Over the past year, PIPSC has taken many actions to oppose Bill C-27, which would allow federally regulated employers to convert secure defined-benefit pensions into target benefit plans. We’ve advocated that Bill C-27 should not go forward, arguing that it constitutes a dangerous attack on the security of current and future retirees’ incomes. Pension benefits are deferred compensation, and employees have already provided their services in exchange for compensation during retirement years. Although the Bill would not directly impact most federal public sector workers, it sets a dangerous precedent for doing so in the future. Shortly after it was introduced, President Daviau wrote to the Minister of Finance expressing PIPSC’s opposition and we launched our own member-driven postcard campaign opposing the Bill.
In the last few weeks we have seen a lot of renewed coverage about pensions – and about Bill C-27. Questions concerning the Finance Minister’s holdings in Morneau Sheppell, his family’s pension consulting firm, have raised concerns about a perceived conflict of interest. We hope that these revelations, along with renewed debate about the Bill, mean the government will not be proceeding with C-27.
We will of course continue to vigorously oppose Bill C-27 and look for opportunities to instead strengthen the retirement security of our members and all Canadians.