Canada’s retirement system ranks No. 12 out of 47 countries but has room for improvement amid a challenging economy and ageing population, according to a new report by Mercer and the CFA Institute. The report analyzed retirement systems based on adequacy, sustainability and integrity. It ranked the Netherlands with the highest score (85.1 out of 100), […]
Defined benefit pension plan sponsors that are considering winding up their plans or converting them to another framework following the federal government’s super-priority bill have more innovative options, according to Mitch Frazer, managing partner at Mintz LLP, during the Canadian Investment Review’s 2023 Risk Management Conference. Although Bill C-228, which received royal assent at the end […]
While U.S. auto workers would like to see their pension plans converted from defined contribution to defined benefit, it may be more challenging than it was for their Canadian colleagues. The recent contract agreements for Unifor members at Ford of Canada and General Motors will see DC plan members move into the Colleges of Applied […]
Finance Minister Nate Horner says if Alberta abandons the Canada Pension Plan to run its own stand-alone fund, it will not adopt Quebec’s model, which mandates optimizing returns while also investing in the province. His comments come three weeks after Premier Danielle Smith said her government wants to hear from Albertans first before they make […]
Increased volatility, stubborn inflation and erratic interest rates are making for financially uncertain times, where it can be more reassuring to seek safety in shared risk, rather than shouldering financial ambiguity alone. Celebrated for their pooled assets and shared risk, multi-employer pension plans are gaining traction. Tami Dove, director of member experience at the Co-operative […]
The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]
Alberta’s opposition is launching its own survey on whether the province should leave the Canada Pension Plan, saying the government questionnaire is a “sham” and a “unicorn.” New Democratic Party finance critic Shannon Phillips says her party’s survey is to lay out a simple choice for Albertans, asking them whether they think leaving the CPP […]
A report commissioned by the Alberta government estimates the province would be entitled to more than half the assets of the Canada Pension Plan if it were to exit the national retirement savings program and go it alone. A third-party report compiled by consultant LifeWorks Inc. (now part of Telus Health) calculated that if Alberta gave the […]
An article on the 2023 Benefits Canada Healthcare Survey’s findings on plan members’ appreciation of health benefits was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. 72% of plan members appreciate health benefits more today than before pandemic: survey 2. 54% of benefits plan members currently live […]
The Nova Scotia Labour Board has ordered St. Mary’s University to resume making pension contributions for employees on long-term disability leave, reasoning that the pension committee had no authority to make changes to contribution levels mandated by the plan. “The board found that amendments to the pension plan proposed by the pension committee — the […]