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For years the CPP apparently defied these laws of economic gravity by running a pyramid scheme that redistributed from future generations. But that trick ended years ago, when it was “reformed” into an indifferent retirement vehicle and there is no chance of doing it again provincially.

In any case, when you peer closely at its design, the ORPP has a very different goal.

Unlike the CPP, it is not compulsory for all employees. It only applies to those without generous workplace pensions, starting with big companies (500-plus employees) in 2017, medium ones in 2018 and small in 2019, grabbing 1.9 per cent of employees’ earnings up to $90,000 and a matching amount from the company.

The “wedge” between what your employer pays and what you get all comes from your pocket

Even this “matching amount” concept is economic illiteracy or worse. To companies, the total cost of an employee is what matters. In the very short run the “matching” 1.9 per cent on existing wages and salaries will bite into profits. But firms will quickly adjust starting salaries, raises and bonuses to compensate; the “wedge” between what your employer pays and what you get all comes from your pocket.

Sensible people now realize the “defined benefit” pensions of the Fred Flintstone era were unsupportable and played a major role in hollowing out North American manufacturing, as compulsory unionization pushed managers to buy labour peace for today with unsustainably generous retirement packages for tomorrow. That’s why these lavish plans are now largely confined to the public sector; in Canada over 80 per cent of public servants have “defined benefit” plans, versus under 15 per cent in the private sector. But tomorrow comes even to government eventually.