Acknowledging the rapidly evolving circumstances around the coronavirus, the Financial Services Regulatory Authority of Ontario is considering approaches to help defined benefit pension plan sponsors in their ongoing administration and compliance efforts. In a note published on its website, the FRSA said its reviewing its work, stakeholder engagement activities and other commitments to prioritize activities. […]
Sometimes, the best way to explore the unknown is by following in the footsteps of someone who’s been there first. When it comes to in-plan decumulation options from a defined contribution pension, whether the plan was grandfathered into existing legislation or is registered in a province that allows the option, many employers — and their […]
The C.D. Howe Institute has appointed Bob Baldwin as chair of its pension policy council. With more than 30 years of experience, Baldwin is an Ottawa-based expert in retirement income. Between 1976 and 2005, he worked for the Canadian Labour Congress, with a decade spent as director of social and economic policy. Currently, he’s also a […]
While the Pension Investment Association of Canada is applauding proposed changes to Manitoba’s Pension Benefits Act that would allow for in-plan solvency reserve accounts for defined benefit pension plans, it’s calling on the province to make further reforms. In a letter to Manitoba’s Finance Minister Scott Fielding, the PIAC said the suggested amendments, which were introduced in November […]
Quebec’s closed the door on the idea of forming a pension benefits guarantee fund to protect members in retirement plans sponsored by employers that have declared bankruptcy. Finance Minister Éric Girard said Tuesday that no such measure would be included in the provincial budget set to be released March 10, reported Radio-Canada. In explanation, Girard […]
Squeezed by onerous funding requirements and overarching fiduciary duties, defined benefit plan sponsors are increasingly willing to embrace alternative structures — such as multi-employer pension plans, jointly sponsored pension plans and pooled registered pension plans — to relieve some of the pressure. “Most employers simply shouldn’t be in the business of running a pension plan, […]
The first major reform to the U.S. retirement system in a decade, the Setting Every Community Up for Retirement Enhancement Act, contains provisions that could be useful guides for Canadian legislators and regulators. Signed into law by President Donald Trump in December, the act, known as SECURE, is primarily aimed at addressing Americans’ difficulty in […]
The Canada Pension Plan enhancements are a strong start but the country needs to do more to help people prepare for retirement, according to a new report from Ryerson University’s National Institute on Ageing. The paper — authored by Keith Ambachtsheer, director emeritus of the International Centre for Pension Management, and Michael Nicin, executive director of […]
Ontario’s Workplace Safety and Insurance Board is converting its defined benefit pension plan to a jointly sponsored model, making it the first single-employer plan in Canada to make the change. The Financial Services Regulatory Authority of Ontario approved the move on Dec. 5, 2019, and the conversion is expected to take place on July 1, 2020. […]
The Canadian Life and Health Insurance Association is highlighting new retirement savings options and access to cheaper drugs in its priorities for the Quebec and Newfoundland and Labrador provincial budgets. In its submission to Newfoundland’s finance minister, the CLHIA called for the government to make pooled registered pension plans available in the province. Citing Statistics Canada data that […]