Pensions melting all over the place!!!

July 8, 2011
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Hello

I am looking for someone who may be interested in helping to volunteer with Fair Pensions For All. I have been  running this blog Since January 2009 and it is becoming more onerous all the time.

I have no financial interest the work that has been done to date. The activities of my business has been unrelated to this project and I have not received any money from any source for Fair Pensions. The only remuneration I have received has been an advance on the new book Pension Ponzi.

If you have a passion about this issue and would like to assist with the blog or other communications activities around Fair Pensions I would love to hear from you.

Bill Tufts- Fair Pensions For All

 

Now on to today’s post….

These things are falling apart faster than you can say Ponzi. As in the title of our new book Pension Ponzi! 

Politicians have failed to step up to the plate. In the US reform is well under way and watch today as almost 1 million PS workers hit the streets in protest in the UK. This strike is as the result of reform initiated in the Lord Hutton report. Lord Hutton is an ex Labour MP very moderate and liberal in his thinking and he has said that PS pensions are not sustainable. Yes, Canada’s pensions are the same as the Defined Benefit plans of the UK and the US.

Canada’s politicians have failed Public Sector employees and taxpayers alike. This pension ponzi has reached the tipping point and there is no return. Politicians should have been on top of the issue but have been sleeping at the wheel hoping the problem would go away.

Urgent action is required to save both taxpayers and public sector employees alike. Yesterday MP’s in the UK announced their intent to reform MP pensions. Not a bad place to start.

Any ideas on how we can stay on top of this issue? I was OK when there were one or two pension crisis a week but these things are falling like dominoes!.

See the attached notes and email below from NB outlining the events happening in pensions across Canada. It is a disaster!

You have a responsibility to inform people about what is happening. This issue has become a third rail issue for politicians and the only solutions is to create the ground swell support for the reform of Public Sector pensions.

Latest  news.

Queens University
Check out Page 1, paragraph 3, of Queens recent June budget report… “projected pension deficit is staggering!” – http://t.co/03gq68J

UK Strike Issues - http://www.bbc.co.uk/news/uk-13932304

UK MP’s agree to reform MP pensions - http://www.bbc.co.uk/news/uk-politics-13962454

Wilfred Laurier  – http://www.thecord.ca/articles/46405

Recent News
Canada Post pension short – $3.22 billion – http://news.gc.ca/web/article-eng.do?nid=600369

Air Canada – Short $2.1 Billion – http://www.torontosun.com/2011/06/14/air-canada-unions-face-headwind-on-defined-pension-benefits

Ontario Teachers
short $17.1 Billion  http://www.ctv.ca/CTVNews/Canada/20100406/ontario_pension_100406/

Omers – Really $6 to $9 billion short, except for funky accounting
http://www.theglobeandmail.com/report-on-business/omers-boosts-return-funding-deficit-swells/article1923350/

TSX rate of return since June 2008 … minus 8%. – http://www.google.ca/finance?q=TSE:OSPTX

UNB – Huge Deficits
Future Employee Benefits – $38.3 million ($39 Milli0n in 2009) – Note 12
Pension Plan Deficits – $ 61.5 million ( up from $42 Million in 2009)  – Note 20
http://www.unb.ca/financialservices/_resources/pdf/financial_accounting/audited_financial_statements_april_30_2010.pdf
http://www.unb.ca/vpfin/documents/ConsolidatedFinancialStatementsApril302009.pdf 

UNB not alone -
Brandon U – http://taxpayer.com/blog/17-05-2011/brandon-university-pension-woes

Guelph U pension get relief. Who bailed out RRSP’s for taxpayers. Check out the voodoo accounting.  – http://www.guelphmercury.com/news/local/article/538191–university-of-guelph-receives-pension-relief

Laurier University – Pensions hot button. http://www.thecord.ca/articles/46184

Thanks for your support.

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