British savers can't cash in on our building boom (But those in Canada can)

By

James Burton For The Daily Mail

Published:
17:58 EDT, 31 October 2016

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Updated:
17:58 EDT, 31 October 2016

For Vic Genova, retirement came as a ‘pleasant surprise’. After decades of teaching, he and his wife Linda were ready to enjoy time away from the classroom. But unlike many British workers, the Canadian couple were happily unencumbered with anxiety about the future.This was because the couple – who retired aged 55 and 56 – had the good fortune to have their savings in the Ontario Teachers’ Pension Plan. It is a £104.6bn pension fund which looks after the retirement savings of 316,000 people.It’s a long way off being the world’s biggest fund, but it is one of the best.

Pension benefits: Unlike many British workers, Canadians are happily unencumbered with anxiety about the futureA typical high school teacher in Canada earns around £33,000 a year. Yet savers in the Ontario scheme get almost that much again in retirement – …