PSAC has received a decision from the Ontario Court of Appeal on our case against the federal government over its expropriation of $28 billion from the federal superannuation fund.
Unfortunately, Justices Laskin, Gillese and Juriansz denied our appeal. They confirmed a 2007 Superior Court of Justice Decision which dismissed our claims that the government breached the trust of plan members, violating its fiduciary duty and not meeting its obligations.
At issue was the fact that the federal government raided a $28 billion surplus from the public service, RCMP and Canadian Forces pension plans after passing legislation that restructured the way the plans are managed.
The Court of Appeal found that the federal government did have the discretion to remove the surplus funds, even if it resulted in higher pension contributions for plan members.
PSAC is in the midst of reviewing the decision in order to determine the next course of action.
Go to PSAC link for details !
