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Joined: 02 Mar 2009
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PostPosted: Fri Jul 29, 2016 7:56 am    Post subject: Ontario spent $70 million on Ontario Pension Plan Reply with quote

( its been revealing the Wynne government spent $ 70 million on this scheme even though the plan never actually existed and was more of a political idea than anything else , used to try and get more money from Ottawa and to harass and embarrass Harper during the election , most of this money was likely spent on tv and radio ads many which ran close to or during the federal election that claimed this plan was the greatest idea ever )

Province spent $70 million on now-defunct Ontario Retirement Pension Plan

By Shawn Jeffords, Political Bureau Chief
First posted: Thursday, July 28, 2016 08:39 PM EDT | Updated: Thursday, July 28, 2016 09:36 PM EDT

Charles Sousa
Ontario Finance Minister Charles Sousa, left, speaks as New Brunswick Finance Minister Cathy Rogers, second right, and B.C. Finance Minister Mike de Jong, right, listen during a news conference after reaching a deal to expand the Canada Pension Plan, in Vancouver, B.C., on Monday June 20, 2016. THE CANADIAN PRESS/Darryl Dyck

The Liberal government spent $70 million on it’s now dead pension plan — including $2 million in severance doled out to six employees.

On Thursday afternoon, the provincial government released the financial details of the plan’s start-up spending from 2013 to 2016.

The Ontario Retirement Pension Plan (ORPP), which now won’t be necessary because the federal government and provinces reached an agreement to expand the Canada Pension Plan, rang up millions in costs to taxpayers well before it got off the ground.

“To ensure the timely launch of the ORPP, critical work was undertaken, including the procurement of specialized legal, technical, actuarial and economic analysis. All major procurements were carried out competitively and in a transparent manner,” says a joint statement from Finance Minister Charles Sousa and Associate Finance Minister Indira Naidoo-Harris.

“Without Ontario’s investments and work to develop the ORPP and elevate the issue of retirement security nationally, CPP expansion simply would not have happened.”

The government says the $70 million total also includes a $15 million contingency fund established to wrap up the ORPP. The province has asked Ontario’s Auditor General to “validate the government’s overall cost estimate.”

NDP pensions critic Jennifer French called the spending figures “massive” and the cash spent on severance to pension plan executives a sign of poor planning.

“That seems like adding insult to injury here,” she said. “This is something that was being created to support retirement security, dignity in retirement. We now have six individuals who could quite comfortably retire.”

French said she’s also doubtful that these are the final costs the government incurred building the now unnecessary plan.

“These are the numbers that they’ve offered and now it becomes a game of the government sitting back and, I anticipate, people will have to dig to ensure that those really are the numbers,” she said.

Progressive Conservative pensions critic Julia Munro called the $70 million spent on the ORPP another example of Liberal government waste. The Tories had called on Premier Kathleen Wynne to wait for the federal government to expand CPP instead of creating its own plan, but were ignored, she said.

“Getting the CPP enhancement could have cost a plane ticket to Vancouver, instead the government wasted $70 million,” she said in a statement. “Frankly, the Wynne Liberals owe Ontarians an apology and a cheque from the Ontario Liberal Party for $70 million.”
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Ontario spent $70 million on Ontario Pension Plan

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