Is the proposed Ontario Retirement Pension Plan a good idea?

[duang]

I agree with you wholeheartedly, Mr. Piggy. The recent history of the Liberal government is the pits. With the lack of financial controls over such items as the Ornge project, the two gas plants, the Green Programme, the EHealth Programme, et al, et al, at al, would any sane person trust the Liberal government with more millions of dollars? In a few years, the new programme would no doubt be bankrupt from mismanagement and pilfering via management fees, consulting fees and payouts to cronies and hangers on that politicians cannot resist. The actual recipients would get a small pittance of their contributions and future taxpayers would be on the hook for Ponzi type payouts to existing pensioners.

A bad idea and further redistribution of wealth to satiate the chattering classes.

+1

Why don't we cut the government theft and waste (including public service wages and pensions) and use the savings to lower taxes so that everyone can have more money to save (if they don't spend it on beer and popcorn; as is their right)?

D.

 

[trtinajax]

The principal behind insurance is to share risk, not guarantee you will get all your premiums back. In the case of an annuity, there are those who die young (and the deal looks like a ripoff) and those who live a long long life, getting more out of the income than they put in. The risk people are hedging against is living a long time in that circumstance.

Pensions, with income streams and death benefits, can be thought of as mixtures of annuities and life insurance. It doesn't make the premiums a tax.

Similarly, i can pay fire insurance all my life and never make a claim. Those premiums are not a tax.

No insurance premiums are not a tax but then it is not the government with its hand in your pocket taking those premiums. You get to choose what level of insurance you can afford and you decide to voluntarily pay it. There is no voluntary element to Wynn's tax. A person who barely has sufficient money to put food on the table now is suddenly going to lose another 1.9% of their income. Which of the two meals a day they can currently afford do you suggest they give up to pay for this "pension"? Please keep in mind that the other meal will probably be offed within the next couple of years by the Liberals' "Windmills of the Mind" energy program undertaken so the citizens not fortunate enough to be on the Liberal grave train can supposedly breath as they slowly starve to starve death.

Glad to know you are a member of Wynn's chosen few who don't give a crap about their fellow human beings other than their contributions to your bank account continue flowing.