The firm’s research also revealed that half of Canadian physicians aged 40+ do not have a financial plan, 20% worry about making ends meet each month, and nearly half were struggling to save for retirement.
long awaited
Announcing new pension plans isn’t common in Canada, and the physician community has been demanding its plan for decades, says Daniel Labonte, MD, president and CEO.
He added, “With Scotiabank’s deep technical experience in pensions, investments and governance, along with MD’s special focus on physician financial security, we are excited to be able to deliver the long-sought solutions physicians desire. “
The two firms developing the new plan intend to work with partner organizations representing physicians to develop the plan.
Medicus pension plans will provide a lifetime pension based on a physician’s individual income and years of service with their medical corporation, while aggregating the investment, longevity and economic risks across all plan participants.
