The Third Rail: Confronting Our Pension Failures

Hardcover | October 29, 2013

byJim Leech, Jacquie Mcnish

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Over the next 20 years more than 7 million Canadian workers will retire. Baby boomers, the 45- to 65-year-olds who account for 42% of the country's workforce, will join the largest job exodus in Canadian history, moving to the promised land of retirement. Unless our crumbling pension system is reformed, many of these retirees will find this dreamland a bewildering and disappointing mirage.

In the early 1980s, consumers were setting aside 20% of their disposable incomes to their retirement plans; today the savings rate is a threadbare 2.5%. Retirement savings plans meant to build Canadians' personal war chests for their final years have failed to live up to their cheery promises of early retirement "freedom" - market returns are low, and financial fees are climbing. Moreover, retirement plans are now being compromised by high pension obligations and a shrinking workforce.

Canada has the capacity to diffuse this ticking pension time bomb with some hard choices, posits Leech. It's time for businesses, governments, unions, and employees to face these options and fix - and ultimately save - our pensions system, taking examples from Holland, New Brunswick, and Rhode Island - places in which new laws have been adopted to repair the pensions programs.

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From the Publisher

Over the next 20 years more than 7 million Canadian workers will retire. Baby boomers, the 45- to 65-year-olds who account for 42% of the country's workforce, will join the largest job exodus in Canadian history, moving to the promised land of retirement. Unless our crumbling pension system is reformed, many of these retirees will find...

Before becoming president and CEO of the OTPP in 2007, JIM LEECH was president and CEO of Unicorp Canada Corporation, one of Canada's first public merchant banks, and Union Energy Inc., then one of North America's largest integrated energy and pipeline companies. During the 1990s, he guided two start-up technology companies -- DisysCor...
Format:HardcoverDimensions:192 pages, 8.54 × 5.76 × 0.79 inPublished:October 29, 2013Publisher:McClelland & StewartLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0771046634

ISBN - 13:9780771046636

Customer Reviews of The Third Rail: Confronting Our Pension Failures

Reviews

Rated 5 out of 5 by from The Third Rail: Confronting Our Pension Failures Excellent, excellent book. Everyone should pay attention to what these two writers have to say about pensions.  This book is an easy read, not graphs and numbers, but true stories about people that educated themselves and then "acted".
Date published: 2013-11-09
Rated 5 out of 5 by from A wonderfully written book! It takes a lot of guts to expose the problems with the Canadian Pension system.   This book bravely goes where no other has.   It is informative and interesting.   I'll be buying this for Christmas presents.  
Date published: 2013-11-09

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Editorial Reviews

       • "Possibly clearer than any book on pensions thus far.... This is a powerful message for Canada's ministers and their officials to contemplate.... The book should be required reading for our political leaders before they meet."--Globe and Mail    • "Leech and McNish's book will be a helpful road map for both policy makers and the public at large."--Literary Review of Canada    • "The authors not only describe the causes of the impending crisis and its potential consequences, they offer solutions to avert the disaster."--Winnipeg Free PressFrom the Trade Paperback edition.