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Economic outlook could prompt changes to pension plans

There was a time that employees throughout British Columbia could count on a pension when they retired after years of working. As the years have passed however, this has changed. Workers living longer and a lagging economy contribute to this. These, and other changes, have made it necessary for employees to focus on other ways to fund retirement. It has also caused some employers to rethink the way in which pensions are managed.

Recently, the chief economist for Dominion Lending Centres shared that she believes the Canadian economy could be rough for the near future, particularly as compared to the economy in the United States.

In what is good news for residents of B.C., she believes the province will be a growth leader and that Vancouver will be one of two cities in the country to enjoy the benefits of foreign investments. Long-term economic growth is expected to return to 2.5 per cent in 2017.

Another expert in the field expects that big changes are coming for retirement in Canada. He pointed out that there are several things that could be done to improve the retirement outlook in the country. In addition to increasing household savings, bringing down costs throughout the country and increasing coverage could be beneficial.

Employers could find it beneficial to work with lawyers familiar with benefits and pension issues to determine the best way to proceed. In addition to providing counsel on proposed changes, they can also provide guidance on benefits and pension rights when a position is terminated.

A lawyer may be of assistance to employees as well. Among other things including representing clients in pension and benefits disputes and on class action pension claims.

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