DB Plans contribute to the wellbeing of members and their communities
We think that prudently managed defined benefit (DB) pension plans are an essential component of Ontario’s economy and social fabric.
For individual members and beneficiaries, DB plans offer a predictable level of financial security that promotes self-reliance, peace of mind and a healthier retirement. Just as important, DB retirees contribute economic benefits to their communities.
In addition to the economic value created by DB plans through jobs and investments, studies* have found that DB beneficiaries spend more than $60 billion each year on durable and consumable goods. They also contribute about $15 billion annually to governments across Canada, through income, sales and property taxes. These studies also found that beneficiaries of defined benefit plans are less likely to rely on government assistance in retirement.
We believe everyone deserves secure retirement income and we all benefit from the social and economic value that this creates.
Defined Benefit Pension Plans: Strengthening the Canadian Economy -Boston Consulting Group - 2013
Canada’s Top Ten Pension Funds: Helping Drive National Prosperity – Boston Consulting Group - 2013