They were among the last major private-sector unionists to cling to full-fledged pensions that have been phased out across North America. Like virtually all other private-sector workers, new hires at car factories will be given a glorified RRSP savings account. Like an undercapitalized bank, the pension fund could not withstand a run on its assets if too many private pensions failed — requiring replenishment by the provincial government and all other employers in the province. The only certainty is continued uncertainty for private-sector pensions, no matter how much union muscle is brought to bear. Private DB pensions are dying, and our only recourse is a reliable, diversified public DB pension in the form of the CPP.

Source: thestar September 27, 2016 09:00 UTC