Mr. Speaker, it is a problem that clearly indicates how important it is to intervene politically when it comes to retirement plans. Too many companies—as was unfortunately the case with Nortel—have gone bankrupt when they had an unfunded actuarial liability in their private pension plans. As a result, pensioners saw their pensions cut down—by as much as 45% in the case of Nortel. That is huge. Half of each pension cheque disappeared.
To deal with similar situations, the NDP is calling for two measures. First, it is asking that the full amount of the actuarial liability in the pension fund be given preferred creditor status and that that liability be paid first. If there is any money at all, it should go to pensioners. That is crucial. It is a question of loyalty. Second, if that is not enough, the NDP is asking that any capital losses incurred in the private pension plan be deducted from future revenues. This practice is already widely accepted. We may buy a share for $200 and sell it for $100, with a loss of $100. This loss can be set against our income. That is all we are asking for, and it would help many people avoid poverty.