By Lana Payne, President, Newfoundland and Labrador federation of Labour

The considerable voices urging the federal and provincial governments to expand the Canada Pension Plan (CPP) in some fashion just got an unlikely ally.

A banker. And not just any banker. The president and CEO of CIBC, Gerry McCaughey. He told a pension conference in New Brunswick last week all about the benefits of CPP. He also said that the country’s pension system needs fixing.

Banks, not that you need reminding, are the people who peddle RRSPs and other so-called private retirement investment vehicles that are totally enslaved to the performance of the markets. They also include outrageous management fees.

So when a banker trumps the benefits of a public pension system, one ought to take note. It means even they recognize that we are heading for a cliff. 

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Read the whole article in The Telegram