CALGARY – British Columbia farm women are investigating how a reformed old age pension plan could affect their future.
The B.C. farm women’s network and women’s institute want to know if farm women have thought about retirement and their future money needs, especially if the Canada Pension Plan is changed drastically or eliminated.
“If all that’s going to go, what are you going to replace it with,” asked Oliver rancher Elizabeth Mann. She is co-ordinating the study with a steering committee and a research company.
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They want the research done before Ottawa starts public consultations on pension reform later this fall.
Mann said there is no research specifically talking about farm women’s concerns.
“We’re never studied as anything very distinct. We’re considered like everybody, but we’re not like everybody,” she said.
While farm incomes are always tenuous, B.C. presents some unique problems because of farm ownership, diversity of commodities and ranges of income, said Mann.
About 40 percent of farms in the province are owned solely by the husband so the wife likely doesn’t receive wages or contribute to any pension plans because she doesn’t officially have an income.
As well, there are years when farmers lose money and they are unable to contribute to a plan including Canada Pension.
Besides these dilemmas, the survey will also ask:
- Will you need a government pension to provide sufficient retirement income?
- Do you envision keeping your farm or selling it as a retirement package?
- Do you have a registered retirement savings plan or other private savings programs?
- Do you have off-farm income?
- If you don’t have enough money to live on where will you get enough money?
Statistics Canada has found women working in agriculture make only 64 percent of what men earn, and a quarter of them are 55 years of age or older. Studies also reported women aged 45 to 54 are likely going to be poorer as they get older, since demands for reduced government spending places pension plans and retirement savings plans in jeopardy.
Anyone in B.C. who wants to contribute to the study should call 604-498-4268.
