Take a Stand with Canadian Pensioners

Take a Stand with Canadian Pensioners

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On August 1, Sears Pensioners outside of Ontario took a 30% cut in their pensions. That is after all pensioners lost their health and dental benefits. One month later, the court-appointed monitor recommended that the limited assets that remain would not be used to pay out Sears pensioners ahead of other creditors.  Sears pensioners were left high and dry.

 

Canadian seniors have worked hard all their lives and deserve to have their pensions protected.  We are calling on Prime Minister Trudeau and his government to protect the 1.3 million Canadians with defined benefit pensions in the event of bankruptcy ...

On August 1, Sears Pensioners outside of Ontario took a 30% cut in their pensions. That is after all pensioners lost their health and dental benefits. One month later, the court-appointed monitor recommended that the limited assets that remain would not be used to pay out Sears pensioners ahead of other creditors.  Sears pensioners were left high and dry.

 

Canadian seniors have worked hard all their lives and deserve to have their pensions protected.  We are calling on Prime Minister Trudeau and his government to protect the 1.3 million Canadians with defined benefit pensions in the event of bankruptcy.

 

The 2018 Federal budget included a pledge to consult on how best to support pensioners. Now is the time for government action!

 

Other G7 countries, including the U.K and the U.S., provide better pension protection than Canada.  

 

On October 15th, US-based Sears filed for Chapter 11 Bankruptcy protection. All 90,000 US Sears pensioners will be shielded from the fall out because the company’s long-term pension obligations, which were underfunded by over $1.5 billion, are being fully covered by the PBGC.  Meanwhile, Sears Canada Pensioners in all provinces except Ontario have been living with a 30% cut to their pension benefits since August, and elimination of their health benefits just 3 months after Sears announced its bankruptcy filing in June 2017.   


The PBGC announced on October 15, that it "has been working with Sears for several years to improve the funding of the company’s two defined benefit pension plans. PBGC expects that its guarantees would cover the vast majority of benefits earned under those Sears plans. If circumstances require, PBGC can step in and provide guaranteed benefits."


Without the proper protections, corporate pensioners in Canada can work their whole lives only to face poverty in retirement because our laws don’t protect them. That’s not fair. 

 

Pensioners deserve to have their retirement secured. It’s time for the federal government to take action and protect pensioners now.

 

Email your MP now!

 

This campaign has been approved by:

Canadian Federation of Pensioners

National Pensioners Federation

Canadian Labour Congress

CARP (Canadian Association of Retired Persons)

 

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