Staff members at three Ontario universities are one step closer to a new jointly sponsored pension plan. Three faculty groups and three affiliated United Steelworkers local unions for the University of Toronto, University of Guelph and Queen’s University finished voting on June 28 to create the University Pension Plan, a defined benefit arrangement that will […]
Looking back over years of momentous corporate bankruptcies and their impact on defined benefit pension plan members, the current fervor around Sears Canada Inc. hardly seems to mark a new trend. Before Sears, and even before Stelco Inc., there was Nortel Networks Corp. In 2009, when the multinational telecommunications company filed for bankruptcy protection in […]
Though Trish McAuliffe didn’t know much about pension benefits at the time, they were at the heart of one of her earliest working memories. In the 1980s, McAuliffe was a new employee at General Motors of Canada Co., putting together automobile interiors, when she dutifully joined the picket line during an eruption of labour strife […]
Whether operating in Canada or the United States, defined contribution plan sponsors are facing the same challenges around demographics, plan design and their employees’ retirement readiness. On the demographics front, more baby boomers are retiring and taking their pension balances with them. As DC plans lose members, plan sponsors may see a rise in costs […]
While defined contribution plan members want to know they’ll have stable income through retirement with flexibility around accessing their funds, the Canadian market needs to evolve to include a broader range of retirement products to accommodate that. According to a Mercer survey of 1,000 Australians over the age of 55, DC plan members most want an […]
The B.C. Financial Services Authority’s board of directors is appointing Blair Morrison as its new chief executive officer, effective July 22, 2019. The province’s financial institutions commission will become the BCFSA, a self-funded Crown agency focused on the regulation of pension plans, credit unions, insurance and trust companies and mortgage brokers. In addition to the role […]
A total of $0.9 billion in group annuity sales were placed in Canada in the first quarter of 2019, roughly in line with the same period last year, when sales reached $1 billion in the first quarter of the year, according to a quarterly update from Willis Towers Watson. In the first quarter of 2019, […]
The federal government’s proposals around advanced life deferred annuities and variable payment life annuities represent significant enhancements in decumulation options for Canadian capital accumulation plan members, according to a letter from the Pension Investment Association of Canada. In the association’s feedback to the government, it encouraged the facilitation of the broadest potential access for Canadian savers in […]
While there isn’t reliable data on just how many people are disconnected from their old pension plans, the federal government says the number could be rising with people switching jobs more often, qualifying for plans faster, retiring abroad more often and not updating their mailing address because of increased reliance on online accounts. Administrators not […]
While the Pension Investment Association of Canada is praising Ontario’s 2019 budget proposals, it’s also questioning how the provincial government is planning to implement them. In a letter to provincial Finance Minister Vic Fedeli, the association noted further clarification is needed around the introduction of variable benefits. “While we are pleased that 50 per cent unlocking will be available […]