Dear Sir:
As you are undoubtedly aware, the Sears bankruptcy, if you can call it that, has left a lot of seniors in finical straights. It was not a bankruptcy in the normal sense, but a planned asset stripping and looting of the company, including pension plan assets.
If the Government of Canada does not act to prevent such future occurrences, all pension plans will be considered to bait and switch sort of employment incentives, with no future value. That may make it more difficult to save for retirement, and dry up the retirement plans as a source of funds.
The question becomes what kind of country is Canada? One that allows the abuse of seniors, by allowing their small funds to be stolen by asset strippers? What kind of safeguards are not in place to prevent this abuse? How safe is any pension plan? Should I be keeping my funds under the mattress, or buying gold or Scotch?
I will not starve, there is always the public dole, but many have gone from comfortable to just getting by, as a result of the lack of oversight/regulation. Perhaps asset strippers should be in the same group as drug lords.
Thank you for your time. I will be voting in the next election if I survive until then.
Fred Tully
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