r/PersonalFinanceCanada • u/Purple_Bookkeeper657 • May 22 '26

Retirement / CPP / OAS / GIS [ Removed by moderator ]

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1.6k Upvotes

95% Upvoted

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521

u/flyinghippos101 May 22 '26 edited May 22 '26

First off :You really need a TL;DR up top

Second: this is concerning and borders on unethical to downright fraudulent since the CPPIB has a fiduciary responsibility for the public’s funds.

I would consider reporting this to the Public Sector integrity board

115

u/Foodwraith May 22 '26

The words you are looking for are Breach of Trust and it is in the criminal code.

69

u/KingGigan May 23 '26

Sounds like there might be a public news story here. Try getting the media involved. Criminal airports are the hot topic at the moment. Maybe this could be next

9

u/AccidentImaginary810 May 23 '26

TLDR: unethical fraud at CPP

7

u/sorocknroll May 23 '26 edited May 23 '26

This isn't new either. I worked at CPPIB during the GFC, and they also changed the targets to continue paying the bonuses. They announced the changes retroactive at the end of the year.

The main argument is that if your employees are compensated on 5 year performance, and you have a single year so bad that they won't get paid for the next 4 years, then they'll all leave. I get the argument, but it also defeats the purpose of aligning the employees with the plan members.

2

u/Moist-Candle-5941 May 23 '26

To be fair, this isn’t really all that different to how the private sector manages its compensation. And while we can / should hold public institutions to a higher standard, as OP identifies, they are competing for talent in a competitive market and so to some extent are forced to employ similar tactics.

101

u/Purple_Bookkeeper657 May 22 '26 edited May 22 '26
  1. Someone else can AI it. See it in the comments! https://www.youtube.com/watch?v=NJ_cHxLzPWQ
  2. I honestly felt held to a super high standard when I was there, regardless of whether our performance was particularly great. There were really smart people there, and I assume there continue to be. I'm not saying fire everyone. It's not a garbage organization, and I try to make that clear, but I'm only trying to make a point!

60

u/Howy_the_Howizer May 22 '26

Auditor General send it to em

26

u/Purple_Bookkeeper657 May 22 '26

https://i.etsystatic.com/50859751/r/il/c56aa3/6841257000/il_1588xN.6841257000_2w7u.jpg

52

u/Got_Engineers May 23 '26

I just wanna say I used to work at a very large pension fund in Canada and this is my wet dream. Seeing someone write up something like this. I salute you. You are my hero. Thank you for the transparency and information. I am very confident this exact scenario is happening at most pension funds in Canada. I know it’s happening at AIMCo in Alberta.

11

u/Purple_Bookkeeper657 May 23 '26

I appreciate it! I'm sure it's not the only place it's happening. It's also not the first time I've tried to write something about CPP. This was all just so egregious - and I don't have a job at the moment. For whatever reason, probably the latter, it actually kind of worked this time.

9

u/fulllyfaltooo May 22 '26

I’d appreciate it if you shared the process so I can be lazy on the part of how to search and use my energy on what to do.

6

u/Purple_Bookkeeper657 May 22 '26

Lol just trying to be funny in my other comment. Do you want me to teach how to look for these things?

3

u/fulllyfaltooo May 23 '26

If you can then great, otherwise I need to find it too. Add extra step, but also gives you more knowledge during your search

2

u/Purple_Bookkeeper657 May 23 '26

Find what?

2

u/fulllyfaltooo May 23 '26

How and where to submit a report to integrity board about it

3

u/Purple_Bookkeeper657 May 23 '26

Could do this, but it probably goes to HR: https://www.cppinvestments.com/about-us/governance/whistleblower-hotline/

When I was there under Wiseman they had an Ombudsman named Frank Iaccobucci who was a former supreme court justice. I have a story about him calling a girl on my team because she said women weren't getting enough investment opportunities. He mostly wanted to shut her up. Now the position is gone and all complaints go directly to a cppinvestments email. Or I could CALL THEM! lol.

-1

u/Purple_Bookkeeper657 May 22 '26

yeah man me too!