Hon. Hedy Fry
Mr. Speaker, quite often the whole concept of retroactivity sometimes imbalances what in fact we are trying to do with a particular piece of legislation or a particular piece of policy. If we are looking at helping to get a win-win situation, in many instances with restructuring, if we go back in time enough, then we create a complete imbalance in the kind of funds that would be available to do that.
With regard to pension protection, it is difficult for this bill to deal with pensions on a whole because there is a better pension regulatory area for us to deal with that under the relevant pension regulatory system. However, there is some ability in this bill, if a person declaring bankruptcy has not been putting the appropriate money and has an arrears in placing money into a pension, for this to take precedent over payouts to creditors. The bill does take care of some of it, but it is not really the appropriate vehicle to deal with that kind of pension reform.
Subtopic: Wage Earner Protection Program Act