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Life & Family

Personal Income Security Account(PISA)

Introduce a Personal Income Security Account.

A Personal Income Security Account (PISA) would provide a portable investment portfolio, vested in the name of each worker, for health, employment and retirement benefits. 

This plan was proposed for Canada in 1980 by a Christian politician, Dr. Robert N. Thomson*. It was rejected by Parliament, but a few years later it was adopted by Chile, and later by Ireland.

How will this plan work?

Beginning with an individual’s first job, they and their employer, or a self employed individual, would contribute to the plan as a source deduction, just as Canadians do now with CPP and EI and, in Ontario, the Health fund. A percentage of an individual’s income would begin to accumulate in his or her account: half contributed by the employee and half by the employer. The funds would accumulate dividends, compounding them, tax-free.

In the event of some unforeseen circumstance, like unemployment or illness, the individual would be allowed to withdraw up to a maximum (eg 15%) per year of what had accrued in the account. After having reached this maximum, the individual could access government assistance.

The account would never be completely depleted, but would continue to grow.

Welfare, disability and healthcare would continue to be government programs for those without employment earnings or who exhausted their maximum yearly PISA withdrawal. We will always have people in need through no fault of their own and we must care for them with the utmost compassion. As a party we believe very strongly in individual responsibility and accountability, but not disproportionately to compassion.

This policy would foster an ethic of individual responsibility in the majority of people, reduce payouts as a result, and therefore allow us to take care of the truly unfortunate much better. 

Voters would do well to seriously consider the CHP’s better solution for personal income security.


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