Canadian seniors have worked hard all their lives and deserve to have their pensions protected. We are calling on Prime Minister Trudeau and his government to protect the 1.3 million Canadians with defined benefit pensions in the event of bankruptcy.
On August 1st, Sears Pensioners outside of Ontario took a 30% cut in their pensions. That is after all pensioners lost their health and dental benefits. One month later, the court-appointed monitor recommended that the limited assets that remain would not be used to pay out Sears pensioners ahead of other creditors. Sears pensioners were left high and dry.
Other G7 countries, including the U.K and the U.S. provide better pension protection than Canada.
Pensioners deserve to have their retirement secured. It’s time for the federal government to take action and protect pensioners now.
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