Finance Minister Dwight Duncan is set to unveil what his government is calling major changes to Ontario's pension system.

 

The government says the broad package is intended to create a system that will be better able to withstand economic turmoil.

 

The
changes are expected to deal with Ontario's pension benefits guarantee
fund, which provides pensioners with up to $1,000 a month if a plan
fails to provide its full benefit, or any at all.

 

Duncan is set to make his announcement during the noon hour.

 

Ontario is the only province that has such a fund, and the government has admitted that it's dramatically under-funded.


Duncan has said the changes would be more controversial than the ones he made in December, which were technical in nature.


They
included clarifying benefits for people who are affected by layoffs,
eliminating partial pension windups after 2011, and making it easier
for plans to restructure when companies do.


The government says it's the first major change to the pension system in 20 years.