Mr. Speaker, I realize that this is a particularly touchy subject for my colleague and for those affected by this problem, of course.
I recognize this is a very difficult issue for those Canadians, including Bell pensioners, who had investments in Confederation Life. There are several factors that should serve to diminish the
adverse consequences of the failure of Confederation Life on Bell pensioners.
First, the funds at issue were part of a supplemental savings plan that were intended to augment pension income for Bell pensioners. Bell's principal pension plan is separately managed and was not affected by the failure of Confederation Life.
Second, I am informed by the Canadian Life and Health Insurance Compensation Corporation, CompCorp, that the group RRSP in question is guaranteed by CompCorp to a maximum of $60,000, including principal and interest. Amounts over $60,000 will be recoverable through the liquidation process.
Finally, a hardship committee has been established by the liquidator to review requests in cases of unusual financial hardship. The intention is to ensure that funds are immediately available to those most in need.
Regarding whether anything can be done to speed up the liquidation, responsibility for the liquidation of Confederation Life is a matter for the liquidator under the supervision of the court. As such it would be inappropriate to intervene.