Pension and benefit protection
Preamble
WHEREAS every pension plan is a contract between employer and employee; and
WHEREAS that contract creates a Pension Fund held in trust to protect all contributions and earnings of the Fund, wherever their source, from which payments shall be made to the beneficiary; and
WHEREAS administration of each Pension Trust Fund is defined by a Pension Trust Agreement which requires that the administrator or trustee of the Fund is not a beneficiary; and
WHEREAS the Government of Canada and numerous employers nevertheless have taken possession of earnings from pension trust funds which they administer , and have used those funds for their own benefit;
Operative
BE IT RESOLVED That In order to protect and secure the pension benefits which workers have earned,
1) The Green Party of Canada recommend that governments prohibit any employer or trustee from taking possession of the Pension Trust Fund or the earnings thereof which it administers in trust; and
2) The Green Party of Canada recommends that the Government of Canada pass legislation that requires the courts to apply Trust law to protect pension trust funds and earnings.
Background
Pension plans in Canada seem to be under attack and need to be protected in order to secure the future of retirees.
Currently, when bankruptcy occurs, the retiree is most open to abuse or losing all or part of their pensions.
Code
Proposal Type
Submitter Name
Party Commentary
The first part of this policy is redundant with earlier approved policy G08-p098 on pension plans and is an extension of that policy. The second part gives a clearer directive on the protection of pensions.
Preamble
WHEREAS every pension plan is a contract between employer and employee; and
WHEREAS that contract creates a Pension Fund held in trust to protect all contributions and earnings of the Fund, wherever their source, from which payments shall be made to the beneficiary; and
WHEREAS administration of each Pension Trust Fund is defined by a Pension Trust Agreement which requires that the administrator or trustee of the Fund is not a beneficiary; and
WHEREAS the Government of Canada and numerous employers nevertheless have taken possession of earnings from pension trust funds which they administer , and have used those funds for their own benefit;
Operative
BE IT RESOLVED That In order to protect and secure the pension benefits which workers have earned,
1) The Green Party of Canada recommend that governments prohibit any employer or trustee from taking possession of the Pension Trust Fund or the earnings thereof which it administers in trust; and
2) The Green Party of Canada recommends that the Government of Canada pass legislation that requires the courts to apply Trust law to protect pension trust funds and earnings.
Sponsors
Background
Pension plans in Canada seem to be under attack and need to be protected in order to secure the future of retirees.
Currently, when bankruptcy occurs, the retiree is most open to abuse or losing all or part of their pensions.
Party Commentary
The first part of this policy is redundant with earlier approved policy G08-p098 on pension plans and is an extension of that policy. The second part gives a clearer directive on the protection of pensions.