of return for the first generation of contributors were markedly higher than those of subsequent generations, primarily on the account of modalities for establishing benefits” (p. 364). The authors found that this is was in part due to the higher contributions demanded of subsequent generations. This is not so different than Turfts and Fairbanks allegation that public sector pensions amount to a ponzi scheme. Again the manner in which the age pyramid in Canada is shifting was cited as one of the principle reasons why this is happening.
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