Company Pension shift reinforces need to plan for retirement

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The growing shift away from  defined pension plans is reinforcing the need for Canadian to more actively plan for their  retirement, financial experts say.  For decades, most workers relied on a promise of how much they would receive in retirement from their company pensions, but that pension certainty is fading as many companies faced with large unfunded liabilities and deficits amid low interest rates moved employees, especially new recruits, to defined contribution (DC) plans that guarantee contributions but not final monthly pensions.  The erosion of corporate pensions and changes to government retirement support have put more pressure on workers to step up personal investments through RRSPs and TFSAs or regular investments.  The emphasis has to be that each one of us has to take the ownership upon yourself, and that is where planning comes in.

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