Another financial setback for Sears pensioners. The company that took over the pension plan from the former retail giant claims former employees have been paid too much and now have to pay it back.

As a result, Morneau Shepell says monthly pensions will drop more than 10 percent over several months. Pensioners already took a 20 percent decrease when Sears shut down last fall. The Zoomer group CARP has been advocating to put pensioners first in insolvencies. For more information on CARP’s request for the government improve pension protection  click here