Each year, employees at Britain’s Barclays Bank make decisions about their benefits and pension plan during the enrolment period. To learn more about their plan, staff typically have an information booklet and financial tools, such as a pension calculator, at their disposal. But six years ago, Barclays decided to apply a game-based approach to its […]
When Britain’s former economic watchdog, the Office of Fair Trading, published a report in 2013 about the country’s workplace defined contribution pension market, it was the latest call in the country’s ongoing conversation about pension governance and delivering value for money to plan members. The report estimated more than 186,000 pension plans in the country […]
Postmedia Network Canada Corp. is making a number of changes to its defined benefit pension plan, its capital accumulation plans and its benefits plans, according to a document from the newspaper company’s human resources department. Only non-unionized employees — approximately 71 per cent of the workforce — were affected. The organization is closing its defined […]
The market value of Canadian employer-sponsored pension plans grew 3.9 per cent to a total of $1.7 trillion in the third quarter of 2016, nearly doubling the increase of 1.8 per cent in the second quarter of the year, according to new data from Statistics Canada. The survey examined a sample of 144 defined benefit, […]
Newly-elected members of the House of Assembly in Newfoundland and Labrador could be moved out of their defined benefit pension plan to a defined contribution pension plan instead. On Monday, the Liberal caucus chair Randy Edmunds sent a letter to speaker Tom Osborne suggesting the province’s House of Assembly Management Commission explore moving to a […]
Target-date funds continue to be the most common default investment option offered to members of workplace capital accumulation plans, according to new research by the Canadian Institutional Investment Network and Great-West Life Assurance Co. The 2016 CAP Benchmark Report found 50 per cent of defined contribution plan sponsors and 51 per cent of group registered […]
CAA South Central Ontario will share the lessons learned during its transition to a defined contribution pension plans at the 2017 Benefits and Pension Summit in Toronto on April 11-12. The organization transitioned to a defined contribution arrangement in 2013. In the following three years, the organization focused on the defined contribution plan it introduced […]
You’ve decided to launch a defined contribution pension plan for your employees, but you don’t know where to begin. What’s the answer? How do you decide what’s right for your organization? Let’s take this step by step. Step 1: Purpose The first step is determining the intention and objectives of the retirement program. In other […]
Canadian pension plans have grown significantly over the past decade, a survey by Willis Towers Watson has found. Total pension assets were US$965 billion in 2006, compared to $1.6 trillion in 2016. The ratio of pension assets to gross domestic product grew by 30 percentage points in that decade, to 103 per cent in 2016 […]
Last week, the Pension Investment Association of Canada was the latest group to lend its voice to the growing concern over the decumulation of Canadian’s retirement assets. Kevin Fahey, chair of the association, sent a letter to the minister of finance asking the government to update pension and tax regulations to address the lack of decumulation options […]