Canadian retiree petitions to Ontario legislature

Petitions presented to the Ontario Legislature Sept.15, 2010

Saturday, 18 September 2010
After the Rally at Queen's Park on Wednesday, several members of the NRPC Board and one of our actuaries were acknowledged in the Legislature. by Charles Sousa, MPP for Mississauga South and Yasir Naqvi, MPP for Ottawa Centre. A bit later in the official proceedings, the MPPs each presented 4000 signatures on our petition to have an alternative to wind-up-by-annuity of our pension funds. What is significant here is that both these members belong to the Liberal caucus and were presenting the petitions even after Minister Duncan had said he would not support our alternative proposal of the Financial Sponsorship Model (FSM). They deserve our heartfelt thanks and support.

There are several thousand more petitions to be presented by other MPPs from the opposition parties. We are very pleased that we are getting support from all parties in the Legislature. This just indicates that we need to keep up the pressure as there is still time to move Minister Duncan into action on our behalf.

The following is the text from Hansard for the introductions and the presentation of the petitions:

Introduction of Visitors:

Mr. Charles Sousa: I rise today to recognize some executive directors of Nortel Retirees and former employees Protection Canada who are here on the front lawns today. Please welcome Mr. Ron Olsen, an actuary; Mike Moorcroft, who's the chair of GTA membership; and Ray Hounsell, who's the Quebec chair.

Mr. Yasir Naqvi: I also want to introduce the national chair of the Nortel Retirees and former employees Protection Canada, Don Sproule, who lives in the great riding of Ottawa Centre-welcome, Don-and also Frank Mills, who is a director of NRPC Canada.

PENSION PLANS

Mr. Yasir Naqvi: I'm tabling about 8,000 signatures on a petition, along with my colleague MPP Charles Sousa, on behalf of Nortel pensioners. The petition reads as follows:

"To the Legislative Assembly of Ontario:

"Whereas the Pension Benefits Act (PBA) regulations for ‘loss of sponsor' of defined benefit pension plans only permit windup and annuity purchase; and

"Whereas in the present economic climate the cost of annuities is at a 25-year high with no relief in sight;

"Therefore the purchase of annuities exacerbates the punitive impact of windup on Nortel pension plan members and others in similar situations, and increases the costs passed on to the taxpayers of Ontario;

"We, the undersigned, petition the Legislative Assembly of Ontario as follows:

"To amend the PBA regulations to permit the Administrator and the Financial Services Commission of Ontario (FSCO) to apply other options in the ‘loss of sponsor' scenario which will provide more benefits to Nortel pension plan members and others in similar situations, such as the continuation of the pension plan under responsible financial management by a non-government institution."

I affix my signature and send it to the table via page Shanthos.

Mr. Charles Sousa: I have with me a petition that was presented to myself and MPP Yasir Naqvi from Ottawa Centre. It's part of 8,000 signatures provided by Nortel Retirees and former employees Protection Canada. It reads as follows:

"To the Legislative Assembly of Ontario:

"Whereas the Pension Benefits Act (PBA) regulations for ‘loss of sponsor' of defined benefit pension plans only permit windup and annuity purchase; and

"Whereas in the present economic climate the cost of annuities is at a 25-year high with no relief in sight;

"Therefore the purchase of annuities exacerbates the punitive impact of windup on Nortel pension plan members and others in similar situations, and increases the costs passed on to the taxpayers of Ontario;

"We, the undersigned, petition the Legislative Assembly of Ontario as follows:

"To amend the PBA regulations to permit the Administrator and the Financial Services Commission of Ontario (FSCO) to apply other options in the ‘loss of sponsor' scenario which will provide more benefits to Nortel pension plan members and others in similar situations, such as the continuation of the pension plan under responsible financial management by a non-government institution."

I affix my signature and provide it to Caelan, the page, to deliver it to the table.

Last Updated ( Saturday, 18 September 2010 )