Pension Protection Act

An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985

Sponsor

Marilyn Gladu  Conservative

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

Status

In committee (House), as of June 22, 2022

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Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Votes

June 22, 2022 Passed 2nd reading of Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985

Bankruptcy and Insolvency ActRoutine Proceedings

February 3rd, 2022 / 10:05 a.m.
See context

Conservative

Marilyn Gladu Conservative Sarnia—Lambton, ON

moved for leave to introduce Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985.

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)