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RSS FeedsJennifer Wells: Treatment of Sears Canada pensioners a `travesty´ that demands action
(The Star Toronto Raptors)

 
 

20 february 2018 23:57:25

 
Jennifer Wells: Treatment of Sears Canada pensioners a `travesty´ that demands action
(The Star Toronto Raptors)
 


Even the staunchest supporters of Prime Minister Justin Trudeau must grow weary of his habit of deploying bromides when substance is called for.Sears pensioners found no comfort in the PM’s comments last month expressing, you know, “compassion” for their plight. There are no easy answers, the PM offered. The world of work has changed, he noted. Why, the nature of the global economy isn’t what it was. And hey, that’s why we have measures like the Canada Pension Plan.Perhaps Wednesday’s call for a national day of action by the advocacy group CARP will cause Trudeau’s advisers to draft a more meaningful response to the travesty that continues to unfold for the thousands of Sears pensioners who had spent years, even decades, snug in their understandable assumption that their defined benefit pension plan was as golden as promised. Golden as in unbreakable and reliable.Defining the treatment of Sears pensioners in the liquidation process as a “travesty” does not originate with me. Writing in the Financial Post Friday, former Encana Corp. CEO Gwyn Morgan deployed this sharply specific language aimed at Canada’s bankruptcy law, which punts pensioners behind such secured creditors as the banks and bondholders in the distribution of assets.“Meanwhile,” Morgan writes, “government employees face no risk of ever losing their pensions. This means that the only Canadians who can really count on their pensions are the employees of the same government that prevents private-sector employees from being able to count on theirs.”This has to change, and it’s significant that Morgan has weighed in on this. Why? Because he deflates one of the primary arguments trotted out in favour of the status quo: that changing bankruptcy law would inhibit a company’s ability to access debt. “As the former CEO of a company that raised tens of billions of dollars in Canadian debt markets, I can hones ...


 
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