Thank you.
To conclude, we think it is high time to amend all of the bankruptcy legislation, which we feel is no longer in sync with today's world. While governments are giving more and more time to distressed companies to offset the accumulated deficits in their pension plans, they are not providing retirees with any measures to protect them in the event that their former employers become insolvent. That is simply unfair and appalling. They are shamelessly playing with the income of retirees and not providing any measures to protect them in the event that their companies go bankrupt during that time.
Canada is a country that is recognized for the quality of its social programs, and yet it is the only country in the G20 that does not offer any form of protection to pensioners in case of bankruptcy, whether in the form of a pension security program as is the case in the United States and Great Britain, or by giving them a preferred creditor status. We are told that introducing such measures would increase capital costs and undermine business competitiveness. As Mr. Sproule indicated, our studies show that the increases would be minimal and would mainly affect those companies that are already challenged.
It is fair to say that pension plans constitute liabilities that, in our opinion, are on par with other corporate debts. Pensions are deferred wages, not gifts that companies agree to give to their former employees.
We are also aware of the fact that the government is considering reforming Canada's pension system, and that related consultations are underway. Under those circumstances, we understand that the government does not want to take a piecemeal approach to the review. However, our demands are perfectly consistent with a comprehensive reform and in no way compromise its future success. Amending the bankruptcy legislation does not compromise the restructuring of the pension system.
Our pensioners and those from other distressed companies cannot wait any longer. Our plan will be liquidated by September 30 at the latest, and that will have disastrous consequences for many of us. The changes that we are calling for will provide our pensioners with adequate protection without costing Canadian taxpayers a penny. I think that is something we should keep in mind: It won't cost Canadian taxpayers a cent. Mr. Sproule has indicated that we might even generate savings of $350 million. Clearly, that is an offer you cannot refuse.
Our 19,000 pensioners and former employees are counting on your support. Thank you for having welcomed us here today, and we remain available to answer any questions you might have.