Bill C-228

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.

Status

This bill has received Royal Assent and is, or will soon become, law.

Summary

This is from the published bill. The Library of Parliament has also written a full legislative summary of the bill.

This enactment amends the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to ensure that claims in respect of unfunded liabilities or solvency deficiencies of pension plans and claims relating to the cessation of an employer’s participation in group insurance plans are paid in priority in the event of bankruptcy proceedings.
It also amends the Pension Benefits Standards Act, 1985 to provide for the tabling of an annual report respecting the solvency of pension plans.

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

Nov. 23, 2022 Passed 3rd reading and adoption 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
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

Finance Committee, on Oct. 17, 2022

  • Kathleen Wrye, Director, Pensions Policy, Financial Sector Policy Branch, Department of Finance
  • Mark Schaan, Senior Assistant Deputy Minister, Strategy and Innovation Policy Sector, Department of Industry

Finance Committee, on Oct. 19, 2022

  • Clerk of the Committee, Ms. Carine Grand-Jean
  • Ric Marrero, Chief Executive Officer, Association of Canadian Pension Management
  • Ross Dunlop, Executive Vice-President, Ellement Consulting Group, Association of Canadian Pension Management
  • Andrea Boctor, Partner, Chair, Pensions and Benefits, Osler LLP, Association of Canadian Pension Management
  • Bill VanGorder, Chief Operating Officer and Chief Policy Officer, Canadian Association of Retired Persons
  • Alex Gray, Senior Director, Fiscal and Financial Services Policy, Canadian Chamber of Commerce
  • Michael Powell, President, Canadian Federation of Pensioners
  • Siobhan Vipond, Executive Vice-President, Canadian Labour Congress
  • Nicolas Lapierre, Area Coordinator, United Steelworkers
  • Chris Roberts, Director, Social and Economic Policy, Canadian Labour Congress

Finance Committee, on Oct. 31, 2022