CANADA - The five unions representing Air Canada workers are calling on the Office of the Superintendent of Financial Institutions (OSFI) to force ACE Aviation Holdings to fund Air Canada's pension plan before being permitted to wind-up the holding company.
The unions said Koskie Minsky, the law firm representing the unions, called on OFSI to take immediate steps to ensure Air Canada plan members and pensioners were adequately protected.
ACE is the parent company of Air Canada and was created in 2004 with the re-emergence of Air Canada from bankruptcy protection. It owns 75% of Air Canada shares.
Unions said they represented approximately 5,000 Air Canada workers across the country in customer service and sales.
They added Air Canada's third quarter financial statements show a loss of C$298m (US$244m) for the first nine months of 2008.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.