An Act to amend the Pension Benefits Standards Act, 1985 and the Companies’ Creditors Arrangement Act (pension plans)

Sponsor

Erin O'Toole  Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Second reading (House), as of June 4, 2018

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Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Pension Benefits Standards Act, 1985 to authorize the administrator of an underfunded pension plan, in certain situations, to amend the plan or to transfer or permit the transfer of any part of the assets or liabilities of the pension plan to another pension plan. The amendments also provide for the tabling of an annual report respecting the solvency of pension plans.

The enactment also amends the Companies’ Creditors Arrangement Act to provide for conditions respecting the approval of any plan offering incentives to certain directors, officers or employees to remain in the company’s employ.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Pension Benefits Standards ActRoutine Proceedings

June 1st, 2018 / 12:05 p.m.
See context

Conservative

Erin O'Toole Conservative Durham, ON

moved for leave to introduce Bill C-405, An Act to amend the Pension Benefits Standards Act, 1985 and the Companies’ Creditors Arrangement Act (pension plans).

Madam Speaker, it is an honour for me to rise today to introduce a private member's bill to address some of the unfunded liabilities that pension funds are facing, which run into major problems when there is insolvency.

This bill seeks to truly improve pensions and to provide hard-working Canadians with certainty and equality.

This is for hard-working pensioners who are worried about their future. The bill is not a magic bullet, but it includes three concrete measures that would help address this issue of under-funded defined pension liabilities. First, it would give more options to pension administrators and monitors to maximize the value and returns for pensioners in their retirement years. Second, it would work with the chief actuary to make sure that the issue of reporting pension liabilities and unfunded liabilities would be reported to provinces' provincial securities regulators to allow us all to work on this challenge. Third is fairness. It would set fair limits on key employee retention plans, bonuses, and some of the things that have angered pensioners when they see executives receiving exorbitant payouts while they are getting less in retirement.

I truly hope this becomes public policy to make a real difference on an issue that concerns Canadians, including those in my area of Durham. GENMO and other organizations have brought this to me. This is a step forward that I hope all parliamentarians can get behind for our seniors, who have worked hard for their retirement pensions.

(Motions deemed adopted, bill read the first time and printed)