The Quebec government has adopted regulations allowing defined contribution pension plans and voluntary retirement savings plans to offer variable payment life annuities. The regulatory changes establish the framework under which DC plans and voluntary retirement savings plans may offer the lifetime income option, including conditions related to plan design, valuation and administration. The move follows […]
An article on Quebec’s incoming framework for variable payment life annuities was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Quebec introducing VPLA regulatory framework 2. BMO corporate employees returning to office four days per week this fall […]
The implementation of variable payment life annuities in Quebec will support employee financial well-being and retirement readiness, while providing a model for other Canadian jurisdictions, says Louis-Bernard Désilets, an associate at Normandin Beaudry. “Currently, there’s approximately $1.5 trillion in retirement savings accumulated in [registered retirement savings plans] and [defined contribution] plans in Canada, with likely […]
A story on mental-health themes and challenges for 2024 was the most-read story on BenefitsCanada.com this week. Here are the top five human resources, benefits, pension and investment stories of the past week: 1. Expert panel: Employers taking preventative, holistic approach to employee mental health in 2024 2. AI holds uncapped potential for pension plan sponsors’ administration, communications: […]
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 […]
With 10 million Canadian baby boomers entering retirement, dynamic pension pools could help seniors turn their accumulated savings into low-cost lifetime pension income, according to a new report by Ryerson University’s National Institute on Ageing and the Global Risk Institute. According to the report, dynamic pension pools can help Canadians optimize their expected lifetime retirement […]