The Oxford comma strikes again. In a case that turned on a dispute over number rounding and comma placement, an Ontario court has dismissed a class action brought against Bell Canada by the company’s retired employees. On Aug. 12, the Ontario Superior Court of Justice certified a proposed class action brought on behalf of 35,000 […]
On the same day Keith Dixon began working at the University of Victoria, the campus gained another new addition: its combination pension plan. Introduced in July 1968, the plan is fairly unique in the world of Canadian pensions. It operates on a defined contribution basis, with the university and plan members each contributing. But when […]
The complexities of income tax at retirement can come as a shock to pensioners, but most plan sponsors are providing limited assistance in helping their retiring employees deal with these issues. “In our experience, much of the communication and education provided by employers/sponsors or their plan record keeper focuses on basic retirement and investment knowledge, […]
The president and chief executive officer of the C.D. Howe Institute is once again urging the federal government to raise the contribution limits for savers in defined contribution pension plans and registered retirement savings plans. In a letter to Minister of Finance Bill Morneau, Bill Robson referred to a paper he wrote last year in […]
Jordan Fremont is relocating his pension, benefits and executive compensation practice to Bennett Jones LLP. For the past 15 years, he’s practiced at Hicks Morley Hamilton Storey Stewart LLP, most recently as a partner. In his work, he provides employers, plan administrators and service providers with strategic and practical advice on matters involving plan design, compliance, governance, […]
Two organizations representing Canadian pensioners are asking the British Columbia government to reject the recommendations of a recent report by the Ministry of Finance that suggests lowering required pension solvency funding from 100 per cent to 85 per cent. “We actually disagreed with the very objective of the report,” says Marissa Lennox, spokesperson for CARP, formerly the […]
The Financial Services Regulatory Authority is creating three new technical advisory committees, which will provide advice and feedback to the regulator on pension sector related matters and will form part of its stakeholder engagement process going forward. The aim is to improve processes and approaches to regulation and reduce regulatory burden, noted a press release. In its first year of […]
Inflation must be taken into account when designing both plan sponsor and government retirement programs because, over time, it will undermine purchasing power. In terms of recruiting and retaining employees, workplace retirement plans are important, but they also represent a significant cost for employers. Inflation-adjusted government pension programs can help lower these costs. But plan sponsors and […]
Population aging is taking place throughout the Americas, with the elderly expected to grow faster than the overall population between 2018 and 2025, according to a report by London-based analytics firm Global Data. The report found Canada already has more elderly people than children in its cities. And in the U.S., the same is expected over the […]
The Pension Investment Association of Canada is commending Nova Scotia on its proposed changes for improving the province’s pension funding framework. In a letter, the PIAC noted it supports the provision for statutory discharge following an annuity buyout, as well as the province’s move to to reduce the solvency threshold to 85 per cent and enhance pension plan […]