CANADA - New Democrat member of Canadian Parliament John Rafferty tabled a bill which would grant ‘secured' status to pension funds during bankruptcy proceedings and restructuring.
Rafferty's bill would give underfunded pension plans priority over other creditors following any bankruptcy or restructuring process.
"Shoring up Canadians' retirement security is a top priority for New Democrats. But a full month after his Throne Speech committed to help workers on the brink of losing their pensions, Stephen Harper [Canadian prime minister] still hasn't acted," New Democrat leader Jack Layton said.
The bill was prompted by recent cases, such as the one of Nortel, where the company went into administration last year and the fate of its pensioners is still uncertain. (Global Pensions, March 12, 2010)
New Democrat Critic for Seniors and Pensions Wayne Marston said the problems faced by former Nortel workers were another prime example of why the pension security bills are necessary.
"Nortel made pension commitments to its people, and it should follow through on those commitments," Marston said. "The government must act to protect pensions, otherwise the taxpayer will end up picking up the tab for the social assistance that folks will apply for."
The office of the canadian prime minister did not immediately reply to an email seeking comment.
The Environment Agency Pension Fund (EAPF) has joined a coalition of 88 investors to demand companies disclose more information on environmental impact.
The cross industry guaranteed minimum pension (GMP) equalisation working group has formed five sub-committees to each work on a key component of the guidance.
KAS Bank has launched an end-to-end cost transparency solution for defined contribution (DC) schemes to assist in the delivery of chair's statements.