According to a new report by the C.D. Howe Institute, the government’s proposed pooled registered pension plans (PRPPs) are in need of a fix.
The federal government recently released Bill C-25, the Pooled Registered Pension Plans Act. This draft legislation is receiving praise for helping to close the pension gap—the gap between the level of income Canadians will have when they retire versus what they need or want to have. However, it is questionable how effective pooled registered pension plans (PRPPs) will actually be in closing this gap.
On November 17, the Pooled Registered Pension Plan Act was tabled in the House of Commons. The explicitly stated purpose of the Act “is to provide a legal framework for the establishment and administration of a type of pension plan that is accessible to employees and self-employed persons and that pools the funds in members’ accounts to achieve lower costs in relation to investment management and plan administration.”
The federal government this morning introduced the much-anticipated Pooled Registered Pension Plans (PRPP) Act to address concerns over declining pension coverage for Canadians.
The government of Nova Scotia has introduced a new Pension Benefits Act, which would enable private sector pension plan members and retirees to know more about their employer-sponsored plans and employers to have more plan design options.
New Democrat Pension Critic Wayne Marston reintroduced legislation today to put pensioners ahead of creditors when their former employers go bankrupt. The proposed Pension Protection Act would move pensioners to the front of the line of creditors to be paid out during bankruptcy or restructuring proceedings. Pensions are earned, explains Marston, and should be recognized […]
Employers may have many reasons for wanting to exit the world of DB plans, but shifting from DB to DC will not necessarily reduce the legal risks associated with being a plan sponsor or administrator. As DC plans expand in Canada in both number and scope, the potential for legal action around such plans also […]
United Steelworkers members and widows of members in Sudbury are lobbying for changes to Ontario’s pension legislation. Their concern is that the current legislation is unclear regarding Workplace Safety and Insurance Board pensions for widows who have lost their spouses to occupational diseases. The dispute centres on the wording of section 48(3) of the Workplace […]
To outsiders, cross-country skiing may seem like a calm, low-stress activity. But many trails have unexpected challenges for even experienced skiers. “There are trails with some short but terrifying hills. There are some where you can’t see some of the hill from the top,” says Julie Cays, chief investment officer of the Colleges of Applied […]
The Royal Newfoundland Constabulary (RNC) has laid dozens of fraud-related charges against a 62-year-old former employee of the archdiocese of St. John’s. The RNC alleges that more than $500,000 in fraudulent cheques were issued and money was stolen from a church pension fund between 2003 and last year. The charges include eight counts of fraud […]