Certainly no law has evolved in Canada yet to protect company pension holders. . I was reading somewhere that some individual American states may have acted on this to some unknown extent already by me.

Even the company pensions where the employee makes a substantial direct contribution can still be lost at this time. Maybe the director or owners of the company at least should get charged with theft and fraud. This to my knowledge just does not happen.

Perhaps the best workable system is a law where companies pay an insurance premium to cover this area if they default. Safer perhaps and cheaper is a good third party involvement.

In a way many government pensions are only possible with current incoming tax money. There is no actual accumulating fund earning interest or well invested to service the commitments. So they are basically crippled in increasing payouts properly with inflation. Every Canadian regardless of financial situations gets that fundamental one. No longer enough to really even exist on. Was marginal ten years ago as well but even less so now.

The absolute wealthiest large private pension fund in Canada is directly controlled by the teachers. This well run fund is able to well exceed the pension commitments originally enacted. The monthly payout to all the retired teachers is a very signifigant amount. Yet that fund still continues to buy up large companies as well.

I believe that not only can it pay the commitments easily. It is always increasing their holdings. Filthy wealthy is a thought of mine. This is a requirement to pay out the much increased amount of pension dollars to stay with inflation.

So since there are examples that obviously work and exist in use. Some legislative mandate to force companies to use pension systems that are safe from the employees perspective. Even if the company collapses. Are well overdue.

The other notable one here. Is a plan where every Canadian working pays in. When this fund was setup a provision was made that the money was not to be used for general operating funds of the government. The monies incoming are heavily invested. Most years the commitments are paid with this funds earnings.

It is called the Canada pension fund. The amount you receive is dependent on your level of contributions. This is pre set by you earnings profile.

Then there is the general equivelent of social security. There is no direct premium for it. There are no accumulation funds to cover it. It is just serviced by the current years federal budget to the best of my knowledge. ''

As it is today a company getting into serious difficulties. Can loot the pension fund they hold and this is all too commonly done.

Canada like America also caters to the rich and semi well off. It has many taxation benefit programs that the bulk of the population just cannot engage.. Not having that much disposable income to engage in. I equate them to self funded private pension funds. No taxation on these funds earnings ever. With a high amount of various applications possible. You can even self manage it all.

Two simple rules apply. You cannot put more than five thousand a year into them. A couple can put in ten. They bumped this to ten thousand per individual but the general public howled. So it is back to five per person. The fund can grow to whatever it does. But the total actual input of seed money allowed is only the maximum accumulated amount from the programs inception. It is called the TFSA or tax free savings account.

This a misleading name and description to pacify the public. Although some use it that way. The reality is whatever you do in it cannot attract any tax liability. At years end any activity generates no taxation issues and you do not even report it. The government sold it as an ideal for people to accumulate money for retirement.

My basic premise is you can buy a private self owned retirement aid for little overall cost earlier in life. Do you really need a new car that never really gets paid for as a constant diet? Less overall money can buy a package that also benefits you well before retirement as well.

Try to remember that the work force in reality is going to shrink a lot more with time. Too many projections are indicating this to ignore.
Younger people have little choice but to do something for themselves especially now.

When Studebaker went belly up in the 60’s, they left an empty pension fund. An uproar followed, after which ERISA was passed into law. ERISA requires pension funds to be segregated from corporate funds, to be administered by a fiduciary board, and to be funded up to certain legal standards. Further, companies must pay dues to the Pension Benefit Guarantee Company, which gives some protection against total failure of participating plans. When a company goes under, the assets of the plan are transferred to PBGC, which continues to administer the plan for participants. There is still plenty of room for disappointment, but at least pensioners get something that’s guaranteed. So on this, the US apparently does better than Canada. The downside is that fewer and fewer companies are willing to offer defined benefit pensions.

These words are gold plated.

I dont understand how people can just look at a repair business and assume all is the same.

It really pays to have good repairsmen in your phonebook.

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2012 BMW X5 (Beef + Granite suspension model)

1995 E300D - The original humming machine (consumed by Flood 2017)
2000 E320 - The evolution (consumed by flood 2017)

Frankly I wouldn't buy any of their tools anymore and in case it isn't common knowledge, the Craftsman line has been owned by Stanley Black and Decker since early last year. Supposedly they are going to honor the lifetime warranties but even that was getting more and more watered down over the years (Bring in a 20 year old great ratchet only to get a new but cheap chinese made tool etc etc)

It's a shame really because the Craftsman brand was really good value and quality for such a long time and the warranty couldn't be beat. I still have a tool chest full of Craftsman tools and I would buy older used tools of theirs without question. New from the store however? I will likely seek other options.

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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
1990 300SEL Smoke Silver (Parting out)
1991 350SDL Blackberry Metallic (481)

"The thing is Bob, its not that I'm lazy...its that I just don't care."