While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how often they text their spouse or whether they have family dinners every night. However, in most jurisdictions, the spouse of a defined benefit plan member is entitled to a joint […]
Since employers play a key role in supporting pension growth, policy-makers should consider their involvement when implementing pension reforms, according to a new report by the Organisation for Economic Co-operation and Development. The report found OECD member countries can optimize employer involvement by reducing financial and administrative barriers that prevent employers from establishing pension plans, […]
The Saskatchewan government is introducing amendments to its pension legislation that provide additional flexibility for plan sponsors and introduce new decumulation options for members of defined contribution plans. The bill, which passed first reading in provincial parliament last week, includes provisions for DC plan sponsors to offer advanced life deferred annuities and variable payment lifetime […]
An article on the FIRE — financial independence and retiring early — concept was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Is the concept of financial independence and early retirement truly feasible? 2. Expert panel: Can pension administrators deny benefits to plan members who don’t […]
In August, the Canadian Broadcasting Corp. reported that the U.K. Department for Works and Pensions cut off state pension payments to several expatriate pensioners living in Canada due to their failure to complete and return forms to prove they were still alive. However, the report also found many of these retirees never received the forms […]
The Financial Services Regulatory Authority of Ontario has released its final pension deregistration guidance, which identifies the documents, information and timeframes that are required under exemptions from the Pension Benefits Act to avoid a plan’s deregistration under the Income Tax Act. Maintaining ITA registration will permit the pension plan and its members to continue to […]
Alain Malaket has a nuanced perspective on risk — one informed by his experiences as a third-party administrator, pension regulator, consultant, pension plan director and motorcyclist. Today, InBenefits’ chief executive officer’s perspective informs his interest in alternative pension models. Put simply, he believes people don’t make the best decisions about safeguarding their futures. It’s a […]
The Association of Canadian Pension Management is cautioning the Canadian Association of Pension Supervisory Authorities on its revisions to guidelines for capital accumulation plans. The draft guidelines could “change the balance of the existing guidelines in a manner that will give many employers pause about starting or continuing CAP plans that are not defined contribution […]
Four of British Columbia’s public sector pension plans are educating trustees with a new plan-specific curriculum. The curriculum — a collaboration between the College Pension Plan, the Municipal Pension Plan, the Public Service Pension Plan and the Teachers’ Pension Plan — was developed in response to a lack of plan-specific information provided in external education […]
The Canadian Association of Pension Supervisory Authorities’ risk management guideline committee is seeking nominations for an industry working group. The committee will draw on the group members’ technical input and expertise in the areas of integrated risk management, according to a press release, which noted participants will be selected from various pension sector categories based on […]