Pensions are billion dollar businesses. HOOPP for example, is worth ~$114 billion (as of Dec 2021), up from 104 billion in 2020; that’s about an 11.28% gain. But how much of that 10 billion increase do you think that the members of the pension actually benefit from? Was it the full amount? Or perhaps only a fraction of that? And if so, where did the rest go? And more interestingly, how is HOOPP increasing in net value when more pension dollars are being paid out each year than are being contributed? Sounds sketchy to me…
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Ask anyone in Ontario. What is the best pension plan out there? The answer I’ve most often come across is the Teachers’ pension! Not only is it widely touted (perhaps not by Teachers themselves) that they are paid well, but that they also seem to have the best pension plan in existence.
If you ask the same question of healthcare workers, they may also name the Teachers. But healthcare in much of the province has their own solid pension which many also rave about.
Do Ontario Teachers really have the best pension? Or do healthcare workers have the best? And what exactly does it mean to have “the best” pension? Are there better ones out there? And can we figure out all of this without the topic ending up dryer than sand-paper in the desert? And will we run into any cactuses along the way? And will I ever stop making really terrible desert jokes? Let’s find out!
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