Mr. Speaker, it is my pleasure to rise to speak in favour of the motion moved by the member for Dufferin--Peel--Wellington--Grey.
Canadians have a strong tradition of being very appreciative of the efforts and sacrifices our firefighters make for our communities. Nevertheless, the tragic events firefighters faced on September 11 have put the dangers that firefighters face everyday into a clear perspective.
Canadians understand that firefighting is a high risk job, not just because of the constant danger of fatal injury, but also due to toxic substances firefighters can be exposed to in the line of duty which may cut their lives short.
The International Association of Firefighters does a good job of putting forward the concerns of its members to members of parliament. Not only does the IAF come to Parliament Hill every year to make its case, but it also ensures that real people from our communities talk to us about the issues. It has been effective in communicating the need for changes in pension regulations over several years.
The Income Tax Act recognizes the dangerous nature of firefighting by allowing firefighters, along with others who work in what is defined as a public service occupation, to retire at 55 years of age without penalty.
At the 2% accrual rate required by law, 55 year old firefighters with 30 years of accredited service could best retire with 60% of their working income. However the federal government identifies 70% of pre-retirement income as a benchmark for an adequate standard of living for retirement. This inequity should be addressed so that firefighters and their families can have the financial security to retire with dignity and that is what Motion No. 326 is advocating.
The Canadian Alliance values retirement security as a vital element of independence for all Canadians. We believe the foreign investment restriction for retirement investments should be eliminated and that Canadians should be given greater opportunity and more control over saving for their own retirement.
We are not alone in this belief. Just yesterday the Ontario municipal employees retirement system called for the federal government to abolish the 30% foreign content restrictions on pension and RRSP investments. This is one of the country's largest pension funds. It manages about $35 billion on behalf of firefighters, police officers and other Ontario municipal employees.
Allowing all Canadians more freedom to decide where to invest their pension and RRSP funds would help firefighters. Motion No. 326 asks the government to consider the advisability of increasing the accrual rate. It would not have the effect of making any changes. I agree with the motion. However in the name of fiscal responsibility I would like to ask some reasonable questions.
I cannot help wondering what municipal and provincial governments think of the proposed change. Once the rules have been altered, firefighters would have to win the extra pension benefits through their collective bargaining benefits negotiating process. Nevertheless, provincial and municipal governments should be consulted because the extra employee portion of pension contributions would ultimately have to come out of their budgets.
What about the other public safety occupations defined by the Income Tax Act who, like firefighters, are allowed to retire at age 55? This category includes police officers, corrections officers, air traffic controllers and commercial airline pilots. If special pension rules were granted for firefighters, we could expect those working in other occupations to expect the same consideration. A responsible government would take a serious look at the fiscal implications of this contingency.
I thank the member for Dufferin--Peel--Wellington--Grey for sticking with this issue over the past several years. At the very least Motion No. 326 gives members of parliament an opportunity to emphasize how much we appreciate and value the work firefighters are doing by saying they should be able to save for a financially secure retirement. I support the motion and have no reservations.