Save Defined Benefit Pensions. Stop C-27!
Bill C-27, introduced in Parliament in October 2016, would substantially expand the ability of employers to offer target benefit pension plans, which provide a much lower level of security and predictability than defined benefit plans by shifting risks from employers to employees. This legislation could also signal that the government is considering similar action with respect to the Public Service Superannuation Plan (PSSP).
Target benefit plans made headlines in 2013-2014 when the New Brunswick government passed laws to convert longstanding public sector defined benefit pension plans into target benefit plans. This has resulted in significant pension reductions and decreased benefit security for New Brunswick government employees, including many PIPSC members. The Institute is challenging this legislation in the New Brunswick courts.
Some of our members have even had the security of any pension removed. (Watch my recent speech in support of our members at Canadian Nuclear Laboratories who were removed from the PSSP by the Harper government.)
I’ve written to Finance Minister Bill Morneau to outline our concerns and to urge him to abandon this flawed piece of legislation. You can do your part to help protect the retirement security of Canadians by calling the Minister’s office at (613) 992-1377 and voicing your opposition to C-27. Let's ensure all working Canadians can retire in dignity.