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Old 02-01-2013, 02:20 PM   #1
bmdbley'sBro
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Supreme Court rules against pension holders



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OTTAWA - The Supreme Court of Canada has ruled against the pension plan members of a bankrupt Ontario company, saying they do not have priority over secured creditors.

The landmark pension ruling on Friday is a major boost for companies with pension obligations that face tough restructuring issues. It is a setback for workers whose employers fall on hard times and have to wind up once-lucrative pension plans.

The ruling centres on the financial hardship of Indalex, a Toronto-based aluminum company that sought bankruptcy protection in 2009 with shortfalls in its two pension plans.

Pensioners are usually at the end of the line to be paid when the assets of a failed company are sold, but the Ontario Court of Appeal changed that in a 2011 ruling on the Indalex case.

The Supreme Court, by a 5-2 margin, overturned that decision.

full article:
http://news.ca.msn.com/money/high-co...sion-holders-1

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Old 02-01-2013, 03:15 PM   #2
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So The Supreme Court overturned the Ontario Court of Appeal, thats what appeal courts are for...

Ask Rob Ford, he just went through that and Clayton Ruby can appeal to the Supreme Court if he wants to.. someone has to lose, in this instance the pension plan members.. bummer...
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Old 02-02-2013, 08:52 AM   #3
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Pension plans are designed to be underfunded. So the average working person gets no pension and 26 weeks severance? Sounds like we're on the right path here...
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Old 02-02-2013, 01:36 PM   #4
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Its not right that employees worked so hard to make the company successful and when the company fell on hard time and declare bankruptcy, the pensioners are at the bottom of the totem pole behind the bond holders and creditors...as in Nortel too

The bankruptcy law needs to be changed to protect pensioners who might faced the same situation in the future....
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Old 02-02-2013, 07:37 PM   #5
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Quote:
Originally Posted by damameke View Post
Its not right that employees worked so hard to make the company successful and when the company fell on hard time and declare bankruptcy, the pensioners are at the bottom of the totem pole behind the bond holders and creditors...as in Nortel too

The bankruptcy law needs to be changed to protect pensioners who might faced the same situation in the future....
There isn't one company out there that actually cares about it's current employees, never mind past employees. All they care about is their bottom line.
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Old 02-03-2013, 10:56 AM   #6
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Its frightening
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Old 02-03-2013, 04:04 PM   #7
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Originally Posted by 5style View Post
Its frightening
ya, it is frightening.. Canada pension plan is not generating the returns to pay the retirees and CPP contribuion went up beginning of this year...

We are just taking about Canada Pension Plan and one can retire now at age 67 intead of 65.(law changed) ..they put in penalty if you retire at age 60 for those that qualify...

and if one retires only with CPP and OAS, thats not alot, without RRSP savings and or company's pension...thats going to be tough

and for the pensioners;this ruling was against them and Nortel, most are in their 70, the pension they are fighting for is hugh for their retirement years.... the bankruptcy law needs to be changed to place pensioners before bond holders and creditors to protect future issues such as this....

So save whatever you can for your retirement...
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