Letters to the Editor

Winnipeg Free Press - PRINT EDITION

Letter of the day: Hands off our pensions!

Posted: 01/28/2012 1:00 AM | Comments: 0 (including replies)

Adrian Wyld / The Canadian Press Stephen Harper addresses business leaders in Davos, Switzerland, on Thursday.

Re: PM vows 'major' domestic reforms (Jan. 27). If Prime Minister Stephen Harper plans to reform the public pension scheme, he'd better address the obscene pensions of MPs, as well as those of civil servants, or there is going to be one heck of an uproar from the senior demographic.

The notion of adding 30 more MPs to the trough just exacerbates the pension problem. Curbing the enormous amount of wasteful expenditures (e.g. Tony Clement's gazebo) would more than cover pension shortfalls.

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GLORIA JOHNSTON

Winnipeg

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I am troubled by the Conservative government's floating the idea of raising the age for old-age security benefits from 65 to 67. The Conservatives have already substantially reduced CCP benefits and at the same time increased qualifications.

Even more concerning is the timing of such a move. Our present economic situation prevents those nearing retirement to grow their savings. Record low interest rates mean GICs are yielding less than the rate of inflation, and that interest is for the most part taxable. Investing in other areas, such as mutual-fund-driven RRSPs, has been disastrous of late, and in the short run there's no reason for optimism.

Mutual fund RRSP-holders have taken a big hit, in the realm of 30 per cent, and they aren't likely to see their funds recover in the foreseeable future. Given the current economic situation, raising the age of benefits to 67 is horribly ill-advised.

MICHAEL POLLOCK

Winnipeg

Republished from the Winnipeg Free Press print edition January 28, 2012 A17

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