Nanos Poll: Anxiety about Canada/Quebec Pension Plans

With the Federal Budget coming tomorrow, Pollster Nik Nanos asked Canadians what they were thinking in terms of priorities for our elected representatives. The feedback was illuminating:

Asked about a series of priorities, Canadians were comparatively more concerned about the job creation (38.4%), debt reduction (21.1%) and even tax relief (15.5%) than they were about strengthening pensions (12.5%). But, the dark cloud on the horizon is their worry about whether pension money is going to be there when they need it.

Although a majority of Canadians were more likely to be confident (55.9% somewhat confident/confident) that the CPP/QPP would be able to deliver on promised payments in the future, six in ten of Canadians believed that it was likely that the CPP/QPP would have to reduce promised pensions payouts (62.9% somewhat likely/likely).

Canadians were divided in the belief that private company pension plans would deliver payments to pensioners in the future (somewhat confident/confident 49.4%; somewhat not confident/not confident 46.5%). Seven in ten Canadians (69.6%) believes it is likely that private pension plans would have to reduce promised payments to pensioners in the future.

It remains clear, that the viability of public and private pensions is likely tomorrow’s next big public policy issue.

Priority Ranking Question: Please rank your first and second priority from the following list: [ROTATE] job creation, tax relief, strengthening pensions, investing in training, reducing the debt.

National (n=1,001)

First Ranked Job creation 38.4%
Reducing the debt 21.1%
Tax relief 15.5%
Strengthening pensions 12.5%
Investing in training 11.4%
Unsure 1.2%

Deliver on Public Pension Plan Question: Are you confident, somewhat confident, somewhat not confident or not confident in the following: The Canadian Pension Plan/Quebec Pension Plan will be able to deliver on promised payments to pensioners in the future.

National (n=1,001)

Confident 25.3%
Somewhat confident 30.6%
Somewhat not confident 14.9%
Not confident 25.8%
Unsure 3.4%

Deliver on Private Pension Plan Question: Are you confident, somewhat confident, somewhat not confident or not confident in the following: Company pension plans will be able to deliver promised payments to pensioners in the future.

National (n=1,001)

Confident 19.7%
Somewhat confident 29.7%
Somewhat not confident 18.1%
Not confident 28.4%
Unsure 4.0%

Reductions to Public Pension Plan Question: Do you believe the following are likely, somewhat likely, somewhat unlikely or unlikely to happen: The Canadian Pension Plan/Quebec Pension Plan will have to reduce promised payments to pensioners in the future.

National (n=1,001)

Likely 38.7%
Somewhat likely 24.2%
Somewhat unlikely 14.8%
Not unlikely 19.1%
Unsure 3.2%

Reductions on Private Pension Plan Question: Do you believe the following are likely, somewhat likely, somewhat unlikely or unlikely to happen: Company supported pension plans will have to reduce promised payments to pensioners in the future.

National (n=1,001)
Likely 40.9%
Somewhat likely 28.7%
Somewhat unlikely 12.6%
Not unlikely 12.8%
Unsure 5.0%

Let’s hope the CPPIB’s 25% exposure to the world’s Private Equity industry helps Canadians sleep better at night (see prior post “CPPIB’s 25% Private Equity concentration” Feb 21-10).

MRM