The Canadian Federation of Pensioners (CFP) President, Mike Powell, recently spoke out on the lack of pension protection in federal insolvency legislation across Canada.
Mike’s Op Ed, published in the Toronto Star, points out that while there has been a firestorm of interest generated by the way Sears has treated employees and pensioners, Sears should not have been the Canadian Press Business Story of the Year for 2017. Had governments moved to address weak insolvency legislation during past insolvencies, not only would Sears retirees have been protected but so would retirees from Nortel, Wabush Mines, Indalex, all having their pensions impacted by their employers’ bankruptcies.
The Canadian Federation of Pensioners has long supported extending super-priority status to pension deficits in the event of employer insolvency. This position is supported by CARP and others in Canada.
The 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 pension protections needed for all Canadians.
You can read Mike’s editorial in the Star by clicking here.
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