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 […]
Canada’s pension plans are weathering the coronavirus pandemic, with many plans currently in their best financial shape in several years. The early days of the pandemic painted a bleak picture for institutional investors. Between Feb. 19 and March 23, 2020, the S&P/TSX composite index dropped by 37 per cent — the latter date marking the index’s lowest point […]
The shift to hybrid and remote work models during the ongoing coronavirus pandemic is one of several issues impacting pension plan and group benefits administrators in 2022, said Michael Wolpert, a pensions and benefits lawyer at Fasken Martineau DuMoulin LLP, during a webinar on Jan. 13 hosted by the Canadian Pension & Benefits Institute. Specifically, […]
The Financial Services Regulatory Authority of Ontario is clarifying its guidance on the administration of pension benefits upon marriage breakdown. The final guidance, which came into effect on Nov. 9, 2021, clarifies the FSRA’s position on issues relating to valuation, payment and division and survivor benefits. It stated pension assets are to be valued based on […]
Scotiabank’s focus on making essential pension information more accessible to plan members was recognized at Benefits Canada’s 2021 Workplace Benefits Awards on Oct. 14. The bank won in the Pension plan communications category for its streamlined approach to pension statements. In 2020, Scotiabank restructured its defined benefit pension plan statement into two versions — a simplified four-page […]
The decision to favour contributors to Italy’s defined benefit pension plan during its transition to a defined contribution model favours early retirees and disadvantages younger people, according to an article in the Journal of Pension Economics and Finance. In 1995, Italy’s public pension plan, which operates in a similar manner to the Canada Pension Plan, […]
A recent Saskatchewan Court of Appeal decision illustrates the importance of clear communications from pension administrators seeking to avoid liability from lawsuits by claimants alleging they’re entitled to a plan member’s death benefits. “What it comes down to is that employers and pension plans that want to avoid lawsuits from plan members claiming to be […]
The Financial Services Regulatory Authority of Ontario is releasing final interpretation guidance to support the role and responsibilities of pension plan administrators. The guidance, an updated and consolidated version of four previous documents, said the administrator’s role includes responsibility for implementing processes to ensure pension plan risks — such as investment, funding, operational and legal — […]
While a recent dispute between the Canadian National Railway Co. and the surviving same-sex partner of a deceased plan member will likely inspire other plan sponsors to ensure pension benefits are correctly distributed, the amount of new claimants coming forward will likely be relatively small, says Jill Wagman, managing principal at Eckler Ltd. “It may […]
The Association of Canadian Pension Management is calling for increased clarity regarding Ontario’s rules for the valuation and division of pension payments following a marriage breakdown. In response to a consultation by the Financial Services Regulatory Authority of Ontario, the ACPM recommended the draft guidance document include an example of an exception to the rule […]