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 Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.