The introduction of more flexible annuity options for capital accumulation plans and reform to prescription drug coverage are among the recommendations by the Canadian Life and Health Insurance Association for the 2019 federal budget. In a letter to the Ministry of Finance, the CLHIA highlighted the increasing need for Canadian retirees to convert some or all of […]
Readers were focused on the Canada Pension Plan and old-age security in 2018, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension and retirement stories of the year: 1. New CPP, OAS benefit amounts take effect for 2018 2. Increase to OAS benefits takes effect July 1 3. Why aren’t Canada’s public […]
From a research perspective, very little is actually known about the post-retirement phase for defined contribution plan members, according to one expert. A lot of past logic about this phase has been problematic, said Stephen Utkus, principal and director at the Vanguard Center for Investor Research, at the 2018 Defined Contribution Investment Forum in Toronto in September. The […]
Even though many plan sponsors are moving away from defined benefit plans, many organizations still have a paternalistic culture and want to help guide their employees towards a successful retirement, Nick Nefouse told delegates at the 2018 Defined Contribution Investment Forum in Toronto in September. Plan sponsors are asking for help with this goal, but […]
Ontario’s pension regulatory landscape has seen a number of recent changes, with many of these affecting defined contribution plan sponsors, according to one expert. Speaking at the 2018 Defined Contribution Investment Forum in Toronto in September, Mark Eagles, senior manager for pension policy at the Financial Services Commission of Ontario, took delegates through the changes. The […]
Imagine there was an option to assemble the ideal retirement savings plan: a pinch of automatic features, a teaspoon of benefits guarantee, a cup of pooled investments, stirring the best elements of a defined benefit pension into the structure of a defined contribution plan. It may not be as simple as combining ingredients, but as […]
Longer living Canadians should have the option of pure longevity insurance and the government should facilitate Canadian insurers’ ability to offer it, according to a new report from the C.D. Howe Institute. As baby boomers are hurtling towards retirement, and many have been saving in capital accumulation plans, government policies should focus on how to effectively draw down those […]
Even as regulators move to expand decumulation options for Canadians in defined contribution pension plans, the degree to which employers will actually adopt the solutions available, including variable benefits, remains an open question. Various factors fuel the conundrum, but exposure to liability and litigation risk loom as perhaps the most daunting obstacles. Proponents of safe […]
The job of a pension consultant has evolved considerably over Bita Jenab’s 30-year career in the field. The mid-1990s saw a greater focus on governance and the arrival of the investment consultant, while the 2000s featured a mass move to defined contribution plans and significant changes to pension legislation. Through all of that, plan sponsors […]
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 […]