The Third Rail: Confronting Our Pension Failures Hardcover – Oct 29 2013
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• "Possibly clearer than any book on pensions thus far.... This is a powerful message for Canada's ministers and their officials to contemplate.... The book should be required reading for our political leaders before they meet."--Globe and Mail
• "Leech and McNish's book will be a helpful road map for both policy makers and the public at large."--Literary Review of Canada
• "The authors not only describe the causes of the impending crisis and its potential consequences, they offer solutions to avert the disaster."--Winnipeg Free Press
From the Trade Paperback edition.
About the Author
Before becoming president and CEO of the OTPP in 2007, JIM LEECH was president and CEO of Unicorp Canada Corporation, one of Canada's first public merchant banks, and Union Energy Inc., then one of North America's largest integrated energy and pipeline companies. During the 1990s, he guided two start-up technology companies -- DisysCorporation and Kasten Chase Applied Research - to the revenue generation stage. Leech serves on the boards of Toronto General and Western Hospital Foundation, the MasterCard Foundation and was a founding director of Right To Play International. He also chairs the advisory board of the Queen's School of Business and is on the advisory board for The Learning Partnership, the advisory council for the Toronto Region Board of Trade and the Toronto Financial Services Leadership Council. In 2012, Leech was awarded the Queen's Diamond Jubilee medal in recognition of his work with the True Patriot Love Foundation.
JACQUIE McNISH is a senior writer with the Globe and Mail and regular host on BNN, Canada's business news network. She is the winner of five National Newspaper Awards and the author of two bestselling books.
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This book provides information about Canadian retirement plans available including Canada/Quebec Pension Plan (C/QPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS) and workplace savings plans (defined benefit plans and defined contribution plans). The authors, Leech and McNish, provide their opinions on how the retirement landscape should be improved because the majority of Canadians aren't saving enough to fund their retirements.
It was interesting to read the three case studies of pensions plans that were failing and managed to turn themselves around:
* New Brunswick
* Rhode Island
* The Netherlands
While I think the authors did a good job in analyzing the current situation and providing recommendations, I think they should have also placed emphasis on the responsibility of individual Canadians to save more.
Part of my job is to talk with people about saving for retirement. There are many who are on track and will be able to maintain their lifestyles in retirement. But there are many more who aren't. In a lot of cases, they assume they are saving enough so it's a bit of a shock for them when I show them that they aren't but then I help them get on track. I know that some can't afford to save more so I'm glad they are doing what they can. But there are others who live in la-la-land. For example, I was talking with a young guy (about 25-years-old) a couple weeks ago.Read more ›
In presenting the Dutch model the authors provide an adequate amount of history. They also describe the changes that this benchmark Dutch model is going through.
In summary, this book includes a good blend of scientific facts and the human stories that make for an engaging read.
My personal generalization from reading the book: The narrative provides a reminder that when faced with challenging circumstances one must resist the temptation to maintain status quo.
PS - you can skip the last chapter. There is nothing new in this chapter and it is not nearly as well written as the rest of the book.
Most recent customer reviews
I have just recently started reading this purchase and I am having my eyes opened very wide; recommend that everyone get a copy and read it through more than once. Great book!Published 22 months ago by redroverontheisland
For those who wants to have information on Canadian pension plan this is a must read.Published 23 months ago by Archie Tam
This is a topic that will impact almost all Canadians, many directly and to a large degree. To date, most people have had their heads firmly planted in the sand, reading this book... Read morePublished on June 23 2014 by Dan S
Was a good read for me as I am preparing to address a conference on the topic of the Future of Defined Contribution in Canada.Published on June 5 2014 by Michelle
The writing was poor ; the other examples were poor and there was little insight in how to convince employers to stay with defined benefit plans.Published on May 16 2014 by Reginald Pembleton
Well written and informative. Brings light to what is a very important challenge to modern society.Good models of reform proposed.Published on Feb. 5 2014 by dale robinson
An interesting read though the conclusion(s) was pretty obvious. We all have to share the risk when it comes to pension savings and payouts. Read morePublished on Jan. 29 2014 by David E. Maynard
This information is so impritant to us and others in our demographic. We need to take care of ourselves because the goverment is not going to.Published on Jan. 20 2014 by Andrea Pheasey