Retirees rely on government benefits, company pensions and their own personal savings to make up the rest of their income, but those are no longer sufficient, Denison said.
"They're just not creating the amount of retirement savings which will lead to sufficient income across Canada's population in their retirement years," he told reporters. "That's why we think a fundamental re-thinking of how those operate is important."
RRSP and corporate pension plans have been badly damaged by the financial crisis, he noted. And 11 million Canadians don't have any company pension coverage at all.
Where did I hear that one before?
I said back then, and I'll say it again now. As far as retirement savings go, this latest economic crises has put a whole group of us in the shitter. Nice to see some policy wonks are waking up to that fact.