Pension plans need to be reviewed

Media outlets have run stories this week of the Sears bankruptcy, complete with the company’s executives getting pensions and banks their money but the workers receiving little or nothing.

There are other private sector workers in companies that have pensions and when the company gets into trouble they can be left out in the cold. Then you have private sector workers working for businesses without pensions and that does not seem to be fair in 2017.

It is time to look for some type of pension for all, be it a revised Canada pension where the private sector can pay more for an increased pension. I do not know how or if possible but there are people who do know.

It is not fair that if you are municipal, provincial or federal government employee you pay for your pension or a share and then you are guaranteed to get a very good pension retirement package but the private sector is largely left out.

It is time to review all this. Look at the Nova Scotia Teachers Union pension. According to the provincial budget recently released the teachers retirement pension is short $1.3 billion!

If the private sector is short it’s too bad for us. If the government pension is short $1.3 billion it’s the taxpayer who makes up the difference automatically.

What is the reason for the $1.3 billion shortfall? Is it the teachers or government who did not pay up? This question must be answered before I can say who must pay. Just asking. Dannie Hanson Mira