OTTAWA, ON— Marilyn Gladu, Conservative Shadow Minister for Civil Liberties and Member of Parliament for Sarnia—Lambton, is happy to announce the passage at third reading of her Private Member’s Bill C-228 on pension protection.
MP Gladu introduced the bill in February 2022, and it received significant support from the NDP and Bloc Québécois which contributed to its passing. The Liberals also supported the bill at third reading, leading to unanimous consent in its passing.
MP Gladu’s bill will protect workers, ensuring employees are protected in the event of a company collapse. If a fund is insolvent, the company will have to declare bankruptcy and give priority to pension payout and transfer funds into the pension plan to make it solvent. Additionally, the bill will require an annual report on the solvency of the pension fund prepared by the fund manager and sent to the superintendent who currently reviews this information, as defined in the Pension Benefits Act. This report will be tabled in Parliament for greater transparency.
“At a time when inflation is at record levels, and Canadians are experiencing financial volatility across the board, pension protection is more important than ever. Millions of Canadians who have worked hard all their lives are at risk of not being able to retire and afford to live, due to fiscal irresponsibility on the part of their employers— I will not allow this to happen. My goal with this Bill is to protect Canadians, their families, and their livelihoods, well into their retirement and beyond, while at the same time ensuring that lenders and supplies receive due consideration,” says MP Gladu.
“Several attempts at similar legislation have been unsuccessful. This bill combines the elements of others that came before, and I am hopeful we will continue to work across the aisle to support and protect Canadians going forward,” concluded MP Gladu.