Pension coverage is shrinking. It’s an open secret that today’s young people are looking at retirements less prosperous than their parents enjoyed. The have and have-nots of tomorrow will be defined by who does and doesn’t have a pension.

The federal government has proposed a new pension scheme: pooled registered pension plans (PRPPs). In a paper published by the C.D. Howe Institute, in August, James Pierlot explained why this scheme will do little for the middle class and in fact could put many Canadians in a worse financial position.

With …