If you worked in Sears CanadaYou already know how destructive retail bankruptcy can be. If you didn’t do it? Well, you’ll get an emergency course, why Hudson’s Bay employees must work quickly As for their pensions.
Sears Canada was once a retail power – just like Hudson’s Bay. But when he fell in 2017, thousands of employees remained getting in. Closed stores, jobs have disappeared, and worst of all? Many employees saw their pensions cut.
Now Hudson’s Bay follows a similar trajectory. Submitted an application for Creditor protectionThey are burdened $ 1.2 billionand it can close Half of 88 stores. If you work for Hudson’s Bay and you have a pension, now it’s time to learn What went wrong in Sears– Before it’s too late.
https://www.youtube.com/watch?v=4dfxo4atnuc
What happened to the employees of Sears Canada?
When Sears Canada filed for bankruptcy, the employees stood in the face of the nightmare of the script:
- Over 12,000 jobs have been erased. Employees were released with a slight warning. Many have No severance pay Because of bankruptcy.
- Retirement benefits have been reduced. Sears had underfunded pension planWhich means that there was not enough money to cover all the promised retirement benefits.
- Health insurance and life insurance disappeared. Thousands lost their benefits from day to day.
For those who had Defined pensions (DB)The biggest problem was that Sears he did not have enough money to cover all future payments. Many pensioners have seen their monthly pension payments Cut by 20% or more– There is no way to fight.
Sounds familiar?
Why Hudson Bay employees have to work quickly
Hudson’s Bay has not officially announced the store or dismissals yet, but if the story tells us something, It’s just a matter of time. And if you have a pension, you must be prepared.
Here’s what you have to consider now:
- Can your pension be underfunded? Hudson’s Bay has a huge debt and does not pay rent in some locations. If the money is tight, retirement obligations may be threatened.
- Will they change pension rules? In many corporate restructures, companies freeze retirement benefits or change the payment structures to reduce costs.
- Do you have the option to accept a lump sum? If you qualify for Payment of values to workTaking control of pension before a change will be a intelligent movement.
Waiting too long can mean less options and less money in your pocket. If you are affected by the restructuring of Hudson’s Bay or worry about your pension, don’t wait. Book a free consultation today.
What can you do to protect your pension?
If you have Defined pension You can have two options with Hudson’s bay:
- Stay in the plan and I hope for the best. If the company survives and maintains financed by retirement, you will receive the promised retirement income – although nothing is guaranteed.
- Take the payment of values to work. This option allows you to take over the pension as a lump sum and move him to Closed retirement account (Lira) Or Private pension with an insurance company (Copycat Renta)—The prosticting it from the company’s instability.
For many Sears employeesThe lack of this choice meant Watching how their pensions are shrinking When the company broke down. Hudson’s Bay employees still have time for it Avoid the same fate– But the action is crucial.
Book a free consultation – before it’s too late
On Canada retirement solutionsWe specialize in helping employees just like you Move retirement decisions during the company’s exemptions and closures.
As a financial advisor who cooperates only with Residents of OntarioI can help you:
- Understand your pension options and avoid expensive mistakes
Compare the value to work compared to your retirement stay
Retire
Close your retirement income thanks to Copycat Renta
Do not wait for them to make decisions –Take control of your pension now.
If you are affected by the restructuring of Hudson’s Bay or worry about your pension, don’t wait. Book a free consultation today.
