A follow-up from almost a year ago, when we discussed government guarantees of auto pensions: Still no movement to guarantee auto pensions.
Apparently, the Ontario government has just dumped another $500M into the fund; apparently a lot of pension funds are going bankrupt: Duncan defends Ontario’s $500-million pension guarantee top-up.
Most of us don’t have the option to join a pension fund and are forced to setup our own retirement fund. But, for those people who were unlucky enough to be needing their retirement money at the bottom of the market crash last year, when their portfolio may have dropped 50% in value, no government money came to the rescue. If I lost my retirement money I guess I’d be expected to go on welfare, so I’m not sure why that isn’t good enough for everybody.