With emotions often preventing people from acting in their own interest, nudges that lever behavioural finance theory to account for them can generate better retirement outcomes. Those were among the key messages delivered by Punam Keller, an associate dean at the Tuck School of Business in Hanover, N.H., to participants at Benefits Canada’s Defined Contribution […]
With defined contribution pension plans at various stages of evolution around the world, how are plan members faring in different countries? At Benefits Canada’s Defined Contribution Plan Summit in February, Shawn Cohen, director of relationship management at MFS Investment Management Canada Ltd., and Peter Delaney, director of investment solutions at MFS Investment Management, shared the […]
When Searles Valley Minerals Inc. upgraded its pension plan offerings, the situation appeared complicated. The average age of the 761 plan participants at the Kansas-based mining company was 47, and turnover was low. With many employees anchored in their careers, lifestyles and habits, change wasn’t necessarily a priority. “Inertia can be a powerful force,” said […]
Participants at Benefits Canada’s Defined Contribution Plan Summit spent two days listening to a large roster of speakers offer up solutions on everything from communication tips about plan changes to strategies for allocating members’ assets. So what were some of the key learnings? Janice Holman, defined contribution practice leader at Eckler Ltd., helped sum up some […]
Moderators: Erica Hall, assistant vice-president for client relations, group retirement solutions; and Sharon Seifried, national vice-president for corporate accounts, group retirement solutions, at Manulife Financial Corp. While a significant portion of Canadians are in poor financial health, most don’t like to talk about money, particularly those with challenges in the area. As a result, addressing […]
With studies suggesting some gaps in financial literacy among millennials, a panel at the 2018 Benefits and Pension Summit will tackle ways of educating and reaching younger plan members. Shannon Lee Simmons, founder of the New School of Finance and a member of the panel at the April 17 event at the Ritz-Carlton Hotel in Toronto, says a lot of […]
With markets showing signs of potential extreme volatility in recent weeks, how can employers address the many questions that arise from pension plan members? When speaking to members, consultants usually emphasize advice on asset allocation based on age and risk tolerance. Many members aren’t honest in their responses, often overstating their tolerance for risk because markets are typically on the rise. […]
In order to understand how much to save, the starting point should be determining a retirement budget. Not only will such an exercise help employees better plan for the future, it may well give them a greater understanding of and appreciation for their employer-sponsored savings program and improve their financial wellness. More accurate retirement planning Even […]
The majority (86 per cent) of Canadian women have at least one challenge when it comes to finances and investment, according to a new survey by the Financial Planning Standards Council. Published to coincide with International Women’s Day, the survey found 38 per cent of respondents admit they know very little about finance and investment. And […]
Retirement income adequacy is a growing concern as more companies shift from defined benefit to defined contribution pension plans, average lifespans increase and coverage in the private sector declines. As a result, financial literacy has become a key area of focus for employers in recent years. And for good reason. A recent survey by the Canadian Imperial Bank […]