EDMONTON—The Alberta government plans to create loopholes in private pension plan legislation that threatens to reduce incomes for tens of thousands of seniors, says Canada's largest union in the private sector. The changes introduced in Bill 10 came without any notice or consultation.
“Cheating seniors out of pensions that they financed over their lifetime is a new low for the Conservative government,” said Joie Warnock, Unifor’s western director. “Unifor will not stand by while vulnerable Albertans are treated this way.”
Bill 10, titled “Employment Pension (Private Sector) Plans Amendment Act”, creates new loopholes that will let corporations evade their responsibilities to their retired employees. Among the proposed changes to private pensions, it enables employers to switch “defined benefit” plans to “target benefit” plans without the consent of retirees.
“The government is breaking a promise with seniors. Seniors help build this province, and they’ve earned their pensions with hard work,” said Warnock. “Their pension funds are sustainable. All this bill does is guarantees bigger profits at the expense of retirees.”