The Nova Scotia government is moving forward with changes to its regulatory framework for defined benefit pension plans. The province’s new framework follows a review launched in September 2017 and a summary of feedback released in April 2018. It’s still seeking input on technical issues, identified in the paper, in order to determine the best road forward […]
The House overwhelmingly approved a bill Thursday to promote retirement security by making it easier for small businesses and other companies to offer retirement plans. The bipartisan bill, approved 417-3, also makes it easier for workers to transfer retirement plans when they change jobs and allows part-time workers to save for retirement. The measures also […]
The Canadian pension industry must go beyond the defined benefit versus defined contribution debate and focus on the model of the future, according to a new report by the C.D. Howe Institute. The report, by actuaries and pension experts Robert Brown and Stephen A. Eadie, proposes a common ground as a starting point for all […]
Plan administrators are welcoming the increased clarity accompanying the amendment of Ontario’s Pension Benefits Act to allow for the electronic designation of beneficiaries and the re-issue of the Canadian Association of Pension Supervisory Authorities’ guideline No. 2, which establishes best practices for electronic communications in the pension industry. “Clarity on the ability to designate beneficiaries electronically […]
While a Calgary councillor’s proposal to review all municipal pensions was passed to a city committee for further study in late April, local unions are still concerned. Councillor George Chahal, who put forward the proposal, says the city should review its pensions because the related costs for both unionized and non-union workers are rising at double the rate […]
Though more than half of Canadian capital accumulation plan members feel financially prepared for retirement, there’s a distinct difference across generations. Given their proximity to retirement, it’s no surprise baby boomers (69 per cent) are the age cohort most likely to agree they feel prepared, compared to 59 per cent of generation X and 41 […]
The Canadian Association of Pension Supervisory Authorities has outlined its priorities for April 2019 to March 2022 in its new strategic plan, which included initiatives like focusing on defined contribution plan decumulation and cyber security. Jason Vary, president at Actuarial Solutions Inc., notes while all the identified priorities were worthwhile, some are more important than […]
A New Democratic Party member of parliament is proposing to legislate responsible investing into the mandate of the Canadian Pension Plan Investment Board. Alistair MacGregor, the MP for the British Columbia riding of Cowichan-Malahat-Langford, has drafted a bill to amend section 35 of the CPPIB Act to prevent the board from investing in companies that have […]
A recent report highlighting that Albertans are currently paying more into the Canada Pension Plan than the province’s retirees are taking out demonstrated an example of a fundamental reality of defined benefit pension plans: not everyone gets the same thing. Within DB plans, if you subdivide cohorts of a member population, you will often find some groups subsidizing […]
A report published by the Canadian Public Pension Leadership Council in February 2019 offers compelling evidence about the broad benefits of workplace pension plans. The report, by Robert Brown, builds on a 2017 CPPLC report by Bob Baldwin that asked Canadians to quantify the maximum amount they’d pay, as a percentage of annual income, to maintain their […]