Putting Pensioners First
On October 25th, CARP created quite a buzz on Parliament Hill with our Put Pensioners First Campaign. We educated and lobbied MPs about the need for new legislation to better protect pensioners in the event of bankruptcy.
More than 20,000 people took action to support pension protection. You can too!
CARP’s visit to the Hill also garnered a lot of media attention which served to alert MPs to the importance of pension protection. Over 70 MPs showed up to learn more about how they could protect pensioners from losing their financial security. There was broad agreement from MPs that the current situation is unacceptable; many are ready now to support changes to the laws and most of the others wanted to learn more about pension protection. Read how Trudeau responds to growing anger over Sears Canada bankruptcy.
Thank you to MP Rob Oliphant for sponsoring CARP’s reception, and to all of CARP’s supporters who called and emailed their MP to meet with CARP. Here is the list of MPs that met with CARP:
We will continue to meet with, speak to, and educate members of Parliament until we have the reforms we seek. Bookmark this page to check in for progress updates and to find out how you can help each step of the way.
CARP’s Put Pensions First campaign was launched after Sears Canada said it would walk away from its unfunded pension obligations to 16,000 pensioners. The retailer has already eliminated health benefits and its pensions are at risk of a 20% reduction. Twenty thousand Canadians have already taken action to support CARP’s campaign.
Some politicians are beginning to take action: Bloc Québécois MP Marilène Gill has introduced Private Member’s Bill C-372. NDP MP Scott Duvall is calling for major legislative changes to better protect pensioners.
Is Your Pension At Risk?
When companies declare bankruptcy, pensioners and their pensions are given the short stick. The assets that are available go to secured creditors and executives walk away with their wallets unscathed. Over 20,000 employees of Nortel Canada, Indalex, Algoma, Grant Forest Products and others have had their pensions cut as a result of a lack of protection in existing laws. CARP wants to change that, arguing that in the event of bankruptcy, pensioners should have super-priority when assets are distributed. Please read more in our post: Is your pension safe?
Facts & Figures