Copyright_slasny_123RF

A new multi-employer pension plan is being created for Canadian incorporated physicians.

The Medicus Pension Plan, developed by MD Financial Management Inc. and Scotiabank, will provide physicians with predictable lifetime retirement income based on personal earnings and years of service with their medical corporation, while pooling investments, longevity and economic risks among all plan participants, according to a press release.

Read: FSRA advising DB MEPPs on governance, risk-management practices

The plan will be administered by LifeWorks Inc. and is expected to launch within a year, subject to applicable regulatory approvals, said the release.

“For decades, the physician community has called for the formation of a pension plan,” said Daniel Labonté, president and chief executive officer of MD Financial Management, in the release. “With Scotiabank’s deep technical experience in pensions, investment and governance, combined with MD’s exclusive focus on physician financial security, we are excited to be able to deliver the long sought-after solution that physicians desire.”

Read: Canadian MEPPs facing challenges due to provincial funding requirements, plan growth