NDP demand government action on pension protection
Source: New Democratic Party
Published: April 21st 2009

New Democrat Pension Critic Wayne Marston and New Democrat Finance critic Thomas Mulcair outlined the series of New Democrats initiatives to force the government to protect pensions and the retirement savings of hard working Canadians.

In the next 9 weeks New Democrats will use their balance of power to make gains for the middle-class and the vulnerable. Following yesterday’s focus on reforming the employment insurance program, today’s press conference focused on the measures required to secure retirement savings.

New Democrats will focus on protecting public pensions, pursuing the issue on a variety of fronts including bringing the issue before the Finance Committee, a National Seniors’ Consultation Tour, and a private member’s bill that promotes transparent investment practises for CPP fund investment managers.

Marston has also tabled Bill C-361 designed to protect the pensions of all individuals who work for federally regulated businesses. There are 400 defined-benefit plans that will be affected.

New Democrats are also calling for the creation of a Pensions Guarantee Fund which will ensure that Canadian workers actually receive the retirement benefits they have earned, even if their employer goes out of business.

“Our taskforces have been listening to Canadians across the country, and Canadians have said loud and clear that they want to see their pensions protected,” said Marston. “New Democrats are stepping up to the plate because the government is sitting idle while Canadians see their pension funds devastated. We won’t let them get away with it.”

“It’s time for this government to take immediate action to protect pensions and New Democrats are committed to holding them to account,” said Mulcair.