Feds pension reforms not enough

GATINEAU, QC, Nov. 24, 2011 /CNW/ - Mr. Harper's pooled retirement pension plan (PRPP) scheme is simply another plan to profit the banks and financial institutions instead of helping workers.

I worked at the Fraser Papers' mill in Thurso, Quebec for 38 years as a machinist. On each pay cheque, I contributed a portion of my wages to the pension fund by obligation, which I believed would be a guaranteed investment.

I retired in 2003. At that time, I signed a document that guaranteed me a specific monthly income that I was entitled to. I drafted a budget and also factored in the inflation rate. Sadly, I was only able to benefit from my pension for 7 years. In return for 38 years of loyal service at Fraser Papers, I was only able to get 7 years of benefits. In April 2010, I saw my benefits reduced by 40%! The federal government must act to protect private pension plans. In addition, when companies go through the CCAA proceedings, workers should be first in line, having priority over banks and other institutions.

What frustrates me most is that I had a written contract with Fraser Papers guaranteeing me my pension that I was entitled to. I had invested in that pension plan for 38 years. Why, but why must I have to pay for the deficiencies in the Canadian laws and for the abuse by Brookfield Asset Management?! Thanks to Brookfield, I no longer have the means to finish my days in a nursing home.

Jean-Jacques Piché
45 de la Drave
Gatineau, Québec
J8T 6R9
jean-jacques.piche@sympatico.ca
819-243-0436

SOURCE COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA

For further information:

Jean-Jacques Piché
45 de la Drave
Gatineau, Québec
J8T 6R9
jean-jacques.piche@sympatico.ca
819-243-0436

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COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA

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