BREAKING: O'Toole announces that 'pensioners will have priority over corporate elites in bankruptcy'

Conservative Party leader Erin O'Toole held a press conference on Tuesday in which he laid out the foundations for his plan to put pensioners over "corporate elites in bankruptcy or restructuring."

The plan, O'Toole says, will ensure that every Canadian who has paid into a pension plan will receive their pension when they retire, rather than being forced to take "big cuts to their pensions" when the company they worked for goes under.

"As Prime Minister, I will stand up for workers and introduce the necessary measures to protect hard-earned pensions.," said O'Toole.

"As part of Canada's Recovery Plan, a Conservative government will change the law so that when a company goes bankrupt or is being restructured, workers come first – not corporate elites," O'Toole said in a statement.

According to a press release, the Conservatives' plan aims to "improve the security of workers' pensions" by doing the following:

• Preventing executives from paying themselves bonuses while managing a company going through restructuring unless the pension plan is fully funded.
• No longer forcing underfunded pension plans to be converted to annuities, a practice where the financial assets are sold and exchanged for an insurance product to reduce risks and offer fixed payments to pensioners. Companies typically fail in the midst of a recession when markets are depressed, and as a result, this practice currently locks in losses and means workers receive less money.
• Requiring companies to be more transparent with their employees by mandating they report the funding status of their pension plans.

"If you don't care about standing up for Canadian workers, you have three parties to choose from in this election," O'Toole said. "If you do, then there is only one choice – Canada's Conservatives."