Canadian HR Reporter

CANADIAN HR REPORTER December 12, 2016 NEWS 21 Labour law research just got faster, easier and more comprehensive. LabourSource™ on WestlawNext® Canada combines the most robust collection of grievance arbitrations with court and board decisions, expert commentary, legislation and collective bargaining-related content – with Canada's most advanced search engine. A single search delivers the content you're looking for, whether it's case law, legislation, commentary, or legal memos. You can then filter your results to get exactly what you need. With LabourSource, you'll always be confident that your research is complete and that you haven't missed anything. Experience the benefits • Prepare winning grievance arbitrations and labour board applications • Successfully negotiate favourable collective agreements • Stay up to date on the latest labour-related decisions, industrial relations and economic news Legal content that is labour focused, not labour intensive Introducing LabourSource™ on WestlawNext® Canada See the LabourSource advantage View a demo at westlawnextcanada.com/laboursource 00224EP-A47770 dialogue about retirement sav- ings, so many don't understand enough or find it relevant in their life." Many young people have a negative perception about the retirement industry, thanks to the 2008 economic crisis and a system that's based on people having stable jobs and being gen- erously provided for — unlike to- day where defined contribution plans ask more from employees, she said. "is leaves millennials with less incentive to buy into their pension program, with a negative view overall." Younger people, faced with "outrageous" student debt and precarious work, want retire- ment products that better suit their needs and don't necessarily lock the money away, said Becker. "Without pension products and policies that take into account the needs and challenges of the priori- ties of millennials, the pillars will be increasingly inequitable across generations." Potential solutions So, what kinds of solutions make sense? Eighty-one per cent of re- spondents to a Gandalf poll said all workers should have a pension that guarantees a percentage of working income in retirement. is is influenced by the 2008 cri- sis for sure, said Herle. "People no longer see the stock market as a reliable planning basis for your retirement." Only 27 per cent said they'd keep the money instead of contributing to a pension plan, he said. "People know intuitively that if a certain amount of money is deducted from their cheque, and if it's matched by the employer... they can probably manage; but if they actually get the cash, it won't ultimately get into retirement savings — it's going to go toward some demand at home." As a result, one solution could be finding a way to return to a shared risk employer-employee workplace pension system, or "having to significantly augment public pension support systems to avert what is ultimately going to be a return in this country to pov- erty among seniors," said Herle. ere's an argument to be made for mandatory pensions, said Block. And the planned expan- sion to the CPP makes sense be- cause of its portability, its cover- age of the self-employed, greater risk-sharing and lower adminis- trative costs. "It is the mega-model of what we need in the new economy, where your benefits are no longer linked to an individual employer but can move with you province to province, workplace to work- place, career to career," she said, along with modernized labour laws, less misclassification of workers and wage theft. And multi-employer pension models are another consideration that could work, said Block. "Some of those multi-employer pension plans, if you can actually carry your service and contribu- tions between employers, then that's the kind of model that would provide that kind of sup- port for those who are in more precarious work." Looking to provide more so- lutions for employees, Sun Life takes a hands-on approach to deal with complex benefits and sav- ings plans, low financial acumen and plan member apathy, accord- ing to Kate Nazar, vice-president of client solutions at Sun Life Fi- nancial in Toronto. It's also about reaching out to millennials and providing a more personal approach, she said. "Contrary to what some might believe, they are quite concerned about money and what are good behaviours around saving, espe- cially for the women in the group. But I'll stress that what resonates with the group is saving, not the concept of retirement, so we need to tailor our messages as an in- dustry around the channels that keep them engaged." It's about making saving simple and engaging, through innova- tions such as fingerprint recogni- tion, tips, tools and calculators for mobile devices, video conferenc- ing, screen-sharing capabilities, gamification and more targeted messaging through intelligence- based technology, said Nazar. "If they know it's relevant and personalized, they're more apt to pay attention, as well as take action." Multi-employer pension models among solutions RETIREMENT < pg. 6 "Contrary to what some might believe, millennials are quite concerned about money and good saving behaviours." Credit: Carlo Allegri (Reuters) There's an argument to be made for mandatory pensions, said experts at a recent conference in Toronto looking at the evolving nature of retirement.

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