The Canadian Association of Retired Teachers (ACER-CART) posted an e-petition on the House of Commons petition site to encourage government to increase the security of retirement income. The petition closed for signatures on Tuesday, April 9, 2019.
Thank you to all those who participated.
Over 13,000 people
concerned about the security
of pensions for Canada’s seniors
made their voices heard.
- The number of defined benefit pension plans in Canada have declined even though they are the most efficient and secure way to fund retirement income.
- The introduction of Target Benefit plans, whereby members surrender their secure defined pension benefits, would transfer the risk to plan members, which inevitably reduces pension payments to vulnerable seniors.
- Private sector pension plans members, like Sears Canada employees, suffer when a business closes because the pension plan promises are at the lowest priority, behind investors, management bonuses and corporate profits.
This petition asks government to affirm the principle that pension promises cannot be broken for any service that has already been earned. It also asks government to protect the pensions of retirees by providing an insurance plan, paid for by pension plans, that would guarantee the benefits of retirees if their plan closes.