Workers should be able to rely on their pensions. Unfortunately, all too often, we have seen workers forced to take big cuts to their pensions when, due to bad management or changes in the economy, the company they work for goes bankrupt.
It’s time for the government to better protect pensions.
Canada’s Conservatives will change legislation to ensure that pensioners have priority over corporate elites in bankruptcy or restructuring.
We will also better protect pensions by:
• Preventing executives from paying themselves bonuses while managing a company going through restructuring if the pension plan is not fully funded;
• No longer forcing underfunded pension plans from being converted to annuities, something that currently locks in losses and results in workers getting less money; and
• Requiring companies to report the funding status of their pension plans more clearly
Chris Lewis in a Conservative Government!
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