Recent revelations about Finance Minister Bill Morneau’s failure to both disclose all his financial assets and put his investments in a blind trust has renewed calls for the Liberal government to abandon Bill C-27, An Act to amend the Pension Benefits Standards Act.
“Bill C-27 is an attack on the retirement security of Canadians,” said PSAC National President Robyn Benson. “The government should be taking steps to build stronger retirement security for hard working Canadians, rather than putting forward legislation that puts pensions at risk.”
Morneau’s financial interest
Questions have now been raised about Minister Morneau’s personal financial interest in the changes that would take place as a result of C-27.
“We have said all along that this bill is in the interest of employers and big business, and not employees. Minister Morneau’s own financial stake in target benefit plans makes this even more blatant,” said Benson.
Take action now
C-27 would allow employers in the federal private sector and Crown Corporations to shift from good, defined benefit plans that provide secure and predictable pension benefits, into the much less secure form of target benefits. If passed, this bill would open the door to a disturbing trend of shifting all the risk of pension plans onto workers and retirees.
PSAC is encouraging members and other concerned Canadians to send Minister Morneau a letter, urging him to abandon Bill C-27.