FREDERICTON (CNB) - The provincial government has today directed the minister of Justice and Consumer Affairs to appoint a panel of experts to consult New Brunswickers on how to ensure private pensions are protected and sustainable in the long-term.

The Department of Justice and Consumer Affairs, which is responsible for private pensions, will appoint the task force members and develop its mandate with a goal to report back to government with recommendations.

"We are delivering on our commitment to protect workers and members of private pension plans," said Justice and Consumer Affairs Minister Marie-Claude Blais. "The Task Force on Protecting Pensions will have a great deal of work in the months ahead consulting stakeholders across the province."

The creation of the task force was one of the commitments included in Putting New Brunswickers First.

Among the issues that the task force will examine are:

●    rules protecting employees and pensioners in the event of bankruptcy or restructuring of the companies for which they work or worked;
●    ensuring that the long-term sustainability of pension promises made to workers is honoured and protected; and
●    reviewing the structure meant to protect pension plans to insure they are as effective as possible.

Premier David Alward also announced today that Finance Minister and Human Resources Minister Blaine Higgs will undertake a separate full review of pension plans affecting provincial public employees and retirees. This review is intended to ensure those plans are sustainable and that the benefits of those plans are protected.

"Employees in the private and public sector deserve the peace of mind that comes with knowing that the pensions to which they have contributed all their working lives will be there when they retire," Alward said. "We look forward to examining the task force's findings and working with its members and New Brunswickers to protect pensions."

28-10-10