End Pension Theft

Protect pensions from corporate theft.

Canadians rely on their pensions to retire with dignity. But when big companies fail, they take the money meant for pensions and pay off wealthy CEOs, banks and investors instead.

Steelworker and NDP MP Scott Duvall is calling on the Liberals to fix the bankruptcy laws that put their wealthy insider friends ahead of hardworking Canadians.

About 150 Steelworkers and supporters, including USW National Director Ken Neumann and District 6 Director Marty Warren, joined Duvall (NDP Hamilton Mountain) at the Hamilton Steelworkers Hall in September when he announced the NDP’s End Pension Theft campaign.

On Nov. 6, Duvall introduced his private member’s bill in Parliament, Bill C-384. Busloads of Steelworkers joined Duvall and new federal NDP leader Jagmeet Singh on Parliament Hill in Ottawa for the announcement.

Under the bill, pensioners would become secured creditors in bankruptcy cases and their pension plans would have to be fully funded before other creditors could be paid.

The legislation would prevent companies and courts from suspending retirees’ health benefits during restructuring proceedings – an insidious practice that recently victimized thousands of USW pensioners at U.S. Steel (Stelco) in Ontario and at Cliffs Natural Resources in Quebec and Newfoundland and Labrador.

The Sears Canada bankruptcy case – just the latest such scandal to devastate thousands of workers and pensioners – adds to the mountain of evidence that federal laws must be reformed.

“Far too many Canadians have suffered due to decades of inaction by successive Liberal and Conservative governments,” said Neumann. “It is time for the Trudeau Liberals – who campaigned on improving retirement security – to support meaningful change that will protect workers and pensioners.”

Steelworkers stand with Duvall and Canada’s NDP in this effort to End Pension Theft.

Add your name to the NDP’s End Pension Theft campaign

View the e-petition to the House of Commons (E-1261) (closed for signing)

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