Petition to protect pensions

Pensioners should not be last on the list to be paid when companies go bankrupt. Workers pay into their pension funds and that money belongs to the workers. The government must protect pensions now!

I am adding my name to the following petition to the Legislative Assembly of Ontario:

WHEREAS the Financial Services Regulatory Authority of Ontario legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates; and

WHEREAS the Financial Services Regulatory Authority of Ontario is responsible for the good administration of pension plans and to protect and safeguard the pension benefits and rights of pension plan beneficiaries.

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

To enshrine the Financial Services Regulatory Authority of Ontario with the abilities to: 


a. Block or place conditions on company takeovers, as well as bankruptcy and insolvency processes deemed to put pensions at risk. 

b. Ensure that any pension plan is funded at 100% prior to paying any secured creditors. 

c.  Ensure payment to workers, including any termination, severance pay and health benefits owing prior to any secured creditors. 

d. Ensure prevention of companies from stopping the payment of any retirement benefits during any proceedings under the bankruptcy and insolvency process.

e. To issue punitive fines on company directors and executives in cases of clear wrong doing and to claw back directors' and executives' bonuses after a company pension plan collapses.