Public sector pensions are in the Tories cross-hairs, pointing to large payouts for retired workers.

Progressive Conservative leader Tim Hudak wants public pensions to resemble those in the private sector - defined contribution plans.

Hudak says the system which is in place now sees retired employees receiving more money than they put in.

He also suggests to put in place a higher retirement age, specifically for teachers.

Both Premier Kathleen Wynne and Finance Minister Charles Sousa stress the province has reached agreements with three public sector unions to freeze pension rates for five years.

Sousa says it will save the province $1.5 billion dollars.