New Democrat motion to ensure retirement security gets all-party support

OTTAWA – Rising above political posturing, the New Democrat Opposition achieved a significant victory today for all Canadians who are concerned about their retirement security. Pension Critic, Wayne Marston saw his motion to claw back millions in unearned bonuses to CPP execs and create a comprehensive retirement savings system get the support of all parties in the House of Commons.

“This is yet another major victory for all Canadians,” said New Democrat Leader Jack Layton. “This session, the majority of parliamentarians have supported New Democrat motions calling for important changes to credit card regulation, Employment Insurance and today, retirement savings. The Harper government must now implement the changes to protect middle-class Canadians and all those who are being left behind by this recession.”

Marston’s motion calls on the Harper government to:

• Expand and increase the CPP, OAS and GIS
• Establish a self-financing pension insurance program
• Ensure that workers’ pension funds go to the front of the line of creditors in the event of bankruptcy proceedings
• End the practise of rewarding bonuses to CPP investment fund managers and recover the $7 million in bonuses paid out in 2009.

“Consecutive Conservative and Liberal governments have failed to adequately protect Canadian pensions,” said Marston. “They’ve allowed millions in bonuses to be given to CPP executives while the average retiree only gets $500 a month. I am calling on the Prime Minister to take immediate action to protect retirement savings and ensure that this recession doesn`t bankrupt our seniors.”