Thank you, Mr. Speaker. Mr. Speaker, I rise today to speak about pension legislation. Mr. Speaker, in my Member's statement on February 21st, I called on this government to lend its support to a private member's bill presented in the Canadian Parliament.
Bill C-203 proposes to amend the federal Bankruptcy Act so that unpaid wages and payments with respect to pensions are given first priority over the claims of ordinary creditors. These amendments will help ensure that other workers across Canada never have to face a reduction in pension benefits, similar to those suffered by former Giant Mine employees.
Mr. Speaker, I also stated that our territorial legislation should be amended. For example, I believe that we could bring in legislation similar to that already in place in Ontario. The Ontario Government has a Pension Benefits Act that authorizes a pension benefits guarantee fund. The fund was established to increase the statutory protection offered to pension plan members in the event that a pension plan is wound up in whole or in part.
Mr. Speaker, in Ontario, when certain criteria are met, the fund guarantees payment of pension benefits. The administrator of the guarantee fund can file a claim against the employer who underfunded the pension plan to recover any amounts paid out by the fund.
Mr. Speaker, it is obvious that in terms of protection of wages and pension plans during bankruptcy, our territorial legislation is both outdated and inadequate. We were unable to provide any relief or protection for the Giant Mine pensioners. It is also obvious, Mr. Speaker, that we cannot rely on the Government of Canada to protect our workers in the North.
Mr. Speaker, we must consider amendments to our own legislation to ensure that a situation similar to Giant Mine does not occur again. Thank you, Mr. Speaker.
-- Applause