On November 23, Parliament voted unanimously to support Bill C-228. This legislation will protect millions of Canadian seniors and their families who rely on defined benefit pensions for their financial security in retirement.
This Bill is now before the Senate. To ensure it passes the Senate and receives Royal Assent, BCRTA has provided a link to email the Senate and express support for Bill C-228.
Protection for defined benefit pensioners is long overdue. Federal insolvency and pension laws currently favour the protection of big banks and executive bonuses over financial protection for pensioners. This needs to be fixed.
Together, we can bring peace of mind to millions of defined benefit pensioners across Canada.
Thanks to your support, pension protection for millions of vulnerable Canadian seniors is within reach.
Click the link to see the gift-wrapped CFP new mode link to senators.
**Background from BCRTA Pensions and Benefits Committee
Bill C-228 is a private member’s bill that would protect private sector employees in the case of company bankruptcy where there is an unfunded liability in their defined benefits pension plan. It would establish “super-priority” for company Defined Benefit (DB) pension plans in settling the assets of a bankrupt company, putting pensioners ahead of banks and other secured creditors.
The Bill survived several attempts to weaken its provisions at committee stage in the House, and passed Third Reading in the House on November 23 with a unanimous vote. It now moves to the Senate, where it faces lobbying against it from investment industry groups like the ACPM (Association of Canadian
Pension Management). First reading in the Senate was done on November 24. It may reach Third Reading sometime in March 2023.
The BCRTA (and the BCRPVPA) supports DB pensions for all, recognizing the value of a secure, defined benefit retirement income for seniors.
Arnie Lambert President BCTRA