Friday, May 22, 2009

CPP lost $17 billion in fiscal 2008

More bad news with the Canada Pension Plan. The pension plan lost $23 billion in fiscal 2008, though this was partially offset by $6 billion in contributions. In essence, four years of CPP contributions by Canadians have vanished.

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More interesting news for public pensions in Saskatchewan. The provincial government has had a "proof of existence" project to make sure that pensions are being sent to the right people. They found everyone but 15 and now their pensions are being suspended. Unfortunately, it turns out that a Saskatchewan teacher got $220,000 worth of pensions until it was discovered he had been dead for six years.

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