Tuesday, August 10, 2010

NRPC Petition on Canadian Pension Management

The NRPC has placed an announcement on their website in the members section for residents of Ontario to support the move to change the pension wind up procedure that would limit the future growth of our pension trust fund and lock us into annuities which are at their worst pricing and interest rates in 25 years.

It's in the interest of all Ontarians to sign the petition. Please circulate the information on this petition freely amongst your friends and family and acquaintances.

You can see the actual petition at the NRPC web site in the members section/latest site updates:
see right hand column for link to the NRPC site.

Petition for Ontario Residents
Monday, 09 August 2010
About this petition:

On September 30, 2010, the Financial Services Commission of Ontario (FSCO) will take over Nortel's Defined Benefit Pension Plans. Unless the Ontario government takes prompt action, Nortel's pensioners will then lose 36% of their pensions and possibly even more. A major part of their loss occurs because, under current regulations FSCO will simply wind-up the pension funds by converting them to annuities. This forever locks-in the existing pension deficit and it adds major penalties, because the price of annuities is at a 25 year high with no relief in sight.

It is the worst possible outcome for Nortel's pensioners, who are also being hit with the loss of their health and life insurance benefits.

Nortel Retirees and Former Employees Protection Canada (NRPC ) is demanding that the Ontario government change its regulations and stop the wind-up. Instead of locking-in the losses and buying expensive annuities, the plans should be professionally invested for the benefit of the pensioners. This will allow for the continuation of a much higher monthly pension and give the funds a chance to recover in value as the economy improves. It will provide more money for pensioners and save costs to the Ontario taxpayer by keeping pensioners out of the social security system. In 2008, the government's own study of pensions recommended a similar approach but no action has yet been taken.

The money left in Nortel's Pension Funds is the property of the pensioners. It does not belong to the government of Ontario. Pensioners must be allowed to decide how their money is managed!


Instructions for completing this petition:
 Petitioners must be residents of the Province of Ontario since the petition is targeted at the Government of Ontario; it is acceptable for petitioners to be under the age of majority.
 A petition must contain original signatures only, written directly on the face of the petition.
 Each person petitioning the Legislative Assembly must print his or her name and address and sign his
or her name under the text of the petition.
 Complete and sign the petition ensuring all the required information is given and accurate.
 Please encourage family, friends and other Ontarians to sign the petition and support pensioners in
having a say in what happens to with what is rightfully theirs - the pension they earned
 Do not hesitate to make and complete multiple copies of the petition page. The more people that sign
the better our chances of achieving a just result.
 Please do not put any marks, other than the information requested, on the petition
Please return completed signed page(s) to the NRPC no later than September 5, 2010 at:
PO Box 21,
ON N0L 1G0

Click FSM petition V3.21 for the petition itself.
Last Updated ( Monday, 09 August 2010 )

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