Dynamic pension pools can have a significant and positive impact on retirement outcomes if they’re supported by the appropriate legislative changes, said Barbara Sanders, associate professor in statistics and actuarial science at Simon Fraser University, during a session at Benefits Canada‘s 2022 DC Plan Summit. The University of British Columbia has a dynamic pension pool […]
While defined contribution pension plan sponsors are focusing on providing members with information, education and guidance to ensure they’re ready for retirement, advice is becoming more holistic and covering a financial wellness continuum, said Jennifer Katzsch, regional vice-president for Western Canada, group retirement savings at Desjardins Insurance, during a session at Benefits Canada‘s 2022 DC […]
In a panel discussion during Benefits Canada‘s 2022 DC Plan Summit, three defined contribution pension plan sponsors shared how their plans are evolving to ensure retirement savings are flexible, maximize employee engagement and cater to members’ divergent financial needs. During the coronavirus pandemic, Niagara Casinos laid off 96 per cent of employees and its casinos […]
The Canadian Association of Pension Supervisory Authorities is releasing a consultation draft of revisions to its guidelines for capital accumulation plans. The updated guidelines replace the 2004 document and reflect the expectations of regulators regarding the operation of a workplace CAP, regardless of the regulatory regime applicable to the plan. Read: CAPSA developing multi-jurisdictional VPLA […]
As the move away from traditional defined benefit plans continues and intensifies, Canada’s multi-employer pension plans are providing employers with another retirement savings option for their employees. And despite facing a number of challenges, from industries in decline to legislative obstacles, MEPPs continue to attract plan sponsors from across the country. Read: Canadian MEPPs facing challenges […]
Pension coverage in the public sector is high, with the vast majority of public sector employees covered by a defined benefit pension plan. However, the story is very different in the private sector as pension coverage is much lower and is trending downwards. Only 22 per cent of private sector employees participated in a registered […]
Canada’s pension plans are weathering the coronavirus pandemic, with many plans currently in their best financial shape in several years. The early days of the pandemic painted a bleak picture for institutional investors. Between Feb. 19 and March 23, 2020, the S&P/TSX composite index dropped by 37 per cent — the latter date marking the index’s lowest point […]
An article on British Columbia’s paramedics and their need for enhanced mental-health benefits was the most read story over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. B.C. paramedics seeking enhanced mental-health benefits 2. Canadian pension plans overcoming legislation, governance challenges: webinar 3. Ontario’s DB pension plans should take steps […]
A third (34 per cent) of U.S. retirees who took a lump sum from their defined contribution pension plan in retirement depleted that sum within an average of five years, according to a new survey by MetLife Inc. “There can be significant drawbacks for retirees when taking a lump sum,” said Melissa Moore, senior vice-president […]
Representatives from a few of Canada’s most progressive pension plans weighed in on topics ranging from plan design to the various challenges posed by legislation and governance during a webinar hosted by the Association of Canadian Pension Management last week. Orla Cousineau, executive director of pensions at the University of British Columbia, said the province’s […]