Bill C-228 was approved by the Senate, an historical victory for millions of Canadians who rely on defined benefit pensions for their financial security in retirement.
C-228 extends super-priority to the unfunded pension liability of those pension plans when a company goes insolvent, therefore pensioners will move closer to the front of the line, improving the likelihood of receiving their full pension.
BPG, a founding member of the Canadian Federation of Pensioners (CFP) would like to express their sincere thanks to Mike Powell, President of CFP and all member associations, who led the charge for this great victory for the protection of Canadian pensioners! Antonio Lépine, President of BPG sent a congratulatory letter to Mike Powell.
Bill C-228, which would finally bring canadian pensioners to the front-line for compensation, similar to large creditors in cases of pension fund insolvencies and business bankruptcies, has been passed by the Senate - it should now be going for Royal Accent and implementation by the Federal government.
Canadian Federation of Pensioners (CFP): https://www.pensioners.ca/