Submission: Submission

ASCR [Sears Canada retirees] Submission

The Honourable Dwight Duncan
Minister of Finance
Attention: Comments on Report of the Expert Commission on Pensions
c/o Pension and Income Security Policy Branch
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto, ON  M7A 1Y7

(via email)

February 27, 2009

Comments on "A Fine Balance: Safe Pensions, Affordable Plans, Fair Rules."

Dear Minister Duncan,

ASCR is an organization that is dedicated to protecting the pensions and benefits of Sears Canada retirees. We are active members of the Canadian Federation of Pensioners (C.F.P.). I was involved in the preparation of the CFP paper "Revitalizing the Defined Benefit Pension Plan" submitted to the Ontario Expert Commission on Pensions on 17 September, 2007 as well as the current CFP response to the OECP final report "A Fine Balance" which was sent to you this week.

ASCR is very supportive of the recommendations made in "A Fine Balance" and encourages the Ontario Ministry of Finance to accelerate the timeframe for the next steps leading towards improved pension legislation and regulations in the Province.

We realize that the current economic crisis is demanding considerable resources of the Ministry of Finance. But every day the news coming out of this crisis brings more stories of pension plans and pensioners coming under intense stress – and oftentimes these pressures would be alleviated or nonexistent if the recommendations made in "A Fine Balance" were already in force.

We encourage the Minister to place a high priority on the speedy preparation and implementation of this much-needed pension reform.

Yours truly,

Original signed by

Gerry Black,
Chair, Pension & Benefit Committee,