Central banks slowing their quantitative easing policies and economic improvements off the back of wide-scale vaccination efforts should both provide bond yields with a modest boost in 2021. But that won’t give defined benefit pension plan sponsors much relief. “You hear the phrase ‘low for long’ and I would agree we’re in an extended period […]
Corby Spirit and Wine Ltd. and Hiram Walker & Sons Ltd. are de-risking with a $176-million group annuity buy-in amidst volatile markets caused by the coronavirus pandemic. The deal covers 750 retirees and beneficiaries and there will be no change for plan members, who will continue to be paid from the plan as before the […]
Pension investments are a key component of ensuring secure benefits for plan members upon their retirement. To celebrate the plan sponsors and pension investors who work hard to ensure strong investment outcomes, the first-ever Pension Leadership Awards will recognize winners across several categories. The Defined Contribution Investment Innovation Award will go to a DC pension […]
The federal government is publishing a consultation paper on potential solvency funding relief options for 2021 and measures to further strengthen the framework for federally regulated pension plans. The announcement follows the government’s commitment in its 2019 budget to enhance the security of workplace pension in the event of corporate insolvency. The budget proposed the following measures: Requiring […]
The Global Risk Institute is bringing together experts from various institutions to build a roadmap for implementing variable payment life annuities to achieve lifetime income for retirees in response to growing concerns of outliving retirement savings. Canadians are living longer, but with this longevity, they’re also watching their workplace pension coverage decline, noted a press […]
When the coronavirus pandemic hit, many organizations were focused on getting through the short term, but defined benefit pension plan sponsors are starting to take another look at de-risking. As of the second quarter of 2020, the total market volume of group annuity purchases year-to-date was $0.5 billion, compared to $1.5 billion in the first […]
Looking back at all of the pension legislation stories we’ve written up during the coronavirus pandemic, I’ve noticed federal and provincial governments definitely favoured defined benefit plans over defined contribution plans in their various temporary regulations. In the first month of the pandemic, the feds halted solvency special payments for federally regulated DB plans until […]
Defined contribution pensions are taking a bumpy ride in the coronavirus pandemic, with plan sponsors and their members facing volatile stock markets, financial uncertainty and interruptions to business as usual. Whether related to plan design, investment options, decumulation or overall financial well-being and education, what issues are taking the spotlight this year and what changes […]
Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier, according to the Canadian Life and Health Insurance Association’s annual fact book. The benefits include $53.3 billion in pension annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health […]
The Halifax Port ILA/HEA found a way to provide its defined contribution pension plan members with a defined benefit upon retirement — and it’s been doing so successfully for 35 years. As a private sector multi-employer plan, the pension has about 450 active members, 300 retirees and about $210 million in assets. The DB plan […]