Bill Hatanaka, President and CEO, OPTrust said: "DB retirees can count on greater certainty in retirement with a stable monthly income based on the number of years they contributed to their plan, so they are more comfortable in spending what they receive, helping fuel the Canadian economy. Not only do they pay up to $63 billion annually for goods, services, and related sales and property taxes, they pay an additional $7-9 billion in income taxes every year."
Jim Keohane, President and CEO, HOOPP, said: "Most people aren’t aware that up to 80 per cent of the funds used to pay defined benefit pensions come from returns on plan investments. Canadians should look at how we can replicate this success story for those without adequate, or in many cases any, workplace pensions."
Jim Leech, President and CEO, Ontario Teaches' Pension Plan said: "DB retirees are far less likely to rely on government social assistance in retirement, freeing up funds for other government programs or priorities. Their financial independence is a direct result of the pensions made possible by the asset management expertise in our DB pension plans."
Michael Nobrega, President and CEO, OMERS, said: "We need to change the conversation. We must not allow "pension envy" to define the debate on the reform of our pension system. Let's work together to fix what's really broken – the lack of adequate retirement savings among the majority of Canadians."