Mr. Speaker, right now, there are too many seniors with inadequate pensions in my riding and in other ridings across Canada.
For these people, a strong pension plan would mean the difference between living well and merely surviving. For retirees, financial planning is key. To have one's pension plan cut by up to 40% after 30 years of service is unacceptable. It is unfair.
Under the existing Bankruptcy and Insolvency Act, creditors are paid before employee pensions. This does not make any sense. I hope that this Parliament will be able to keep future retirees out of poverty by revitalizing the Canada pension plan. Only the CPP can save people from poverty when they retire.
An amendment to the Companies’ Creditors Arrangement Act, as the hon. member for Hamilton East—Stoney Creek proposed earlier this week, would truly put money in the wallets of those in need across the country and help keep them out of poverty. These people deserve to live well, not just survive.