When I discussed pensions, I talked about harmony among our policies, programs and the labour market. During the shortage period when the defined benefit pension plan was established, it was consistent with the need to retain workers who had to stay longer. In addition, life expectancy was 69 years of age. The period was limited. Today, those pension funds are expensive for employers who want to retain workers longer.
That used to be a retention tool, but it isn't any longer. We then saw the appearance of defined contribution pension plans, which are more popular today. The risk is transferred from the employer to the worker.
I said that pension funds can be a retention tool, but that was in a context where the mandatory age of retirement was 65, and life expectancy was 69 years. That tool has done its job. Now, it's very expensive for the employer.