According to a statement released by Unifor, pension benefits for former employees of the now-closed Northern Pulp mill in Pictou, Nova Scotia, will be fully protected following the sale of the company’s woodland assets for $235 million.
The proceeds are sufficient to cover the $37 million owed to members of Unifor Local 440’s defined benefit pension plan, allowing the plan to be fully funded and formally wound up.
Northern Pulp ceased operations in 2020, affecting approximately 220 unionized workers. Since the closure, Unifor has remained involved in creditor protection and asset sale proceedings, advocating for pension security in a process where worker claims are often subordinated.
Union representatives described the outcome as a significant step for affected workers and retirees, noting that broader legislative changes aimed at strengthening pension protections in insolvency cases will not take effect until 2027.
Source: Unifor
