On Wed. February 21st,\u00a0we\u2019re organizing a National Day of Action to Protect Pensioners. Meetings\u00a0with Liberal MPs\u2019 will take place across the country to demand better legislation to\u00a0protect pensioners who stand to lose millions when their company becomes insolvent or bankrupt, like Sears Canada, Nortel and many more.<\/p>\n
But to make Liberal MPs feel the heat, we need as many people as possible to show up to the local meeting near them.<\/p>\n
National Day off Action Link, Please click and RSVP<\/a><\/span><\/p>\n When Sears Canada filed for insolvency, they left their pension underfunded by more than $250 million. Secured creditors like banks and bondholders are in line to be paid out first. The scraps, if any, will be scattered among other creditors; pensioners will be lucky to see pennies on the dollar towards their pension deficit.<\/p>\n This is completely legal under *federal law. That\u2019s why we are calling for changes to the law to put pensioners first \u2013 the best solution.<\/p>\n But our Prime Minister has remained silent.<\/p>\n When asked specifically about how to best support Sears pensioners at a recent press conference in Switzerland, he replied: \u201cThat\u2019s why Canada has measures like the Canada Pension Plan, like employment insurance benefits \u2013 a broad range of ways we can support people who are facing unexpected downturns or layoffs.\u201d<\/p>\n But CPP and EI are NOT solutions. People on pensions don\u2019t qualify for EI. Pensioners were already counting on CPP to supplement their modest pensions. Companies should pay up. No one should lose their retirement security because our laws allow corporations to shirk their debts.<\/p>\n That\u2019s why we\u2019re calling for the Liberal Government to change legislation to protect pensioners.<\/p>\nLet\u2019s make history.<\/h3>\n