C-228Pension Protection Act
An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Private member's bill, introduced in the House of Commons on February 3, 2022
- Status
- Became law on April 27, 2023 · S.C. 2023, c. 6
What it does
Prioritizes certain pension and group insurance claims in insolvency proceedings and requires annual reporting on pension plan solvency.
What it does
- Gives priority in bankruptcy to amounts owed to cover pension plan unfunded liabilities or solvency deficiencies, including required special payments.
- Gives priority under the Companies’ Creditors Arrangement Act to similar pension claims when restructuring proceedings begin.
- Gives priority to claims tied to an employer ending participation in a group insurance plan in bankruptcy and restructuring cases.
- Requires the Superintendent of Financial Institutions to report each year on pension plan funding, the Act’s operation, and corrective steps for plans that do not meet funding rules.
- Requires the Minister to table that report in each House of Parliament and sends it to provincial finance ministers and securities commissions.
- Delays the new bankruptcy rules for four years for employers and companies already taking part in prescribed pension plans.
Who it affects
- Pension plan members
- Retirees
- Employers
- Companies in bankruptcy
- Companies in restructuring
- Group insurance plan participants
- Pension regulators
Background
Amends the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act, and the Pension Benefits Standards Act, 1985.
Where it is
House of Commons
First reading
Completed.
Second reading
Completed.
Committee
Completed.
Report stage
Completed.
Third reading
Completed.
Senate
First reading
Completed.
Second reading
Completed.
Committee
Completed.
Third reading
Completed.
Royal assent
Royal assent
Completed.
Introduced by an MP who is not a minister. These bills compete in a lottery for debate time, and most do not become law. How a bill becomes law
How the House voted
3rd reading and adoption of Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Vote 223,
Passed
318 yeato0 nay
Party breakdown for vote 223 Party Position Yea Nay Did not vote Liberal Yea 150 0 8 Conservative Yea 113 0 5 Bloc Yea 26 0 6 NDP Yea 25 0 0 Green Yea 2 0 0 Independent Yea 2 0 0 Total 318 0 2nd reading of Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Vote 165,
Passed
323 yeato1 nay · 2 paired
Party breakdown for vote 165 Party Position Yea Nay Did not vote Liberal Yea1 broke ranks 150 1 8 Conservative Yea 115 0 4 Bloc Yea 31 0 1 NDP Yea 24 0 1 Green Yea 2 0 0 Independent Yea 1 0 0 Total 323 1
What MPs said
Each party’s first speech on this bill in the House, from Hansard. Excerpts are the speaker’s opening sentences, unedited.
LiberalRyan Turnbull· April 1, 2022
“I am generally supportive of the bill, as members can tell, and I think the proposed changes to the insolvency legislation are a positive advancement by providing near superpriority status. I am supportive of any solution that places pensioners much closer to the front of the line in the long list of creditors that need to get paid during insolvency.”
Read the full speech on openparliament.caConservativeMarilyn Gladu· April 1, 2022
“This bill did not receive enough support, because changing the type of pension or the benefit amount means breaching the contract signed by employees who worked for a company for a certain number of years and thought they would receive a certain pension.”
Read the full speech on openparliament.caBlocMarilène Gill· April 1, 2022
“I do not think anyone in the House will be surprised to hear that I took a serious look at this bill. Again, there is absolutely no partisanship here.”
Read the full speech on openparliament.caNDPDaniel Blaikie· April 1, 2022
“I am pleased to rise today to speak to Bill C-228, because it is a bill that grapples with a very important and long-standing issue in Canada's bankruptcy laws.”
Read the full speech on openparliament.ca
Read the source
LEGISinfo status: Royal assent received. Bill data from LEGISinfo, votes from openparliament.ca and the House of Commons. Last updated October 13, 2026.