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Gayle’s Support for Pensions

Posted on April 25, 2011

What exactly does Gayle Stucke’s commitment to pensions look like?

Gayle Stucke, federal Liberal candidate for Lambton-Kent-Middlesex has received several letters on the matter and wanted to ensure people that the Liberal Party has committed to several specific pension reform measures. For example:

  • A voluntary Supplementary Canada Pension Plan, called the Secure Retirement Option (SRO), to help more Canadians save more through our trusted national pension by saving a tax deductible percentage of their pay.
  • A stranded pension agency to give employees whose companies have gone bankrupt the option of growing their pension assets through the Canada Pension Plan, rather than having their pension simply placed in a low-return annuity.
  • A firm commitment to a gradual increase in premiums and benefits under the core CPP to enhance the retirement security of all Canadians.

Also, Gayle and the Liberal Party is committed to:

  • A $700 million annual boost to the Guaranteed Income Supplement, more than double the $300 million proposed by the Conservatives, that would help every GIS recipient (1.6 million) not just the 680,000 the Conservatives’ plan would help.
  • A single senior with little or no income other than Old Age Security would receive an additional $650 per year
  • Changes to the Bankruptcy Act to give the most vulnerable on long-term disability preferred status as creditors.

Strong national leadership, determination, vision and compassion will each be shown in a Liberal Government so that Canadians are afforded with these opportunities for true pension security, adequacy and coverage.

Background of pensions in Canada:

The Liberal Party of Canada has a collective legacy of valuing the long-term pension security of Canadians:  Old Age Pensions were passed under the Mackenzie King Government and the Old Age Security Act was the work of Louis St. Laurent, while the CPP and the Guaranteed Income Supplement arrived under the Lester Pearson Government.

The Honourable Judy Sgro, as Liberal Opposition Critic for Seniors and Pensions was working with a national group of experts on the subject before the election and she set out a 10-year pension reform plan in her White Paper on Canadian Pension Security (http://judysgro.liberal.ca/wp-content/uploads/sites/405/2010/06/FinalOctober2010.pdf).

As we move forward, the Liberal Party is stepping forward to build upon this legacy and we are working to transform this proud past into a strong future.

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