| Important Message to DIPAC members |
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Important Message to DIPAC Members
(especially those residing in the greater Toronto area)
This could be us...
In addition to the 'pension reduction' implications of existing bankruptcy legislation, Nortel Retirees (NRCP) face the potential 'wrap-up' of their pension plan. Ordinarily, the Financial Services Commission of Ontario (FSCO) directs that such plans be collapsed and pension annuities be purchased on behalf of affected pensioners. In today's current financial market this is a very unattractive proposition from the individual pensioner's viewpoint. Other alternatives are available to deal with what, in essence, is the pensioner's money.
The Nortel retirees association have organized a protest rally for noon, September 15th at Queen's Park in Toronto. The overall theme is that Pensioners must be a participating partner along with the Ontario Gov't in determining the future of pension plans that lose their sponsor. After all, the money left in any stranded Pension Fund is the property of Pensioners. It does not belong to the government of Ontario. Pensioners must therefore be involved in any decision affecting how their money will be managed in such situation!
The NRCP's position is that there are better options than what FSCO has been doing in the past. They feel that the bureaucrats and many politicians are on "auto-pilot" and don't seemed to care about the pensioners' fate.
DIPAC, along with other Canadian Federation of Pensioners member groups, support the NRCP position and endorses the Sept. 15th rally
As this is an issue of concern to all pensioners , DIPAC encourages you to participate in this rally.
For more information please enter .........www.nortelpensioners.ca.........in your Internet browser to access ongoing updates on the rally. The site also provides an excellent overview of the "pensioner's perspective" of today's pension issues.
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