Wednesday, October 28, 2009

Canada's Finance Minister's proposal on pensions

Canada's finance minister Flagherty, announced a range of proposals to change the approach to defined pension funding. Sounds good, but it does nothing for us Nortel pensioners who are faced with a shortfall in our pension Trust Fund (Some Trust).

With the usual flair of a slick politician Flagherty has placed some crumbs on the table which will basically help companies and probably hurt future retirees if companies decide to move away from defined pensions.

There is no mention of retirees currently facing a trust fund deficit as a result of company mismanagement and bankruptcy. We are still categorized as second class creditors with no priority to ensure the remaining company assets pay off the trust fund deficit.

The article in the Globe and Mail may be found at the following address:\

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