19.6.1 PRIVATE COMPANIES AND EMPLOYEES’ PENSION RIGHTS

WHEREAS We heard that, when Sears Canada declared bankruptcy, employees were denied their pensions or had them greatly reduced while bonuses were being paid to Executives of the Company;

WHEREAS This is so wrong in so many ways, as employees with as much as 30 years of service ended up with no or very small pensions;

THEREFORE BE IT RESOLVED That the National Pensioners’ Federation urges that the Federal/Provincial/Territorial Governments enact legislation requiring that pension funds must be paid into a Trust on a monthly basis;

AND BE IT FURTHER RESOLVED That when a company declares bankruptcy, employee pensions must be paid in full prior to any other funds being paid from the assets of the company.

Submitted by; British Columbia Old Age Pensioners’ Organization