ISBN: 978-1-55339-161-6 (pbk.) ofEconomic Policy
K7L 3N6 (613) 533-6025
InOl1,ino in Publication Canada / editors, Michael G.
BN 978-1-55339-161-6 (pbk.) policy--Canada. 2. Pensions-
income--Canada.
p 'Uvlla'vl G. II. John Deutsch
C2008-906581-6
Table of Contents
Preface
...
Introduction
Michael G. Abbott, Charles M. Beach, Robin W. Boadway, and James G. MacKinnon
Chapter I:
Policy Concerns
The US Fiscal Gap and its Troubling Implications Laurence J. Kotlikoff
... 25
Pensions Are a Risky Business: Issues in Pension Regulation
David Dodge
Summary of Discussion ...
37
44
Chapter 11:
Background Issues and the Pension Environment
Retirement in Canada: Some Trends 0 0 0 Some Issues Cliff Halliwell
49
iv
Income Security and Stability During Retirement in Canada
Sébastien LaRochelle-Côté, John Myies, and Gamett Pieot
The Distribution of Seniors' Income in Canada Miehael Ro Veall
Pension Reform in Canada: Getting from Denial to Acceptance '
William BoPo Robson Summary of Discussion
Chapter lU:
Policy Levers and the Retirement Process
Incentives for Early Retirement in Canada's
Defined-Benefit Public and Private Pension Plans:
An Analysis with a Dynamic Life-Cycle CGE Model Maxime Fougere, Simon Harvey, Yu Lan, André Léonard and Bruno Rainville '
Personal Accounts, Changing Defaults, and RetirementSaving in the United Kingdom: Are ther'e Lessons for Canadian Pension Policy?
Riehard Disney, Carl Emmerson and Gemma Tetlow Summary of Discussion
Chapter IV:
Panel on Replacement Rates and Design Features of Workplace Pension Plans
Retirement Income Replacement Rates:
Responding to Changing Attitudes and Needs Peter Drake and Coiin Randall
65
97
o o o 113
o o o 123
o o o 129
o o o 167
o o o 197
o o o 201
Design Features, Strengths of Defined-Benefit Plans Stephen Bonnar
Defined-Contribution Plans Possible Design Improveml Dave MeLellan
Recent Legal Decisions anl and their Implications for D Pension Plans
Mareei Théroux
Summary of Discussion
Chapter V:
The Retirement Process Implications
The Emergence of Phased Implications and Policy Co Robert L. Clark
Some Macroeconomic EffE Aging on Productivity Grol William Searth
Remain, Retrain or Retire:
Workers Following Job Lo Christine Neill and Tammy Sd Summary of Discussion
During Retirement
65
MyIes, and Gamett PieotIncome in Canada
97
from Denial
...
113
. " 123
Process
... 129
Defaults, and Kingdom: Are
Policy? ... 167 Gemma Tetlow
... 197
. "
201
Design Features, Strengths, and Limitations
of Defined-Benefit Plans
· . . 217
Stephen Bonnar
Defined-Contribution Plans in Canada and
Possible Design Improvements . . .
221
Dave MeLellanRecent Legal Decisions and Regulatory Changes and their Implications for Design Structure of
Pension Plans · . .
227
MareeI Théroux
Summary of Discussion
... 231
Chapter V:
The Retirement Process and Macroeconomic Implications
The Emergence of Phased Retirement: Economic
Implications and Policy Concerns · . .
237
Robert L. CIarkSome Macroeconomic Effects of Population
Aging on Productivity Growth and Living Standards
253
William SearthRemain, Retrain or Retire: Options for Older
Workers Following Job Loss · ..
277
Christine Neill and Tammy SehirleSummary of Discussion ...
309
vi
Chapter VI:
Panel on Risk and Pension Investment Strategies
Longevity Risk and How to Manage It Effectively Ma1colm Hamilton .
Pension Plan Investment Strategies by Major Pension Plans in Canada
Sterling Gunn
Managing Investment Risks Over the Long-Term Graham Pugh
Summary of Discussion
Chapter VII:
Pension Rules and Retirement
Working While Receiving a Pension: Will Double Dipping Change the Elderly Labour Market?
Kevin Milligan and Tammy Schirle
Mandatory Retirement and Incentives in University Defined-Benefit Pension Plans John Burbidge and Katherine Cuff
cpp Sustainability: A Stochastic Liability Model Analysis
Rick Egelton and Steven James Summary of Discussion
Chapter.VIII
Mandatory Retirement a Prospects of Retirement
. .. 315 Mandatory Retirement: Mytl
Damn Myths
Rafael Gomez and Morley Gund
· .. 321 The Retirement Prospects (
WiII it Require a New Social Derek Hum and Wayne SimpsOJ
· .. 325
Maridatory Retirement Rule of University Professors in ... 330 Casey Wannan and Christopher
Summary of Discussion
Contributors 337
List of Publications
· .. 353
375
... 405
Investment
It Effectively '" 315
. .. 321
... 325
... 330
... 337
. " 353
Liability Model
375
... 405
Chapter. VIII
Mandatory Retirement and the Changing Prospects of Retirement
Mandatory Retirement: Myths, Myths and More
Damn Myths ... 409
Rafael Gomez and Morley Gunderson
lhe Retirement Prospects of Immigrants:
WiII it Require a New Social Contract? ... 429 Derek Hum and Wayne Simpson
Mandatory Retirement Rules and the Earnings
of University Professors in Canada 451 Casey Warmao and Christopher W orswick
Summary of Discussion 471
Contributors
List of Publications
