Submission on the Unlocking of Pensions
CUPE NL is opposed to further easing of pension unlocking rules. We are opposed to allowing more unlocking in normal times, and we are opposed during the COVID-19 pandemic. Our shared public health emergency demands a fair, public response from our governments. We should not be making public policy decisions that unfairly shift this responsibility to individuals, particularly at the expense of their future retirement security.
The government’s consultation process fails to properly outline many of the serious downsides to pension unlocking. In our view, this failure will severely limit the effectiveness and reliability of this consultation’s results. As such, the government should re-start this process, complete with a more fulsome discussion of all sides of this complicated issue.
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The Government of Newfoundland and Labrador is trying to pass their increased Canada Pension Plan contributions onto workers by cutting the Public Service Pension Plan. This move would cancel the needed CPP enhancement for 34,000 workers in Newfoundland and Labrador.