Espace Michel Lizée
Mr. Retirement
Michel’s Role in Advocating for Complementary and Public Pension Plans
In the Canadian retirement system, it is undeniable that public pension plans provide retirees with lifetime benefits, indexed to the cost of living. However, it is equally clear that these incomes are insufficient to lift seniors out of poverty, let alone allow them to maintain their standard of living in retirement. That is why, to ensure financial well-being during their retirement years, it is essential for workers to participate in a pension or retirement savings plan.
As an economist, researcher, and activist, Michel Lizée found it unacceptable that so many people were forced to live below the poverty line as they approached retirement. Throughout his career, Michel Lizée, also known as “Mr. Retirement,” proved to be a passionate advocate for pension plans, upholding strong commitments:
As an economist, researcher, and activist, Michel Lizée found it unacceptable that so many people were forced to live below the poverty line as they approached retirement. Throughout his career, Michel Lizée, also known as “Mr. Retirement,” proved to be a passionate advocate for pension plans, upholding strong commitments:
1.
Improving public pension plans, benefiting the entire system.
2.
Promoting complementary pension plans, highlighting the advantages of defined benefit plans when they are properly managed.
3.
Emphasizing the importance of defined benefit pension plans tailored to employment sectors that do not have access to standard retirement plans, such as those in large companies. This is how he contributed to the development of the RRFS-GCF model.
These various commitments led Michel Lizée to play a dual role, both as a whistleblower and as a provider of concrete solutions for the defense of pension plans.
His Role in Improving Public Pension Plans
Public pension plans in Canada consist of three distinct programs: the Old Age Security (OAS), the Guaranteed Income Supplement (GIS), and the Québec Pension Plan (QPP), as well as its equivalent, the Canada Pension Plan (CPP).
Michel Lizée repeatedly emphasized the minimalist nature of this Canadian retirement system. He argued that public pension plans provide only a basic lifetime income, indexed to the cost of living, but which remains far below the poverty line, failing to maintain retirees’ standard of living.
For example, in an article published on the website of the Centrale des syndicats du Québec (CSQ), Michel warned that even for those who contributed the maximum to the QPP throughout their professional lives, total income remains barely $5,000 more than the minimum paid to those without any other income. This reality keeps retirees at or below the poverty line and does not guarantee adequate wage replacement to maintain their pre-retirement standard of living.
Thus, Michel Lizée consistently advocated for the improvement of public pension plans to ensure that individuals who contributed and worked throughout their careers receive vital guarantees in retirement, allowing them to rise out of poverty and maintain their standard of living.
Michel also played a key role as a trainer, sharing his knowledge of the Canadian pension system with thousands of people through UQAM’s Community Services and the training programs developed for the RRFS-GCF. His remarkable contribution to financial literacy was always accompanied by advocacy for the improvement of public pension plans.
Michel Lizée repeatedly emphasized the minimalist nature of this Canadian retirement system. He argued that public pension plans provide only a basic lifetime income, indexed to the cost of living, but which remains far below the poverty line, failing to maintain retirees’ standard of living.
For example, in an article published on the website of the Centrale des syndicats du Québec (CSQ), Michel warned that even for those who contributed the maximum to the QPP throughout their professional lives, total income remains barely $5,000 more than the minimum paid to those without any other income. This reality keeps retirees at or below the poverty line and does not guarantee adequate wage replacement to maintain their pre-retirement standard of living.
Thus, Michel Lizée consistently advocated for the improvement of public pension plans to ensure that individuals who contributed and worked throughout their careers receive vital guarantees in retirement, allowing them to rise out of poverty and maintain their standard of living.
Michel also played a key role as a trainer, sharing his knowledge of the Canadian pension system with thousands of people through UQAM’s Community Services and the training programs developed for the RRFS-GCF. His remarkable contribution to financial literacy was always accompanied by advocacy for the improvement of public pension plans.
His Role in Improving Defined Benefit Plans
Coming soon…
Words from Michel Lizée
“People simply have no idea of the very low incomes that await them in retirement if they do not establish a retirement plan. I always say that, even if one does not earn a high salary, one simply cannot afford to be without a retirement plan.”
