Algoma Pensions

[blueboy]

Are they gone ??? not good

[Anapeg]

Are they gone ??? not good

Wouldn't be surprised as they have had everything else their way why not put it to the pensioners.

[riggs]

No movement on anything yet. While the term lenders claw back on any revenue exceeding $25,000,000 on a weekly basis, they themselves are not in a hurry. The weekly revenue stream has them quite content before terms and conditions are applied through an agreement. Only time will tell if the new judge has any interest in expediting the process.

[Hans]

What's an Algoma Pension??

[Bluesky]

I don't get it. Why is there no law that protects pension contributions? Even the govt spends our pension contributions on other stuff. This is criminal.

[Hans]

Just look at what happens at Sears. They don't contribute enough for years and there are no consequences for Sears, just for the pensioners. Sears and Sears shareholders walk away with the cash.
http://globalnews.ca/news/3579070/wh...-benefits-are/


This is why I am a great fan of the way pensions are done in Europe: the government collects all of it and spends it on whatever they want.
Since it is extremely rare for a government to go truly bankrupt, your payments are safe, even if all the money is gone.
If they would do the same thing over here we would never have these issues, unless Canada declares bankruptcy. The chances of that happening during your lifetime are less than the chances of winning the lottery twice in a row.

[Anapeg]

Just look at what happens at Sears. They don't contribute enough for years and there are no consequences for Sears, just for the pensioners. Sears and Sears shareholders walk away with the cash.
http://globalnews.ca/news/3579070/wh...-benefits-are/


This is why I am a great fan of the way pensions are done in Europe: the government collects all of it and spends it on whatever they want.
Since it is extremely rare for a government to go truly bankrupt, your payments are safe, even if all the money is gone.
If they would do the same thing over here we would never have these issues, unless Canada declares bankruptcy. The chances of that happening during your lifetime are less than the chances of winning the lottery twice in a row.

I can see this becoming a reality here in Canada if not, in fact, all of North America due to the change in work habits. One rarely if ever works at a single job for their working life any longer. It is a luxury afforded very few. A pension that followed you consistently throughout your working life would be a real bonus.

[Hans]

I don't think it is so much a change to work habits. I believe it is more an issue of opportunity. Employers have realized they can make money by not paying into pension funds with very little to no consequences to them.
All Canada has to do is change the CCAA so pension funds, benefits and severance payments are put under the secured creditors umbrella, so they are first in line to receive payment. After that we can have banks and other secured creditors collect money.
People should come first, before banks and institutions.

[Hans]

Sears Canada faces online calls for boycott over treatment of ex-employees

Sears Canada is facing a social media campaign calling for a boycott after the company said it planned to pay millions in bonuses to keep executives on board during restructuring, while not offering severance to laid-off workers.

https://www.sootoday.com/local-news/...ployees-678806


Makes sense to pay millions in bonuses to executives who let the brand fail and failed at their job, while not paying severance to laid-off workers.
It is the world upside down.

[Bob Toe]

blueboy, pensions are not gone. As long as Essar is running they are safe.

[blueboy]

Bad news !

[Anapeg]

Bad news !

What's the word?

[riggs]

What's the word?

The pension will be tied directly to the new contract/owner. They have met with interested parties and there are more expressing interest (though those are in preliminary discussions currently) Tom Clarkes bid is expected in today though I would expect a grace period to extend. So for now, everything remains the same.

[Anapeg]

The pension will be tied directly to the new contract/owner. They have met with interested parties and there is more expressing interest (though those are in preliminary discussions currently) Tom Clarke's bid is expected in today though I would expect a grace period to extend. So for now, everything remains the same.

Disconcerting as Hell for those sitting on tenterhooks and counting pennies, or nickels now I suppose?

[riggs]

Disconcerting as Hell for those sitting on tenterhooks and counting pennies, or nickels now I suppose?

The term lenders are still potential buyers but are in no hurry to expedite the sale. They are clawing back money on a weekly basis during this profitable period. The problem with their bid is it is concession based their intent is to resell so it is not being accepted by the local unions. The other bids (though details are sketchy) sound much more promising and long term. The best case scenario would see the deal finalize prior to year end but that may be nothing more than wishful thinking. So until then....no news is good news in regards to any losses.

[Anapeg]

So basically these people/person is working on a flip? Buy cheap, sell high and get out. If the government is involved they ought to be thinking more long term.

[riggs]

So basically these people/person is working on a flip? Buy cheap, sell high and get out. If the government is involved they ought to be thinking more long term.

At this point there's very little government involvement. If there is, I'm not aware of it.

[theShadow]

My pension is still intact.


so far