June 19, 2021 - Toronto Star

Expanding workplace pensions should be a post-COVID priority

By: Stephen McCormick and Alex Mazer

We know that collective retirement savings plans are the most efficient way to save. Research conducted in 2018, by the Healthcare of Ontario Pension Plan (HOOPP), Common Wealth and the National Institute on Ageing, identified five “value drivers” of good retirement plans. With attributes like automatic enrolment, risk pooling and low fees, the best retirement savings plans can reduce the cost of retirement — the savings required to maintain one’s living standard postretirement — by close to $900,000 for a typical Canadian.