Stand up for Pensions
January 12, 2017
A new threat to pension security quietly emerged on October 19, 2016 with the introduction of Bill C-27 by the federal Liberals, an Act to amend the Pension Benefits Standards Act, 1985. The legislation, if passed, would allow for the retroactive conversion of defined benefit plans to target benefit plans for federally regulated employees, directly impacting Unifor members in rail, media, air transportation and telecommunication.
The Bill establishes a framework for single-employer target-benefit pension plans (TBPs) in the federal private sector and for Crown corporations. The bill would allow Federal employers with defined-benefit (DB) pension plans to rid themselves of the legal obligation to deliver promised and already-earned benefits.
Under C-27, workers and retirees could see their accrued defined benefit pensions converted to target benefit pensions. The concern is that the conversion may reduce current and future pension payments as virtually all financial risk is shifted from the employer to plan members. Even retiree pensions could be reduced.
“It is a smoke and mirrors scheme that opens the way for employers to attack good defined benefit pension plans in federally regulated workplaces,” said Unifor National President Jerry Dias.
When the Harper government proposed a similar pension grab, Justin Trudeau clearly promised in writing that he would oppose this exact change and Unifor will hold the Prime Minister to his words.
Unifor National Council 4000 President Barry Kennedy wrote to the Minister of Finance, Bill Morneau, to express concerns over Bill C-27, saying: “Our union has worked diligently over the years to negotiate, defend and protect our DB pension plans for both our active members and pensioners. We believe Bill C-27 will undermine these very good pensions, causing dramatic reductions to the retirement benefits they've paid into, budgeted for and rightfully assumed would always be there for them upon their well-earned retirement.”
Council 4000 Regional Representative Dave Kissack emailed his Member of Parliament, Winnipeg Liberal MP for Saint Boniface - Saint Vital, Dan Vandal, to request a meeting to discuss the concerns of our membership on the impact that Bill C-27 could have on federally regulated railway workers. A meeting has been confirmed between Mr. Kissack and Vandal on the morning of January 16, 2017 at Mr. Vandal's constituency office in Winnipeg.
All Unifor members can help to defend pension security. Let the government know that changing pension rules will reduce the benefits that pensioners rely on and will result in weaker pension plans for workers across the country.
Take action!
Tap here to send a letter to the federal Finance Minister of Finance Bill Morneau.
Also, email your local MP to demand withdrawal of C-27. Tap here to find your Member of Parliament using your postal code.
Related:
The Bill establishes a framework for single-employer target-benefit pension plans (TBPs) in the federal private sector and for Crown corporations. The bill would allow Federal employers with defined-benefit (DB) pension plans to rid themselves of the legal obligation to deliver promised and already-earned benefits.
Under C-27, workers and retirees could see their accrued defined benefit pensions converted to target benefit pensions. The concern is that the conversion may reduce current and future pension payments as virtually all financial risk is shifted from the employer to plan members. Even retiree pensions could be reduced.
“It is a smoke and mirrors scheme that opens the way for employers to attack good defined benefit pension plans in federally regulated workplaces,” said Unifor National President Jerry Dias.
When the Harper government proposed a similar pension grab, Justin Trudeau clearly promised in writing that he would oppose this exact change and Unifor will hold the Prime Minister to his words.
Unifor National Council 4000 President Barry Kennedy wrote to the Minister of Finance, Bill Morneau, to express concerns over Bill C-27, saying: “Our union has worked diligently over the years to negotiate, defend and protect our DB pension plans for both our active members and pensioners. We believe Bill C-27 will undermine these very good pensions, causing dramatic reductions to the retirement benefits they've paid into, budgeted for and rightfully assumed would always be there for them upon their well-earned retirement.”
Council 4000 Regional Representative Dave Kissack emailed his Member of Parliament, Winnipeg Liberal MP for Saint Boniface - Saint Vital, Dan Vandal, to request a meeting to discuss the concerns of our membership on the impact that Bill C-27 could have on federally regulated railway workers. A meeting has been confirmed between Mr. Kissack and Vandal on the morning of January 16, 2017 at Mr. Vandal's constituency office in Winnipeg.
All Unifor members can help to defend pension security. Let the government know that changing pension rules will reduce the benefits that pensioners rely on and will result in weaker pension plans for workers across the country.
Take action!
Tap here to send a letter to the federal Finance Minister of Finance Bill Morneau.
Also, email your local MP to demand withdrawal of C-27. Tap here to find your Member of Parliament using your postal code.
Related:
Recent Updates:
March 4, 2017 Unifor Council 4000 representatives meet with MP Daniel Blaikie to discuss Bill C-27
February 10, 2016 Federal government to ‘freeze’ Bill C-27, legislation that could affect pensions
February 1, 2017 Unifor Council 4000 and Local 4002 meet with Winnipeg MP over Bill C-27
March 4, 2017 Unifor Council 4000 representatives meet with MP Daniel Blaikie to discuss Bill C-27
February 10, 2016 Federal government to ‘freeze’ Bill C-27, legislation that could affect pensions
February 1, 2017 Unifor Council 4000 and Local 4002 meet with Winnipeg MP over Bill C-27
