Gladu’s pension bill awaiting royal assent

A federal pension protection bill introduced by Congressman Sarnia-Lambton is one step closer to becoming law.

Marilyn Gladu’s bill C-228 has passed its third reading in the Senate and is now awaiting royal assent.

The bill, first introduced in the House of Commons in February 2022, aims to introduce new protections for workers’ pensions in the event of bankruptcy.

With the highest rate of inflation in 40 years, pension protection is more important than ever, Gradu told a media conference.

“If an employer’s bankruptcy can wipe out an employee’s pension, millions of Canadians who have worked hard all their lives risk not being able to retire or afford to live,” she said. “I will not allow that to happen.”

The Pension Administrators Association of Canada (PIAC) criticized the bill, saying it would be detrimental to defined benefit pension plan sponsors.

In September, PIAC co-signed an open letter calling on lawmakers to block the bill. It is also signed by the Canadian Bankers Association, the Canadian Chamber of Commerce and Canadian Manufacturers and Exporters.

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