Tabled Monday, the federal government’s fall economic statement has very little to offer for older Canadians.
The National Association of Federal Retirees is disappointed with the lack of support for older adults in Canada in the federal government’s fall economic statement.
Specifically, what is most concerning, is the federal government’s intent to amend regulations to remove the 30 per cent rule for investments in Canadian entities. We have long argued that political interference in pension-fund investments is wrong.
Robust pension funds are critical for providing retirement income security for all Canadians. The diversification is what has resulted in enviable returns.
In addition, following the recent $1.9 billion transfer from the Public Service Pension Fund to the Consolidated Revenue Fund, it was our sincere hope that the government would reinvest these funds to support pension contributors and retirees — starting with an improvement to the Pensioners Dental Services Plan, for example. The economic update fails to address these critical needs.
"We look forward to continued dialogue with the government on supporting older adults in Canada during these challenging economic times," says Anthony Pizzino, CEO of the National Association of Federal Retirees. "There are opportunities to further strengthen retirees' financial security."
While these announcements fell short of our expectations, one commitment was welcome. Further investment in the modernization of OAS delivery to Canadian seniors and the expansion of early retirement eligibility for thousands of frontline federal workers was a welcome signal of positive progress.