Mr. Speaker, following on my question to the Secretary of State for Financial Institutions, I wish to emphasize that many of my constituents in the riding of Parry Sound-Muskoka have had their retirement savings jeopardized by the collapse of Confederation Life. They have come to ask for assistance because as every day passes they are suffering financial uncertainty as a result of the collapse of this financial institution.
Obviously what has happened as a result of the collapse of Confederation Life has affected each and every one of them, but some are paying a higher price for the collapse because of their own personal financial circumstances. It is for these people that I urge a speedy dissolution of the assets of Confederation Life, an expedited liquidation process, so that all Canadians affected by the collapse receive their money as quickly as possible.
Not long ago I presented a petition in the House with over 500 signatures on behalf of a group of Bell Canada pensioners who were frustrated not only with the collapse of Confederation Life but also with their inability to convince their employer, Bell Canada, that it had an added responsibility to the company's pensioners. These pensioners believe that because Bell Canada not only chose Confederation Life as the administrator of its group RRSP but also encouraged its employees to participate in the plan, it must now take responsibility for those actions.
The petition I presented calls upon Parliament to initiate an investigation into the collapse of Confederation Life with particular reference to Bell Canada's responsibility toward its employees' funds. I too would like to see this matter resolved expeditiously.
Unfortunately, this whole matter is essentially in the hands of the liquidator and the government's ability to intervene is somewhat limited as a result. We know that when a financial institution goes into liquidation it ceases to be a regulated financial institution and responsibility for the distribution of the estate passes to the liquidator under the court's supervision.
My concern right now is with the length of time it is taking to get through this liquidation process. One of the greatest priorities is to recover as much per dollar as is possible by getting the best price on the sale of assets. That is a given. It is my hope this process can be hastened in the interests of those who have been affected by the collapse. We need to get those funds that are guaranteed paid back to the investors, the men and women in this country who put their faith in this company, Confederation Life.
Retirees with the Bell group RRSP investments below the CompCorp limit will eventually be fully compensated for the time value of their money. The failure of Confederation Life did not affect Bell's principal pension plan, but in the case of amounts above the $60,000 CompCorp limit, until the liquidation process is completed it is impossible to determine the proportion of benefits that will eventually be paid.
Granted, in the two previous liquidations of life insurance companies in Canada, policyholders received a significant portion of the benefits owed by the companies, but this is small comfort to those whose life savings are now in jeopardy. These funds are of significant concern to my constituents and many other Canadians. I appreciate their difficulties and I want to do all I can to help resolve this issue and to encourage Bell Canada to accept the fact that it has an obligation to work with its employees and former employees to come to some kind of understanding or compromise.
It is my sincere hope that Bell Canada will address this issue with its present and past employees and will work judiciously to resolve what has become a contentious matter.