UPDATED December 13, 2004
PEI
Needs Pension Legislation Now.
“Workers have worked hard to setup pension plans and make sure
that the
contributions they make to those plans will help ensure they can afford
the retirement they deserve after all their years of effort and service
to society. It is time for the Binns government to proclaim the
legislation that will protect workers pension money" says Carl Pursey,
president of the PEI Federation of Labour.
PEI is currently the only province in the country without pension
legislation. The Pensions Benefit Act was adopted by the provincial
legislature in April of 1990 but was never proclaimed.
The PEI Federation of Labour feels that the recent announcement that
workers under the age of 55 no matter how long they worked at a
bankrupt mill in Nackawic, New Brunswick, won't see a dime of their
pensions and anyone over 55 who worked there will also lose 10 to 25
per cent of their pension should be a wake call to our Provincial
government.
" With 59% of all defined benefit pension plans in Canada running
deficits that will require $160 billion to cover the total shortfall,
now is time for Attorney-General Mildred Dover to finally make sure
that pension money on PEI is protected and that a tragedy like the one
that is currently occurring in New Brunswick cannot occur here.”
states
PEI Federation President Carl Pursey.
Pensions benefits legislation is important for working people who
belong to workplace pensions. In order to provide that protection, the
Legislation should at least provide protection and rights for plan
members in the following three areas:
(1) Requiring employers to finance pension plans in a way that
minimizes the risk that pensions cannot be fulfilled.
(2) Requiring pension plans to include certain types of benefits (e.g.
survivor benefits and benefits on termination of employment prior to
retirement.
(3) Establishing certain membership rights (e.g. access to information
about the plan)
"The PEI legislation that was never proclaimed includes these kinds of
protection for plan members and that is why it is very important and
urgent that our government pass that legislation now." concludes Mr.
Pursey
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