Provincial Attorney-General Ted Flemming is confident the lawsuit launched by provincial government retirees against the switchover to a shared risk pension plan will be dismissed because they’re not losing anything since the pension benefits they’re now receiving are guaranteed.
Flemming says the only change is that indexing will depend on how well the pension plan performs in the stock market and it consistently has had returns above the rate of inflation.
He says the other change is that provincial taxpayers, many of whom without pensions other than the C-P-P, won’t be subsidizing the provincial retirees.
Flemming predicts the Pension Coalition will not be able to prove any of the retirees have been damaged since their pensions will not be reduced.
The average provincial government retiree has a pension of $21,500 a year.
