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Common Wealth generates more retirement bang for the buck

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Case study

Learn about my65+, the first retirement plan for modest earners in Canada, which Common Wealth designed in partnership with SEIU Healthcare

SEIU's my65+ will provide an innovative, low-cost option for hard-working families to build private savings for retirement. It has the potential to serve as a much-needed model to expand coverage for low- and moderate-income workers across Canada, as well as in the U.S., where nearly one-half of private sector workers lack access to a retirement plan at work.

Jeremy Smith
Jeremy Smith Associate Director, Aspen Institute Financial Security Program Aspen Institute

More than 1 in 4 single seniors are living in poverty most of whom are women. This is unconscionable. That is why CARP is delighted to support the SEIU’s community retirement fund initiative. This program represents a significant step towards improving retirement security for thousands of care-workers, the majority of whom are women. I’m impressed by the careful plan design; low fees will preserve assets and the use of a TFSA structure means savers will not be penalized with claw-backs from guaranteed incomes. CARP strongly supports this initiative and would like to see similar projects developed to reduce senior poverty even further.

Wanda Morris
Wanda Morris Vice President of Advocacy CARP

Mainstream RRSPs just don’t pass the logic test for people earning less than $50 thousand per year. They need a savings plan that won’t end up costing them money in their most vulnerable time of life. SEIU’s plan allows them to hold on to all the retirement income they’re entitled to, and that makes so much sense.

Gail Nyberg
Gail Nyberg Executive Director of Canada’s largest food bank Daily Bread Food Bank

The design is very thoughtful and addresses specific needs of the participants covered. It is the type of thinking we need more of in the pension and savings industry.

Derek W. Dobson
Derek W. Dobson CEO & Plan Manager CAAT Pension Plan

This plan is a concrete step forward that will help workers in precarious jobs save for their retirement. It has an innovative approach, using tax policy to benefit low-wage workers. It is tailored to increasing retirement security and incomes for low-wage workers who take care of vulnerable Ontarians.

Sheila Block
Sheila Block Senior Economist Canadian Centre for Policy Alternatives


The Evolution of the Canadian Pension Model

Prepared by Common Wealth, the World Bank report offers practical lessons for building world-class pension organizations

I want to acknowledge Alex Mazer and Jonathan Weisstub of Common Wealth and Mahmood Nanji, Associate Deputy Minister at the Ontario Ministry of Finance, for developing the concept and bringing together a great group to contribute to the report. They have done an outstanding job showcasing the journey that funds have been on in the past 30 years.

Joaquim Levy
Joaquim Levy Managing Director and Chief Financial Officer World Bank Group

Canada's pension plans are world leaders in ensuring strong retirement security, and Ontario's pension plans are at the forefront of this evolution. It is no mistake that the World Bank has recognized the strength of our framework, identifying our plans as models for global retirement security.

Charles Sousa
Charles Sousa Minister of Finance Ontario Ministry of Finance

Our Thinking

Building retirement security together

We create portable, value-for-money, community-based retirement plans within sectors where many workers lack pension coverage. We design and manage these plans based on the principles of the world’s best pension organizations and tailor them to the needs of employees and freelancers in a 21st century workforce.