An article on how employers can create health benefits and retirement plans for gig workers was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Expert panel: How employers can design health benefits, retirement plans for gig workers 2. Hitachi, Unifor agreement includes DB, DC pension […]
The Association of Canadian Pension Management is calling on the Office of the Superintendent of Financial Institutions to provide more detail on how pension plans can enhance their investment risk management strategies. In an open letter responding to a consultation by the OSFI, Ric Marrero, chief executive officer of the ACPM, said while the paper […]
An article on the potential future of pension plans in the private sector was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Expert panel: Are private sector employers heading toward a pension renaissance? 2. A third of Canadian employees retiring sooner than planned: survey 3. Mental-health […]
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 […]
By underestimating life expectancy, employees risk running out of money in retirement, according to a new survey by analytics firm Club Vita. The survey, which polled 3,000 respondents in Canada, the U.K. and the U.S., found on average, people underestimated their life expectancy by 4.7 years. Women underestimated their longevity by an average of 6.1 […]
Despite a recommendation made by the four Atlantic provinces in 2016, a review of the Atlantic Lottery Corp.’s underfunded defined benefit pension plan has yet to be completed, according to a new report by the region’s auditors general. According to the report, the pension plan has swallowed up $87 million in potential profit in order […]
The Nova Scotia Teachers’ Pension Plan exceeded its return benchmark in 2021, though its solvency ratio on a growing-concern basis remains underwater, according to its annual report. The defined benefit pension plan’s assets grew by 6.1 per cent last year, reaching $5.856 billion. Net investment returns, however, grew by 9.63 per cent, slightly higher than […]
The union representing roughly 900 workers at Metro Inc. warehouses in Etobicoke, Ont. has ratified a new 4.5-year collective agreement that includes pension and benefits gains. Sandeep Kakan, director of pension and benefits at Unifor, says the agreement includes an increase in the defined benefit pension plan’s flat-rate benefit, retroactive to 2001, as well as […]
Changes to the calculation of commuted pension values in Canada are making it more challenging for defined benefit pension plan members to determine an optimal day to quit their job and receive the maximum payout, says one actuary. Peter Gorham, an actuary at JDM Actuarial Expert Services Inc., says while he used to point plan […]
The Office of the Superintendent of Financial Institutions is launching an eight-week consultation on the management of investment risk by federally regulated pension plans. Along with a discussion paper, the consultation’s objective is to ensure the OSFI’s pension investment risk management guidance reflects and accommodates the circumstances of all pension plans, regardless of size, degree […]