Liberal Recommendation 1:

The Committee heard from several witnesses that some provinces have already begun to consider an expansion of public pension alternatives. The committee also notes that the Canada Pension Plan Investment Board indicated that it would be capable of expanding the CPP to meet new policy goals of the Government of Canada and its provincial partners.

The Committee therefore recommends that the government work in conjunction with the Canada Pension Plan’s participating provinces and territories with a view to creating a supplementary Canada Pension Plan, with Quebec residents having the option expanding the Quebec Pension Plan.

Liberal Recommendation 2:

The Committee heard that there are barriers, particularly for self-employed workers, that make it difficult to save for retirement. It was suggested that expanding the definition of earned income and increasing the age at which an RRSP must be converted to a RIFF would help to improve retirement savings.

The Committee recommends that the government examine the barriers to personal retirement savings, especially by the self employed, and make saving for retirement more viable for Canadians.

Liberal Recommendation 3:

Some witnesses, such as the Chair of the National Nortel Retirees' and Former Employees' Protection Committee discussed the creation of an entity which could take on pension plans stranded by a bankrupt employer and continue to manage those plans as an going concern rather than force pensioners and workers to immediately purchase annuities.

The Committee recommends that the Government of Canada implement such a plan.

Liberal Recommendation 4:

The Committee heard testimony from several witnesses who  are members of Nortel Long-Term Disability Plan who anticipate receiving as little as 10% of their payments once Nortel has finished its bankruptcy proceedings. The Committee believes that the protection offered by self-insured long term disability plans is not sufficient and recommends the government require these plans to either be funded or insured by an outside party.

Liberal Recommendation 5:

The Committee heard from multiple witnesses that there is very little protection for the pensions of workers and pensioners when their company goes bankrupt and the pension fund is not fully solvent.

We recommend that the government make amendments to the Bankruptcy and Insolvency Act to better protect these workers and pensioners.