quebec pension plad. a pyramid scheme.

http://www.torontosun.com/comment/columnists/eric_duhaime/2010/12/15/16567901.html

The actuarial report of the Quebec Pension Plan released by the Quebec government a few days ago shows us the QPP is going to hit a wall.

In 2024, the reserve will start declining, and by 2039 it will be completely empty.

Quebec workers now pay 9.9% of their income to the QPP. To have a balanced plan, a steady-state contribution rate should be 11.02%.

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D: if boomers want full benefits they did not pay into, let them pay much more now.

Gen XY(Z) ought to be allowed to opt out.

This is a pyramind scheme.
But participation is mandated by law.

more poor young adults than retired.

D: though I'd like to think the young are more resilient and can handle it.
Still, it puts in context a single-minded focus on the old.

Here's an idea.
Stop hiking the clawback cutoff age on OAS benefits.

For 2009, the tax recovery applies to persons whose net income exceeds $66,335. For each $1 of income above this limit, the amount of basic Old Age Security pension reduces by $0.15.

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Here's an idea - don't make working poor pay for those making 3-4x what they are!
This is the reverse of Robin Hood.