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In a corporate system that rewards profit-making over fairness, protection for corporate pensioners needs to be clear and “bullet-proof” writes Wanda Morris for the Financial Post.
Morris, vice president of advocacy for CARP, says that legislation to protect pensioners is needed, and “that why CARP is demanding” such action.
“A pension is a deal between employees and their company. Employees accept a smaller paycheque in exchange for a pension down the road. The workers make all the sacrifice up front, leaving them vulnerable to corporate lawyers and managers seeking to cut costs or maximize profit later on,” she writes.
She discusses the situation of a pensioner, a former Sears employee with 39 years on the job, who stands to lose $2,900 a year due to the company’s deficit in its pension plan and its move to seek bankruptcy protection. The pensioner is just one of thousands at risk of losing pension income.
More: CARP has a petition at carp.ca/pensioners.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions.ca

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