In its 2026 budget, the Quebec government said it intends to enhance the appeal of voluntary retirement savings plans amid low uptake of the savings vehicle. This includes the introduction of a minimum contribution rate of two per cent of salary and the possibility of closing inactive accounts in certain situations, according to a statement […]
In its sophomore year under the Employee Savings Survey banner, Benefits Canada’s annual check in with plan members about their financial priorities and the condition of their workplace savings journeys dove deeper into the demographic data. In a virtual panel discussion on March 30, industry experts shared their views on the 2026 results by exploring the […]
Canadian plan members reported a significant drop in the amount they believe they need to retire — from roughly $1.4 million in 2023, 2024 and 2025 to $976,835 in 2026, according to Benefits Canada’s 2026 Employee Savings Survey. The survey, which polled 500 Canadian savings plan members, also found younger and middle-aged respondents reported requiring […]
While the percentage of plan members who describe their personal financial situation as significantly or somewhat better than last year decreased from 42 per cent in 2025 to 34 per cent, the percentage that describe it as significantly worse or somewhat worse has also dropped, from 26 per cent last year to 22 per cent, […]
On average, women retire with 27 per cent less savings than men, according to a new report from Sun Life Financial Inc. The report, based on two surveys of members in workplace retirement savings plans administered by Sun Life, found women are consistently underutilizing these plans, despite living longer and spending more years in poorer […]
The union representing nearly 125 workers at Community Living Dryden-Sioux Lookout in Ontario have ratified new three-year collective agreements that include pension and benefits gains. The agreements include the implementation of the Colleges of Applied Arts and Technology’s DBplus pension plan beginning in 2026. In addition, vision coverage will increase from $100 to $200 for […]
Indigenous women in Canada continue to face structural barriers to workplace retirement plans and benefits programs, driven by employment instability, eligibility rules and traditional benefits design that often don’t reflect Indigenous realities, according to leaders at Aboriginal Community Career Employment Services. National labour data highlights the disparity. A Statistics Canada report found the employment rate […]
Employers can improve women’s financial security by recognizing gender differences and improving pension contribution and benefits structures, says Kadie Philp, commissioner and chief administrative officer at the Ontario Pay Equity Commission. To close the gender pension gap, employers need to recognize how different work-life patterns can be for men and women, in addition to making […]
Bell Canada’s defined benefit and defined contribution pension plans are both overseen by the same pension committee. The meeting cadences differ, but the committee leans on its DB knowledge to make sure it’s addressing similar risks in the DC plan, says Robert Marchessault, the organization’s director of pensions and benefits. For the DB plan, which […]
Employers can reinforce the value of their workplace retirement plans by communicating to plan members about the importance of having money later versus money now, according to a new report by the National Institute on Ageing at Toronto Metropolitan University’s Pension Centre of Excellence. The report analyzed responses from an NIA survey of 6,000 Canadians […]