PIAC calls on Senate committee to reconsider changes to Bill C-228
March 17, 2023
The Pension Investment Association of Canada (PIAC) is calling on Canada’s Standing Senate Committee on Banking, Commerce and the Economy to reconsider changes to Bill C-228, which aims to prioritize claims concerning unfunded liabilities or solvency deficiencies of pension plans during bankruptcy proceedings.
In an open letter, PIAC said it strongly disagrees that the super-priority approach proposed in Bill C-228 is the appropriate method to achieve pension security.
While PIAC shares the same concern that pension security is paramount, the association has stated Bill C-228 could have significant impacts on pensions and businesses, and pose a threat to the sustainability of defined benefit pension plans.
You can read the letter in its entirety by clicking on more information below:
