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CAPSA updates guidelines on DC plan payout, responsibilities and advice

The Canadian Association of Pension Supervisory Authorities has published an updated version of its guideline No. 8 for defined contribution plans, focusing on three main areas: the payout phase, plan sponsor/administrator responsibilities and advice. Introduced in March 2014, Guideline No. 8 aims to spell out the rights and responsibilities of DC plan administrators, providers and members. It […]

While the Canadian Life and Health Insurance Association generally supports the Canadian Association of Pension Supervisory Authorities’ proposed guideline on defined contribution pension plans, certain areas require further clarification. “We recognize that some service providers may require substantial lead time to enhance administrative systems to incorporate functionality, such as capturing and reporting indirect fees, that may not currently exist,” […]

  • By: Staff
  • September 12, 2018 September 13, 2019
  • 09:00

The Canadian Association of Pension Supervisory Authorities’ latest consultation is seeking feedback on amendments to its guideline No. 8 for defined contribution pension plans, focusing on considerations around decumulation, such as communicating variable benefits, assumptions used in retirement projections and fee disclosure. When it comes to withdrawals from a variable benefits plan, according to the amended guideline, plan administrators […]

  • By: Staff
  • August 7, 2018 September 13, 2019
  • 09:00
The Trouble With Fee Disclosure in DC Plans

Plan members are in the dark when it comes to costs.

  • April 16, 2018 September 13, 2019
  • 16:34
Are group TFSAs a suitable replacement for outgoing Canada savings bond program?

The Canadian government will discontinue the Canada savings bond and Canada premium bonds program on Nov. 1, 2017. While existing bonds will continue as usual until they mature or the purchaser redeems them, the option of buying them through a payroll savings program will now be off the table. The program reached peak popularity in the 1980s, but […]

PIAC proposes regulatory changes to address decumulation concerns

Canada’s pension and tax regulations need to be updated to address the lack of decumulation options for the growing number of Canadians nearing retirement, according to Kevin Fahey, chair of the Pension Investment Association of Canada. In a letter sent to Finance Minister Bill Morneau this week, Fahey noted that, while the regulations for capital […]

  • By: Staff
  • January 20, 2017 September 13, 2019
  • 09:30
Avoiding DC class actions

Earlier this summer, Fidelity Investments settled two lawsuits brought by employees over the company’s own 401(k) plan. The suits alleged the firm offered employees its own higher-cost mutual funds when cheaper fund options were available and charged recordkeeper fees that were too high for a plan of its size. Fidelity contends the suits were “without merit” but settled for $12 million, which will be shared among more than 50,000 employees.

2014 CAP Member Survey: Plan risks and the employer’s role

CAP sponsors may be encouraged to see that member satisfaction levels remain high, both with their plans (88%) and with the performance of the plans’ investments (87%). But some of the other findings of the 2014 CAP Member Survey should raise eyebrows about the potential risks related to sponsors’ and members’ different views on each other’s responsibilities.

  • November 1, 2014 September 13, 2019
  • 07:04
No cost certainty with CAPs

Plan sponsors that think moving from DB to DC would provide them with cost certainty may be mistaken.

Oops, there goes my pension

The decisions we ask employees to make at retirement are both complex and consequential. In many cases, there’s no going back. Whether you’re a DC member choosing an annuity or a DB member choosing a pension payment option, the decision is significant and irreversible. So, what role should plan sponsors play in equipping members to make these critical decisions?