Canada Pension Plan Heads to receive Millions

Northern Boy · 05-29-2009, 04:38 PM

I know I`ll never see a dime out of it ,all the more reason to opt out of the system I guess. I`m wondering now if the liberals say anything about this . I don`t approve of either leader it is much the same as the American`s Democrats and Republicans, both know what`s going on its just a matter of who pulls the rug out from underneath us

oldpaganfreak · 05-29-2009, 06:03 PM

Quote:

Originally Posted by Northern Boy

I know I`ll never see a dime out of it ,all the more reason to opt out of the system I guess. I`m wondering now if the liberals say anything about this . I don`t approve of either leader it is much the same as the American`s Democrats and Republicans, both know what`s going on its just a matter of who pulls the rug out from underneath us

i agree.

sunflower · 05-30-2009, 03:20 AM

Ouch! I'm sending that article out to everyone I know. This is a real wake-up call!

05-30-2009, 05:23 AM

I didn't know the CPP was administered "at arm's length" as a Crown Corporation! Holy &^$%^$

Read this -

From the CPP Investment Board website -
http://www.cppib.ca/About_Us/Our_History/

Our mandate is to invest in the best interests of the Canada Pension Plan contributors and beneficiaries and to maximize investment returns without undue risk of loss.

The Canada Pension Plan was established in 1966 to provide working Canadians with a foundation on which to build their retirement income. It was a joint creation of the federal government and the nine provinces who participate in the CPP.

By 1996, it was clear the CPP was unsustainable. For example, in that year $11 billion in contributions were collected, but $17 billion in benefits were paid out. As well, demographic projections indicated that there would be far fewer workers whose contributions would be supporting retirees in the coming decades. Federal and provincial finance ministers, who act as stewards of the CPP, took bold action to deal with this problem and to make the CPP sustainable.

Following extensive federal/provincial consultation and discussions with Canadians in all participating provinces, a solution was agreed upon. The reforms included:
* Commitment to raise CPP contribution rates in stages, reaching 9.9 per cent in 2003
* Commitment to create a large pool of assets to help partially pre-fund the CPP (the pool would be created from the higher contribution rates and other measures), and
* The creation of the CPP Investment Board as a Crown corporation operating at arm’s length from governments to manage and invest the CPP fund to help ensure the long-term sustainability of the CPP.

1997 October
* Finance ministers appoint nominating committee to recommend candidates for board of directors

1997 December
* CPP Investment Board created by an Act of Parliament

[Liberal government under Chretien 1993-2003]

05-29-2009, 04:38 PM	#1
Northern Boy Avalon Senior Member Join Date: Oct 2008 Location: On this Rock Posts: 1,390	Re: Canada Pension Plan Heads to receive Millions I know I`ll never see a dime out of it ,all the more reason to opt out of the system I guess. I`m wondering now if the liberals say anything about this . I don`t approve of either leader it is much the same as the American`s Democrats and Republicans, both know what`s going on its just a matter of who pulls the rug out from underneath us

05-30-2009, 03:20 AM	#3
sunflower Avalon Senior Member Join Date: Sep 2008 Location: Canada Posts: 443	Re: Canada Pension Plan Heads to receive Millions Ouch! I'm sending that article out to everyone I know. This is a real wake-up call!

05-30-2009, 05:23 AM	#4
no caste Guest Posts: n/a	Re: Canada Pension Plan Heads to receive Millions I didn't know the CPP was administered "at arm's length" as a Crown Corporation! Holy &^$%^$ Read this - From the CPP Investment Board website - http://www.cppib.ca/About_Us/Our_History/ Our mandate is to invest in the best interests of the Canada Pension Plan contributors and beneficiaries and to maximize investment returns without undue risk of loss. The Canada Pension Plan was established in 1966 to provide working Canadians with a foundation on which to build their retirement income. It was a joint creation of the federal government and the nine provinces who participate in the CPP. By 1996, it was clear the CPP was unsustainable. For example, in that year $11 billion in contributions were collected, but $17 billion in benefits were paid out. As well, demographic projections indicated that there would be far fewer workers whose contributions would be supporting retirees in the coming decades. Federal and provincial finance ministers, who act as stewards of the CPP, took bold action to deal with this problem and to make the CPP sustainable. Following extensive federal/provincial consultation and discussions with Canadians in all participating provinces, a solution was agreed upon. The reforms included: * Commitment to raise CPP contribution rates in stages, reaching 9.9 per cent in 2003 * Commitment to create a large pool of assets to help partially pre-fund the CPP (the pool would be created from the higher contribution rates and other measures), and * The creation of the CPP Investment Board as a Crown corporation operating at arm’s length from governments to manage and invest the CPP fund to help ensure the long-term sustainability of the CPP. 1997 October * Finance ministers appoint nominating committee to recommend candidates for board of directors 1997 December * CPP Investment Board created by an Act of Parliament [Liberal government under Chretien 1993-2003]