SoVote

Decentralized Democracy

House Hansard - 132

44th Parl. 1st Sess.
November 22, 2022 10:00AM
Context: House Hansard - 132 - Nov/22/22
Mrs. Kelly Block (Carlton Trail—Eagle Creek, CPC)
Madam Speaker, I am pleased to rise and speak to my colleague's bill, Bill C-228. I would like to thank the member for Sarnia—Lambton for introducing this bill and providing me with the opportunity to participate in this debate. This bill comes at an important time for Canadians. Bill C-228 seeks to protect the pensions of workers in the private sector so that when a company goes bankrupt, pensioners receive the benefits they have worked long and hard to receive. It combines elements from previously introduced bills and would do three things. First, it would require that an annual report on the solvency of pension funds be tabled in the House of Commons. Second, it would provide mechanisms for companies to transfer funds to keep their pension funds solvent. Third, in the event that a company does go bankrupt, pensions would be paid out ahead of large creditors and executive bonuses. For better clarity, not only does the bill seek to ensure that pension funds remain solvent by requiring annual reporting that demonstrates the pension funds are fully funded, but it would protect Canadian workers' pensions, as it creates mechanisms to help companies keep their pension plans solvent. Should a company's pension fund become insolvent, they will be able to transfer money into the pension fund without any tax implications. Encouraging companies to keep their pension funds solvent and providing them mechanisms that help them to achieve that is something that ultimately helps and protects working Canadians. The solvency of pension funds is especially important now, as we are in a cost of living crisis. Seniors in particular are struggling at this time, as they live on fixed incomes that are being stretched by rising prices and inflation, which the government is fuelling with its inflationary spending. The government continues to deny the consequences of its inflationary spending, but we are confronted by them daily. Canadians call me every day asking how the government expects them to keep up with the rising prices that are being caused by the government's out-of-control spending. The government has created an unpredictable economy with record-high inflation. Now, with its plan to triple the carbon tax, Canadians living on fixed incomes are being pushed to their limits. With the unpredictability of the economy, record high inflation rates and the Liberal plan to raise taxes, the protection of pensions is vital. Canadians need to be secure in the knowledge that their pensions, which they have contributed to for many years, will not be at risk of disappearing overnight. As inflation continues to rise, those who rely on pensions from the private sector are more vulnerable. They have to worry not only about their monthly payments being stretched thinner and thinner, but also that the company paying their pension may go bankrupt and use the pension fund to pay off its debts. Over the past two years, we know that many businesses have struggled, many have not survived and many may be on the verge of making the decision to close their doors. Should this happen, many people may find their pensions at risk. Pensioners should not have to worry about the security of their pension. The dream of retiring for Canadians should not be washed away because the pension fund of their company was used to pay off debts and give bonuses to executives. That is why our party believes that pension plans should be invested by independent trustees for the benefit of employees and should be held at arm's length, not accessible by a company or its creditors. By doing this, the pension fund will be solely focused on serving the workers who are contributing to it and drawing pensions out of it, and we will remove the ability for corporations to interfere with pension funds or cause them to become insolvent. Another important aspect of this bill, supported by the independence of pension funds, is that in the event of bankruptcy, paying out pensions would become a priority, ensuring that seniors are not left behind. This will ensure that the many years of hard work by Canadian workers will still be rewarded with the pensions they have earned. It will also ensure that even in the case of bankruptcy, the dream of retirement will not be lost. Canadians will still be able to depend on the investments they have made in their companies' pension funds and plan for the future. I am sure many of my colleagues in this place have heard from Canadians that they are finding it difficult to plan for their future when there is so much uncertainty due to the Liberals' inflation and the rising taxes. This bill provides an opportunity for members to vote in favour of giving Canadians security in their golden years, allowing them to retire and enjoy the fruits of their labour. The purpose of this bill is very clear. We want to protect the pensions of hard-working Canadians. The bill seeks to bring more stability to private pension funds and ensure that Canadians do not lose out. It is a step towards giving Canadians more certainty and control over their own lives and hard-earned money, making sure the money they have earned ends up in their own pockets. I know similar bills have been introduced in the House previously, and I am happy to see that Bill C-228 has had broad support among other parties. Again, I want to thank my hon. colleague from Sarnia—Lambton and hope to see more initiatives in the House to help support Canadians.
939 words
All Topics
  • Hear!
  • Rabble!
  • star_border