From 2016 to 2024, fewer plan members are confident they’ve saved enough for retirement. Indeed, Benefits Canada’s 2024 CAP Member Survey found plan members’ optimism that their retirement is on track declined to 56 per cent from 63 per cent in 2022, while three-quarters (73 per cent) said they’re worried they won’t have enough saved […]
One actuary says social and technological factors are changing the concept of retirement, while another notes the fundamentals remain the same. Michel St-Germain, retired actuary, fellow and past president of the Canadian Institute of Actuaries Yogi Berra once said: “The future ain’t what it used to be.” Millennials will be retiring in 25 years, but not […]
Seven in 10 U.S. workers between the ages of 40 and 80 with at least $100,000 in investable assets say they’d be “very” or “somewhat” likely to select an in-plan annuity option if it were available within their employer-sponsored retirement savings plan, according to a new report by LIMRA. It also found younger plan participants […]
Capital accumulation plan members saw a slight uptick in their plan outcome in the first quarter of 2024, as annuity rates rebounded to levels comparable to those from the third quarter of 2023 and gross income replacement ratios remained at multi-year highs, according to a new report by Eckler Ltd. The consultancy’s latest CAP income […]
Four years ago, as the coronavirus pandemic entered its third month, I unknowingly — and unwittingly — took my first steps towards a new chapter in my career. As a writer for a Canadian travel trade publication, I was suddenly without work as the health crisis brought the global travel industry to a screeching halt. […]
At the 2024 Defined Contribution Plan Summit, which was hosted in Vancouver on Feb. 27-29, attendees learned about the various challenges and solutions for DC plan sponsors across the accumulation and decumulation phases, including how to cater to different generations’ needs and innovative investment and drawdown options, through expert thought leadership and employer case studies […]
Inspired by the University of British Columbia’s variable payment lifetime annuity option, the Australian Retirement Trust is taking a similar approach to decumulation, which, in turn, may hold lessons for Canadian defined contribution plan sponsors, said Brnic Van Wyk, the plan’s head of asset and liability management, during a session at Benefits Canada’s 2024 DC […]
Financial literacy initiatives and a wide range of capital accumulation plan options are key components in supporting the financial health of midwives, said Nicole Mellin, executive director of the Association of Ontario Midwives Benefits Trust (pictured left), during a session at Benefits Canada’s 2024 Defined Contribution Plan Summit in February. The association provides its roughly […]
From its roots as a retirement plan for Saskatchewan farmers, the Saskatchewan Pension Plan has grown over the past four decades to accommodate Canadians from all provinces and walks of life. “It’s really meant to be a social policy need to fill in gaps,” said Shannan Corey, the plan’s executive director, during a session at Benefits […]
During a panel discussion at Benefits Canada’s 2024 Defined Contribution Plan Summit in February, three defined contribution plan sponsors shared their respective decumulation journeys and their thoughts on where the DC plan sector is in terms of effectively supporting this particular phase of plan members’ lives. At ATCO Ltd., roughly 5,500 employees are enrolled across […]