CARP Demands: Put Pensioners First - CARP



2018 Federal Budget Only Mentions Pension Protection Strategy

Finance Minister Bill Morneau stated in the 2018 budget that the government will be consulting with workers, pensioners and businesses on how best to ensure secure retirement for Canadians. It’s a step in the right direction but we must keep the pressure on politicians. CARP will continue to engage its members and concerned citizens to hold the government accountable for protecting pensioners.

Vote for Employee Pension Protection Strategy

During the 2018 Liberal National Convention in Halifax, Liberals from across Canada will debate new policy resolutions. Over 1,200 comments were made by Registered Liberals in its online policy discussion forum last month, and now it’s decision time. If you are a Registered Liberal — you can vote on which 30 resolutions will make it to the Convention floor. Vote for #7 Employee Pension Protection Strategy – by Sunday, March 18th. Not a Registered Liberal? You can register for free.

Send a strong message to this government that they can no longer ignore the moral obligation to do right by pensioners.

Why won’t the Government make pensioners a priority?

In recent months, Sears Canada was exposed for paying out millions to its executives and owners, while walking away from its pension obligations . Sears’ funding priorities and subsequent insolvency has put more than 16,000 pensioners at risk of losing 20% of their pension, as well as their health, dental and life insurance benefits. Imagine if your employer asked you to take a 20% cut in pay?

The problem with this – other than the obvious – is that Sears’ actions are legal. Legislation allows companies to maximize its returns and pay out secured creditors, like banks and bondholders, before its pensioners. That’s why CARP, the Canadian Federation of Pensioners and Leadnow are demanding that the Liberal Government show leadership and change the law to make pensioners a super-priority. To move them to the front of the line so pensioners are paid in full before secured creditors are paid a dime.

What action is needed?

Specifically, CARP and its supporters are asking the Federal Government to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to give pensioners super-priority.

More than 40,000 concerned Canadians have taken action to support amendments to Canada’s bankruptcy laws to protect pensioners by giving them super-priority.

But the Government hasn’t responded to the public, and pensioners’, concerns.

Why the silence?

There’s a myth that it’ll  have a significant negative impact on the bond market. But history – and CARP’s latest White Paper refutes this. Read Super-priority for Pensioners: An Impact Assessment and Policy Prescription.

Read Related Stories:CARP Stakeholder Reception

Why is Super-priority the Best Solution for Protecting Pensioners?

Put Pensioners First: The Issue, History, and Solution.

Sears Shouldn’t Be The ‘Business Story of the Year’

What are the parties doing, or not doing, to protect pensioners?

CARP Meets with Dozens of MPs to demand pension protection.

Making Pensioners a Super-Priority, by Wanda Morris originally published in the National Post.

Is Your Pension At Risk?

Facts & Figures

    • More than 16,000 Sears Canada pensioners face combined pension losses of $250 million since Sears became insolvent in June, 2017.

 

 

    • In 2015, 4.2 million employees had defined benefit pension plans according to StatsCan; 1.3 million of them are with private companies that face the risk of bankruptcy or restructuring.

 

 

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Related

Take Action Now

Email Your MP to Put Pensioners First

Please urge your MP to support new laws to protect pensioners in the event of bankruptcy. Pensioners’ financial security and livelihoods depend on it.

Demand the Federal Government:

  • Amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act so pensioners rank ahead of secured creditors in priority of repayment of obligations.

Take Action: Email your Federal Representatives

Sign CARP’s Petition to Put Pensioners First

Demand the Federal Government:

  • Amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act so pensioners rank ahead of secured creditors in priority of repayment of obligations.

Demand Provincial Governments:

  • Make company funded pension insurance mandatory for all provinces. Ontario retirees have some protection. All pensioners should have at least as much.

Become a CARP Member

Join 300,000 Canadians advocating for better health and financial security while receiving membership benefits. Improve lives while getting access to discounts and everyday benefits.

Party calls on the government to protect pension security

 

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Letters from Sears Pensioners

 

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Letter from a Sears Pensioner’s Widow

 

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Sears Shouldn’t Be The ‘Business Story of the Year’

 

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ZNews: CARP on Parliament Hill

 

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Super-priority for Pensioners: An Impact Assessment and Policy Prescription

 

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Why is Super-priority the Best Solution for Protecting Pensioners?

 

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What are the parties doing, or not doing, to protect pensioners?

 

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What is This Former Pro-athlete and Sears Pensioner Most Worried About?

 

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Is a New Bill to Protect Pensioners on the Way?

 

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Craving Justice

 

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My Pensioner Story

If you are a Sears Pensioner, please share your story with CARP. We need to hear from YOU!

Email [email protected]

Add your voice to over 300,000 Canadians!