CARP recently joined advocates including the Canadian Federation of Pensioners and Canadian Network for the Prevention of Elder Abuse in urging the government to step up and protect vulnerable pensioners.
Under current law, when companies go bankrupt such as happened with Sears, the assets of the failed company are divided and banks get paid first. The unexpected loss of income from an incomplete pension can plunge the vulnerable into poverty.
Pensions are deferred wages, earned while Canadians are working and paid after they retire. Pensioners and active plan members deserve the full pension that they have earned and their employers committed to.
4.3 million Canadians rely on defined pensions for financial security in retirement. The NDP, CPC, BQ, and GPC all support protection for defined benefit pensioners.
According to CARP Chief Operating Officer, Bill VanGorder, “Pension protection is a concrete way to effect real change for seniors at no cost to taxpayers.”
READ the open letter to the government