Statement on Pension Security

Mr. Speaker, Canadians are worried about their pensions. With more than a quarter million seniors living in poverty and countless workplace pensions failing, people want action now.

Sarah Colquhuon, a constituent of mine, worked for an Ontario-based company which has since gone out of business. The plan was underfunded when it wound up, which means it cannot pay 100% of the pension benefit that she earned working for that same company for 37 years. She can now only expect 48% of her earned pension benefits. She never thought this could happen to her, but it has.

New Democrats have a retirement income security plan that will strengthen and secure pensions, get seniors out of poverty and ensure better futures for families. Our plan would see that workers got first priority for payment, ahead of other creditors; anew national agency could adopt orphaned pension plans; and self-financing national pension insurance would guarantee pension payouts of up to $2,500 per month.