LAST JULY, when Sears Canada announced it would pursue bankruptcy protection, one of the first moves the company made was to ditch its unfunded pension obligations, leaving thousands of retirees at risk of losing their retirement security and peace of mind. Other companies like Nortel, Target Canada and Indalex Canada have all tried similar tactics to escape their pension obligations when facing bankruptcy.
To prevent more compan- ies from following this cynical game plan, CARP launched its Put Pensioners First campaign. More than 12,000 Canadians have signed the petition, calling on governments to:
amend the bankruptcy laws so pensioners rank ahead of secured creditors in priority of repayment of obligations.
make company-funded pension insurance mandatory for all provinces. Ontario retirees have some protection. All pensioners should have at least as much.
Add your name to the petition at www.carp.ca/campaign/carpdemands-put-pensioners-first.