Conservative Bill protecting pensions receives Royal Assent
Apr. 27, 2023
FOR IMMEDIATE RELEASE
SARNIA, ON— Marilyn Gladu, Sarnia—Lambton MP and Conservative Shadow Minister for Civil Liberties, is thrilled to announce her Private Member’s Bill, Bill C-228 on pension protection, has received Royal Assent from the Governor General, and is now law. With the bill receiving Royal Assent, MP Gladu becomes one of fewer than 50 Members of Parliament ever to pass two Private Members Bills, especially while in opposition.
Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, creates new protections for workers’ pensions in the event of insolvency.
“With the highest inflation in 40 years, pension protection is more important than ever. If an employer’s bankruptcy can wipe out an employee’s pension, then millions of Canadians who have worked hard all their lives are at risk of not being able to retire or afford to live — I will not allow this to happen,” said MP Gladu.
Bill C-228 ensures that a report on the solvency of funds is tabled in the House of Commons annually. A mechanism to transfer funds to make a pension fund solvent is added. In the case of bankruptcy, pensions will be paid out in priority over banks and creditors.
“My goal with this bill is to protect Canadians, their families, their livelihoods, and the retirements they have worked so hard for, while at the same time ensuring that lenders and suppliers receive due consideration,” said MP Gladu.”This is a great day for Canadian workers and pensioners, who may now feel greater financial security in the event of their employer’s insolvency.”
“This bill combines the elements of others that came before, and I am hopeful we will continue to work across the aisle to support and protect Canadians going forward,” said MP Gladu. “I wish to thank Senator David Wells, who was the Senate sponsor of Bill C-228, as well as all others who helped this bill pass.”