November 20 , 2007

Pension Surplus litigation decision a big disappointment

The Court submitted its decision on our pension surplus litigation today, rejecting all of our claims.

Justice Panet dismissed our claims on the Employer's breach of trust, fiduciary duty and the obligations to plan members. In his judgment, he found that Bill C-78 (the amending legislation), authorizes the Employer (the government) to essentially steal the more than $30 billion pension surplus and found that our members cannot claim discrimination under the Canadian Charter.

The judge's findings seem to rest solely on the basis that our pension plans are legislated plans. We are deeply disturbed that because these pensions are established by legislation, the workers who have contributed to the surplus are barred from having access to that surplus.

We will be studying the Court's decision in detail in the next few days, and, in consultation with our lawyers, we will determine the best way to proceed. Watch our web site for updates and more details on the Court decision.