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The Third Rail: Confronting Our Pension Failures Hardcover – Oct. 29 2013

by Jim Leech (Author), Jacquie McNish (Author)

4.2 32 ratings

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Over the next 20 years more than 7 million Canadian workers will retire. Baby boomers, the 45- to 65-year-olds who account for 42% of the country's workforce, will join the largest job exodus in Canadian history, moving to the promised land of retirement. Unless our crumbling pension system is reformed, many of these retirees will find this dreamland a bewildering and disappointing mirage.

In the early 1980s, consumers were setting aside 20% of their disposable incomes to their retirement plans; today the savings rate is a threadbare 2.5%. Retirement savings plans meant to build Canadians' personal war chests for their final years have failed to live up to their cheery promises of early retirement "freedom" - market returns are low, and financial fees are climbing. Moreover, retirement plans are now being compromised by high pension obligations and a shrinking workforce.

Canada has the capacity to diffuse this ticking pension time bomb with some hard choices, posits Leech. It's time for businesses, governments, unions, and employees to face these options and fix - and ultimately save - our pensions system, taking examples from Holland, New Brunswick, and Rhode Island - places in which new laws have been adopted to repair the pensions programs.

Review

       • "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.

Print length

192 pages
Language

English
Publisher

Signal
Publication date

Oct. 29 2013
Dimensions

14.63 x 2.01 x 21.69 cm
ISBN-10

0771046634
ISBN-13

978-0771046636
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Product details

Publisher ‏ : ‎ Signal (Oct. 29 2013)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 192 pages
ISBN-10 ‏ : ‎ 0771046634
ISBN-13 ‏ : ‎ 978-0771046636
Item weight ‏ : ‎ 336 g
Dimensions ‏ : ‎ 14.63 x 2.01 x 21.69 cm

Best Sellers Rank: #756,640 in Books (See Top 100 in Books)
- #732 in Retirement Planning (Books)

Customer Reviews:
4.2 32 ratings

About the authors

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Jacquie McNish
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JACQUIE MCNISH is an author and senior correspondent with The Wall Street Journal, based in Toronto. She has won eight National Newspaper Awards and is the author of four best-selling books, three of which won Canada's National Business Book award. Her latest, Losing the Signal, the Spectacular Rise and Fall of BlackBerry, which she co-wrote with Sean Silcoff, won the 2016 National Business Book award and was shortlisted for the 2015 Financial Times/McKinsey Best Business Book of the year.
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Jim Leech
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RDH

I thought the book was very informative.

Reviewed in Canada on January 10, 2014

Verified Purchase

The book was informative, well written, to the point and answered a lot of questions I had about pension plans both public and private. The book also provides some insight into the future of these plans and what is required to save or salvage some of them. There's hope for some of these plans but lot of them are beyond hope without major changes. More contributions and better planning are required by all parties coupled with less in the way of expectations of said planes in the future.

Reviewed in Canada on November 14, 2014

Verified Purchase

Fournit une bonne description générale de la situation des régimes de pension autant au Canada qu'à l'étranger; un avertissement pour les responsables de régimes de retraite au Québec. Avec près de 100 milliards de déficits accumulés, il est clair que nous allons goûter la médecine que d'autres ont déjà dû avaler, et pas toujours volontairement.

One person found this helpful

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H. Barca

Finally a Canadian Perspective

Reviewed in Canada on January 14, 2014

Verified Purchase

I hope that this book is the first of many. It addresses the pension crisis from a Canadian perspective, a rare find. It offers solutions in simple language that is technical enough to make its point to the lay person. The best read on a topic all-too often ignored by our elected politicians, until the runaway train of pension promises and short-term political demagogy hits the "third rail".

One person found this helpful

Helpful

Reginald Pembleton

Ontario Pension Plan and two others

Reviewed in Canada on May 16, 2014

Verified Purchase

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.

Helpful

redroverontheisland

recommend that everyone get a copy and read it through ...

Reviewed in Canada on September 15, 2014

Verified Purchase

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!

Helpful

Jimzee

Retrirees a must Read

Reviewed in Canada on November 30, 2013

Verified Purchase

Every Canadian who is dreaming of retiring comfortable with their Defined Benefit Pension plan needs to have a go at this book. Government employees are welll advise to spend one eveing cuddled up next to the winter fire place and read these contents because this could happen to them and others in a defined benefit pension plan.

Helpful

Jim Martin

Serious Risk of Future Financial Support

Reviewed in Canada on January 20, 2014

Verified Purchase

Every young person in this country should read this. They can't assume they will be taken care of without some serious watchdog effort being carried out by them for their long term financial interest.

Helpful

Dan S

Every Canadian Should Read This

Reviewed in Canada on June 23, 2014

Verified Purchase

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 would be a great first step towards pulling them out.

Helpful

Top reviews from other countries

Wittgenstein

Grab It and Pray

Reviewed in the United States on May 31, 2014

Verified Purchase

This book about government pension systems, recommended to me by a former federal office holder, is definitely worth a read. It makes it clear, in non technical language, that the longer elected officials avoid dealing with their underfunded and unsustainable pension systems, the more pain that pension beneficiaries and taxpayers are going to have to endure. Leech writes primarily about his home country, Canada, and its provinces, but he does excellent comparisons with other political entities that have had to deal with pension crises, including Rhode Island and the Netherlands. His analysis is applicable to virtually any system designed to kick the proverbial can down the road and refuse to face up to the challenge of pension systems leading to bankruptcy of the political entity. (Of course, these problems exist in the private sector, too, e.g., the automobile industry pre-restructuring.) The concern that all electeds and their political advisors have that if they even whisper about the need for pension reform, including Social Security, their constituents will ride them out of town on a rail (is that a mixed metaphor?) may or may not be overblown. But at some point not too far down the road, those same electeds will be governing the equivalent of Detroit, bankrupt for many reasons, one of the main ones being overly generous and underfunded pensions, unless they grab The Third Rail.

One person found this helpful

Stephen Smith

Realistic, well-researched

Reviewed in the United States on February 23, 2014

Verified Purchase

This book takes a broad comparative look at pension reform, analyzing approaches taken by New Brunswick, Rhode Island and the Netherlands. The authors focus on issues that should be of no surprise to anyone - increased longevity, reliance on dated mortality tables, historical funding challenges and market influences. The essential message is that despite a fear of tackling the 'third rail', collectively employees, unions, corporations and governments at various levels need to collaboratively address pension reform. A realistic and interesting read that is far from dry. Recommended for anyone who works in human resources.

One person found this helpful

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The Third Rail: Confronting Our Pension Failures Hardcover – Oct. 29 2013

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About the authors

Jacquie McNish

Jim Leech

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