You work hard. Shouldn’t your retirement be secure?
At a time when good pensions are slipping further and further out of reach, shouldn’t the government and employers be building back retirement security for hard working Canadians?
Join us in standing up against attempts by employers and the federal government to strip workers of secure pensions.
Learn what makes a pension secure
- You are guaranteed a set amount of benefits for life after retirement based on earnings and years of service.
- Your employer is responsible for securing your benefits by covering funding deficits in the pension plans.
- The benefits you’ve earned are legally protected.
- The amount you get back is just a target, which can be reduced if the plan cannot fully fund those benefits. There’s no guarantee.
- You assume all the risks and suffer the full impact of plan deficits.
- Your employer is not legally required to secure your benefits.
- What you pay in is defined, but what you get back is unknown.
- You, the employee, assume all the investment risk.
- Your employer assumes no risk, but still has a say over investment decisions for your plan.
This bill will 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.
In 2015, Prime Minister Justin Trudeau said that defined benefit pension plans that workers and retirees have already paid into should not be retroactively changed into target benefit plans. Yet, this is exactly what Bill C-27 will do.
As we work to expand retirement security for all Canadians it is critical that we defend what has already been secured, from the CPP to workplace pensions.
Bill C-27 is an attack on the retirement security of Canadians.
PSAC made a submission to Finance Minister Bill Morneau outlining the problems with Bill C-27. You can help make sure the message is loud and clear by sending the following letter to the Minister.
The Public Service Alliance of Canada represents more than 180,000 workers in every province and territory in Canada and in locations around the world.
Our members work for federal government departments and agencies, Crown Corporations, universities, casinos, community services agencies, Aboriginal communities, airports, and the security sector among others.
PSAC is headquartered in Ottawa with 23 regional offices across Canada.
Find out more at psacunion.ca/about