moved for leave to introduce Bill C-405, An Act to amend the Pension Benefits Standards Act, 1985 and the Companies’ Creditors Arrangement Act (pension plans).
Madam Speaker, it is an honour for me to rise today to introduce a private member's bill to address some of the unfunded liabilities that pension funds are facing, which run into major problems when there is insolvency.
This bill seeks to truly improve pensions and to provide hard-working Canadians with certainty and equality.
This is for hard-working pensioners who are worried about their future. The bill is not a magic bullet, but it includes three concrete measures that would help address this issue of under-funded defined pension liabilities. First, it would give more options to pension administrators and monitors to maximize the value and returns for pensioners in their retirement years. Second, it would work with the chief actuary to make sure that the issue of reporting pension liabilities and unfunded liabilities would be reported to provinces' provincial securities regulators to allow us all to work on this challenge. Third is fairness. It would set fair limits on key employee retention plans, bonuses, and some of the things that have angered pensioners when they see executives receiving exorbitant payouts while they are getting less in retirement.
I truly hope this becomes public policy to make a real difference on an issue that concerns Canadians, including those in my area of Durham. GENMO and other organizations have brought this to me. This is a step forward that I hope all parliamentarians can get behind for our seniors, who have worked hard for their retirement pensions.
(Motions deemed adopted, bill read the first time and printed)