Sep 19, 2013
By AM740 Staff
Pension funds in Newfoundland and Labrador and Quebec are at risk.
That’s the finding of credit ratings agency Moody’s.
It says both funds face large shortfalls.
Saskatchewan also has a large pension deficit but Moody’s says the province has closed its defined-benefit plans and begun funding pensions with a pay-as-you-go approach.
Ontario was the only province with a small surplus.
Underfunded pension programs were also reported within major Canadian companies including Bell Canada, Canadian Pacific Railway and Canada Post.