Liberal Recommendation 1:
The Committee heard from several witnesses that some provinces have
already begun to consider an expansion of public pension alternatives. The
committee also notes that the Canada Pension Plan Investment Board indicated
that it would be capable of expanding the CPP to meet new policy goals of the
Government of Canada and its provincial partners.
The Committee therefore recommends that the government work in
conjunction with the Canada Pension Plan’s participating provinces and
territories with a view to creating a supplementary Canada Pension Plan, with
Quebec residents having the option expanding the Quebec Pension Plan.
Liberal Recommendation 2:
The Committee heard that there are barriers,
particularly for self-employed workers, that make it difficult to save for
retirement. It was suggested that expanding the definition of earned income and
increasing the age at which an RRSP must be converted to a RIFF would help to
improve retirement savings.
The Committee recommends that the government
examine the barriers to personal retirement savings, especially by the self
employed, and make saving for retirement more viable for Canadians.
Liberal Recommendation 3:
Some witnesses, such as the Chair of the National Nortel Retirees' and Former Employees' Protection Committee discussed the
creation of an entity which could take on pension plans stranded by a bankrupt
employer and continue to manage those plans as an going concern rather than
force pensioners and workers to immediately purchase annuities.
The Committee recommends that the Government of Canada implement
such a plan.
Liberal Recommendation 4:
The Committee heard testimony from several witnesses who are
members of Nortel Long-Term Disability Plan who anticipate receiving as little
as 10% of their payments once Nortel has finished its bankruptcy proceedings.
The Committee believes that the protection offered by self-insured long term
disability plans is not sufficient and recommends the government require these
plans to either be funded or insured by an outside party.
Liberal Recommendation 5:
The Committee heard from multiple witnesses that there is very
little protection for the pensions of workers and pensioners when their company
goes bankrupt and the pension fund is not fully solvent.
We recommend that the government make amendments to the Bankruptcy
and Insolvency Act to better protect these workers and pensioners.