The centrepiece of his conclusions is that the existing final
salary public service pension schemes be replaced by schemes where an employee's pension entitlement is still linked to their salary but is related to their career average earnings.
Not exact matches
Pierlot wrote a paper for the CD Howe Institute in 2011 showing that a person with a
salary of $ 75,000 at the end of a 35 - year career would accumulate more than $ 1.4 million in savings through a defined - benefit plan (wherein the pensioner is paid a set income based on past earnings and years of
service, mostly confined to the
public sector these days) compared to $ 674,711 for someone with no
pension but a maxed - out Registered Retirement Savings Plan.
That is an 8 % increase on the previous offer... A teacher with a lifetime in
public service with a
salary at retirement of # 37,800 would receive # 25,200 each year under these proposals, rather than the # 19,100 they would currently earn in the final
salary Teachers»
Pension Scheme.