CFP’s Past President, Bob Farmer, recently spoke out on the upcoming changes to Ontario’s safety net for pensions and how these changes will not offer much more protection for pensioners with underfunded pensions (such as Sears, Nortel or Stelco) than what is in place today.
Bob’s timely OpEd, in today’s Toronto Sun, covers CFP’s novel concept, presented to various MPPs on Advocacy Day, to provide 100% protection for pensioners in Ontario with a slight modification of the PBFC rules. The CFP proposal would assess a levy on all underfunded plan sponsors to help cover pension plan failures; typically due to companies going bankrupt.
CFP has been vocal on advocating for pension protections across Canada for over a decade, and works with governments, policy makers and pension members organization to raise awareness on pension failures and the protections needed for all Canadians.
You can read Bob’s editorial here:
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