Mr. Speaker, before the summer recess, I posed this question to the government. I pointed out the fact that last year CHCH-TV employees in Hamilton had their underfunded pension plan wind up with an $8 million deficit. The result was they would receive only 85% of the money they were expecting to be able to plan on for their retirement. The rub here was that executives at Canwest were given $41 million to top up their underfunded pension plan just before they went into CCAA protection.
Canadians are asking how that happened in a federally regulated industry. They also want to know when the government is going to accept that pension assets are deferred wages and not some corporate slush fund.
In light of the pension situations at Abitibibowater, Fraser Papers and other companies across Canada, I found the minister's response that day lacking in sincerity. The Minister of Industry in his response attempted to deflect the responsibility from his government by stating:
—the Minister of Finance and his parliamentary secretary have been hard at work, working with the provinces and territories, which are where 90% of the pensions were in fact regulated. To make sure we have a more comprehensive view on this, we have asked the NDP members to be part of the process.
The minister also said, again referring to the NDP, “We have asked them to be constructive”.
The House will know that I have been constructive and have been part of the process of examining the pension situation in Canada. I repeatedly brought this issue to the floor of the House. I shared in meetings with the government the views of Canadians I received during 37 meetings with seniors from coast to coast. I also had meetings with the Parliamentary Secretary to the Minister of Finance seeking to move forward my Nortel bill on protecting pension assets during CCAA and BIA. I even went so far as to seek the support of the House for my private member's bill, the Nortel bill, which was denied in this place by both Liberals and Conservatives.
The minister further stated in response to my question the government's mantra that those members revert to when they are always running on empty, “They keep voting against our budgets, so that is not helpful”.
I decided to offer the minister the opportunity to come here today to directly clarify for Canadian pensioners, in perhaps a little less rhetorical nature, the question he was asked.