IAIR Version 8.07 -
Canadian Federation of Pensioners
The Canadian Federation of Pensioners (CFP) was formed in 2005 specifically with the intention of bringing together pensioner groups in Canada, both federally and provincially regulated, by participation in government, other forums and advocacy, and with particular focus on the protection of Single Employer Defined Benefit Plans. Other forms of private pension plan are also supported by CFP. IAIR holds a director position with CFP.
The 2010 Federal budget introduced some significant changes to the governing Pension Benefit Standards Act (PBSA). CFP was able to influence some important provisions in the supporting Regulations issued by the Office of the Superintendent of Financial Institutions (OSFI) that spell out how the Act is to be applied. All bar some lesser administrative provisions have now been published and are well summarized in OSFI Info News 5 (May 2011) which can be accessed through the OSFI website. IAIR would prefer to see some further strengthening of the provisions regarding plan termination especially where a plan is underfunded, however it seems improbable that the new government will address any further PBSA issues during its 4 year mandate. As such, CFP is now considering how to promote improvements to the Banking Insolvency Act (BIA) and Company Creditor Arrangements Act (CCAA), with a view to enhancing the status of pensioners as creditors in the event of insolvency.
Statements made in the election campaign indicate that the Federal Parliament is now more likely to address general pension issues than employer DB or DC plans.
It is CFP’s position that well-
A link to the CFP Website is here and elsewhere on our site.
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