Op-Eds
Published in the Globe and Mail on April 19, 2010
By William Robson
MPs’ pensions are again in the news. No wonder: A recent report on their plans over the year to March 31, 2009 – a period when interest rates fell to unprecedented lows, the stock market lost a third of its value, and most Canadians’ retirement dreams took a body blow – showed an 8 per cent increase in their accounts. The truth, however, is weirder, and worse. These accounts are a fiction. Extraordinarily rich and completely unfunded, MPs’ plans are instructive examples of the worst in Canadian pension arrangements.
The spectacular performance suggested in the annual report tabled in Parliament would have been welcome if it had been real.…