TORONTO -
A day after thousands of angry autoworkers rallied at the Ontario legislature to demand pension protection, Premier Dalton McGuinty said he was sticking to his belief that what's needed is not a bailout but a national pension strategy.
"There is a broader issue, and I sent a letter to Prime Minister Harper yesterday asking him if we might not consider this together, all the provinces and territories and the federal government," McGuinty said Friday.
"The fact is that, overwhelmingly, Canadians ... we haven't saved enough money, either on our own or through our pensions plans, and if we have pension plans, many of those are at risk."
In the letter, McGuinty asks Harper to set up a national summit, hosted by federal Finance Minister Jim Flaherty, to deal with pension issues that "have reached a level of crisis."
"Ontario cannot act alone," McGuinty writes. "The interdependence of pension administration and the overlap of regulatory powers across Canada require a level of co-operation."
He said all governments must discuss how pensions are regulated as well as pension coverage and the adequacy of retirement incomes.
Several thousand people took to the legislature Thursday to warn the federal and provincial governments they will pay a price at the polls if they abandon pensioners.
Ontario has said the retired autoworkers have little to fear unless General Motors is forced to sell off all its assets under bankruptcy.
But the workers want a promise from Ottawa and Ontario that their retirements are safe, and say the province should create its own pension plan.
McGuinty said he understands the frustrations of autoworkers, but noted he must be fair to all pensioners.
"I don't have an answer for you that's neat and tidy in that score, but I think I'm starting to better understand some of the questions, and I think the best way for us to grapple with a big national challenge is through a national response," he said.
"It's a complicated issue. We want to be fair and we want to be as helpful as we can, and it's going to take some time to get there."
McGuinty angered autoworkers last week when he said there wasn't enough money in the province's safety net to cover General Motors pensions if the company goes under.
Ontario's Pension Benefits Guarantee Fund provides pensioners with up to $1,000 a month in the event a pension plan fails to provide its full benefit, or any at all.
The fund currently holds about $100 million, while pension experts estimate GM's pension shortfall could top $6 billion. It is funded by corporate contributions, and the government has no legal obligation to top it up.
