Mr. Speaker, I am pleased to rise to introduce my bill.
The pension protections act would ensure that people who have worked and paid into pension funds would actually receive that benefit. We have all heard so often about companies going bankrupt and leaving their employees with no pensions or pennies on the dollar. My bill would address this by requiring a report on the solvency of the funds to be tabled here in Parliament for greater transparency. It would create a mechanism to transfer money into a fund to make it solvent without tax implication or to get insurance on the insolvent part and, in the case of bankruptcy, it would pay out pensions in priority before big executive salaries and large creditors.
(Motions deemed adopted, bill read the first time and printed)