Canadian Federation of Pensioners Calls on the Pension and Banking Sectors to Support C-228
TORONTO, Nov. 29, 2022 /CNW/ – Last week, Bill C-228 was passed, receiving unanimous support in Parliament. This legislation will protect millions of Canadian seniors and their families who rely on defined benefit pensions for their financial security in retirement.
C-228 was heralded by organizations representing seniors and pensioners across the country and has received widespread media coverage.
Yet rather than recognizing this landmark achievement in protecting vulnerable seniors and pensioners, the Association of Canadian Pension Management (ACPM) issued an open letter, outlining its objections to pension protection.
In response, the Canadian Federation of Pensioners, a volunteer-led organization representing 22 Canadian retiree organizations and 300,000 members, is renewing calls for the pension and banking industries to support this legislation as it makes its way through the Senate.
“By opposing this legislation, banks and pension sector organizations are putting their own interests ahead of the financial security of millions of Canadian seniors,” said Michael Powell, President, Canadian Federation of Pensioners. “Canadians who worked hard all their lives and paid into their pensions deserve to have those pensions protected.”
Just ask pensioners like Audrey and Ron, Sears retirees whose pensions were dramatically cut when the company went bankrupt. At 79 years old, Audrey and her husband must decide between paying for a prescription, groceries, heating, or doctor’s bills.
Ron was forced to go back to work at age 72 to pay off debts incurred during his wife’s cancer treatment. He lives in constant fear of losing his home, having lost over 20% of his pension income due to Sears’ insolvency.
Audrey and Ron are just two examples of the estimated 250,000 Canadian seniors, since 1982, who have faced financial insecurity and poverty when their former employer filed for insolvency with an underfunded pension. These are real people facing real hardships because until now, Parliament has consistently sided with big banks, lenders, and insolvency sector lobbyists.
The Canadian Federation of Pensioners is calling on the pension and banking sectors to abandon their opposition to this bill and urges the Senate to pass C-228. “It’s time to put Main Street ahead of Bay Street and protect Canadian pensioners,” said Mr. Powell.
SOURCE Canadian Federation of Pensioners