Pension stories: Vicki Robbins
Vicki Robbins is just finishing her first year of retirement as a defined benefit pensioner.
In her last few years of work, Vicki worked with a lot of young people, who she regularly advised would be "out of their minds" not to join their workplace pension plan.
"Often people would say 'I can't afford the deduction off my paycheque'," said Vicki, but she would remind them of the benefits, including that the employer also contributes. Most importantly: "you will have a defined benefit income when you retire for the rest of your life, which is as scarce as dinosaurs roaming the planet."
About People for Pensions
The People for Pensions program is one of several OPTrust initiatives intended to raise awareness about the overall value of defined benefit pension plans. Research has shown members and retirees of the OPSEU Pension Plan and OPTrust Select place a high value on their pensions, but sometimes plan members are not aware of all of the benefits of their pension plan – and in particular the benefits of having a defined benefit plan versus other kinds of retirement savings vehicles.
The People for Pensions program asks members and retirees of the OPSEU Pension Plan and OPTrust Select to share information with their peers, friends and families about the value of DB plans and how the DB model supports the economy.