Wednesday, January 11, 2012

How Nortel pensioners can state their case more compellingly

On the radio yesterday morning, I heard an interview with a Nortel pensioner talking about the aftermath of the severe cuts to their pensions and benefits. Unfortunately, he didn't make his case very compellingly. When the interviewer asked him to describe how it affected his life, he said something about how he and his wife have to sit down and budget and figure out if they can afford expenditures. But that's not going to elicit sympathy in those who aren't already onside - people are going to say "So what? That's how real life works."

So here, with, as Col. Brandon says, an earnest desire to be useful, are some starting points for Nortel pensioners and others in similar positions to make their case more compellingly.

What decisions did you make in your working life that you would have done differently if you'd known you weren't going to have the promised pension or benefits? Did you work full-time for the purpose of increasing your pensionability, even though you didn't need the income? Did you stay with the job rather than pursuing a higher-paying or more rewarding alternative so that you'd have a pension? Did your spouse forgo pursuing pensionable employment to pursue their dreams or stay home with the kids or go back to school or have a go at starting a business because you had the security of your pension?

How would you have scheduled your retirement differently if you'd known you weren't going to have the promised pension or benefits? Would you have stopped working when you did? Have you been out of the workforce for 10 years and suddenly have to make money? What about older retirees - is there anyone whose dementia started setting in around the time pensions are eliminated so now they can't work and need more expensive care, but still have a decade or two of life expectancy left?

How would your financial planning have been different if you'd known you weren't going to have the promised pension or benefits? How much money did you pay into your pension anyway? Did you ever get any of that money back? By how much were your RRSP limits reduced each year? How much compound interest have you missed out on? Can you afford your home? Do you now have to live somewhere less pleasant, less safe, less convenient, less conducive to aging in place? Are there now bugs crawling out of your walls?

How would your basic life decisions have been different? Did you pay for your kid's wedding or your parent's nursing home only to discover that now you'd be much better off with that money back? Did you put one kid through university and now can't afford to do so for the other? Are you locked into a three-year iphone contract? Do you now have to ration your cheese intake? Would your family planning decisions have been different?

How does this affect your health? Can you no longer afford the proton pump inhibitors you need to eat adequately or the acupuncture you need to relieve your chronic pain? Have you cut back on dental care? Is your glasses prescription current? Will you have to have your dog put down earlier than you otherwise would because you can't afford the lifesaving veterinary treatments?

Tell people, in specific terms they can identify with, how the pension cutbacks have affected your everyday life. Tell them about choices you made that were sensible and prudent with the assumption that you'd get the pension you were promised, but that you would have made differently if you'd known that you wouldn't get the promised pension. Keep at the forefront of your message the fact that you were promised more, and not only planned accordingly but paid commensurate contributions into the pension plan. That's far more compelling than vague statements about having to budget.

1 comment:

laura k said...

It would be great if you could send this to someone (maybe through Facebook?) speaking for Nortel pensioners. It's excellent and I guarantee it will be useful and appreciated.