LETTER: Member’s pension bill deserves public’s support

During the over 25 years I’ve lived in this area as a retiree, I’ve heard many acquaintances/friends speak about how their company pensions have been partially/totally eroded. This is due to the fact that the company they had worked for had filed for bankruptcy. In our country, the laws surrounding bankruptcy do not support employees or pensioners.

Last week I attended a town hall hosted by our MP, Gord Johns. He had a speaker, Scott Duvall, MP for Hamilton/Mountain and the NDP critic for pensions, give a present ation on the Canadian laws surrounding company bankruptcy. The latest one we’ve heard about through the media is Sears. When workers pay into a pension fund during their 30- to 40-year working careers, they expect it to be there for their retirement. It is NOT a gift from the company; rather, a fund paid into by the workers.

Once bankruptcy is declared by the company, rather than fully fund the pension fund (which is usually underfunded at the time of bankruptcy), the assets of the company are paid out to the shareholders, board of directors, the banks, the parent company (usually located in the USA) and the creditors. What is left (which is usually very little, if anything) is then awarded to the employees and pensioners.

Mr. Duvall has tabled a Private Member’s Bill — Bill 384 — in the House of Commons to change the laws so that employees/pensioners receive what is owed them before the banks, boards of directors, creditors, etc. are paid out.

This bill needs our support. We must let our prime minister know how we feel about the loss of our pensions, which are necessary for our retirement.

One comment made at the open house was “If the MPs’ pensions were at risk, the law would be changed and changed quickly!”

It is up to us to make our needs known to our government. Let our voice be heard!

Cathryn Bolton

Qualicum Beach

Just Posted

Qualicum Beach council big on support for multi-use cinema proposal

Society asks for 10,000 square feet, gets recommendation to consider with strategic plan

Lincoln stolen from Parksville dealership found near Duncan

Vehicle was located three days later with minor damage

Ballenas student experiment going into space

Science experiment designed by five SD69 students will travel to International Space Station

Fire engulfs trailer, vehicle and home in Bowser

The fire began around 6:45 p.m. at a property on Laurel Crescent

Have a heart for a cause in Parksville Qualicum Beach

Stained glass artist selling hearts for the homeless for what might be the last time

Giant rotating ice disk forms in Maine river

Ice disk that is roughly 100 yards wide has formed in the Presumpscot River

B.C.-based mining company worker abducted in Burkina Faso

Government officials in that West African nation say Canadian was kidnapped by suspected extremists

First Nation supporters march to Horgan’s MLA office

Dozens marched across the Greater Victoria community of Langford to support the Wet’suwet’en people

North Cowichan will host national rowing centre starting October 2020

Saanich’s bid for national rowing centre at Elk Lake sunk

Liberal candidate steps aside after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

SUV wedged on top of car in B.C. mall parking lot has customers confused

The accident occurred Tuesday, no injuries were reported

Tom Lavin and the Powder Blues Band among acts to perform at Comox Valley’s Winterfest

Participating hotels offering half-price “ski & stay” packages

May government faces no-confidence vote after Brexit defeat

British Prime Minister Theresa May said she would stay put in her leadership role

Most Read