The federal budget released on March 19, 2019 fails to protect defined benefit pensioners.
The federal government pledged to take action in last year’s budget but has not lived up to its promise to support Canadian pensioners. Despite the calls for action from millions of Canadian pensioners, this budget offers no protections for pensioners in the event of corporate insolvency.
While the budget is a good first step, it fails to address the issue of pensioners being shortchanged in the event of an insolvency. Together, CARP, CFP and our coalition partners will continue to call on the federal government to include super-priority for defined benefit pensions in its proposed changes to insolvency legislation.