Skip to main content
//empty //empty

More people will outlive their retirement savings if the Canadian pension problem isn't addressed, Sun Life Financial 's chief executive officer says.

That will cause individuals and families to experience real hardship in the future as the population ages, Don Stewart told shareholders at the insurer's annual meeting Wednesday.

"There will be growing pressure on health care and other government services as the ratio of retirees to workers increases," he added.

Story continues below advertisement

Mr. Stewart said he supports the federal government's current pension consultation process, and said the solution to the challenge needs to be balanced and thoughtful.

Mr. Stewart also touched on the issue of financial reform, noting that a number of countries have made a variety of proposals that could have a negative impact on the Canadian financial services industry.

Cat:e528746c-3414-401a-b14b-50247e3bdf01Forum:726cb897-65e7-4529-a1da-c5192c9aa85a

"It would indeed be ironic if Canada, a country which came through the financial crisis better than most, was to find itself at a disadvantage on account of new international rules originating from outside our country," he said.

The life insurance industry is working with policy makers to address the potential problems and mitigate the impact they might have, he pointed out.

Mr. Stewart also added his voice to the chorus of Canadian executives and politicians who are speaking out against a global bank tax.

"It's hard to see how that's favourable for Canada," he said.

Story continues below advertisement





More on retirement and pensions:

  • How not to outlive your money
  • Annuities: An option for any retiree
  • You won't live forever, so read this
  • Seven tools for rebuilding retirement savings


Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies