The Global Risk Institute in Financial Services is creating a national pension hub that will be a Canadian centre for pension knowledge and research. It will provide research into pensions and income security that it hopes will lead the way to new solutions to plan design, governance and investment challenges, according to a release. “The […]
Rules around funding and asset allocation for multijurisdictional pension plans should adhere to those set out by the majority regulator, according to stakeholder submissions to the Canadian Association of Pension Supervisory Authorities’ latest proposal on the topic. CAPSA’s consultation paper, which was published in July, aims to build an agreement that would clarify how each […]
The Canadian Institute of Actuaries is consulting with its members on the development of a public statement for policy-makers about what’s next for Canada’s retirement age. The consultation covers two main issues: whether Canadians should plan to work longer and what measures to employ to encourage that behaviour; and whether to raise the pensionable ages […]
Nortel Networks Corp., Stelco Inc., Sears Canada Inc. These are just a few of the many bankruptcy or restructuring cases that have catapulted the financial state of company pension plans into the spotlight. But while the attention generally focuses on protecting the company’s employees and retirees, it’s important to remember that there are a number […]
The federal New Democratic Party is proposing changes to federal bankruptcy laws to protect employees and retirees when their employer files for bankruptcy. Its End Pension Theft campaign focuses on ensuring workers’ pensions and health benefits have the same consideration as secured creditors. “Pensions earned by workers are deferred wages, plain and simple. Diverting, withholding or […]
Nova Scotia is following in the footsteps of a number of other provinces by looking into its funding framework for defined benefit pension plans. Like most jurisdictions in Canada, Nova Scotia requires defined benefit plans to be valued and funded on both a going-concern and a solvency basis. Under the review, the province is considering […]
New draft regulations published in Quebec this summer address policies around annuity purchases for defined benefit pension plans for the first time. Industry stakeholders have been expecting the province’s regulations, which are currently under consultation, since Jan. 1, 2016, when Quebec implemented legislative changes that replaced its solvency regime with enhanced going-concern funding rules and required […]
The Ontario government’s announcement in its April budget that it will be addressing the regulatory framework related to defined contribution pension plans has done little to quell the debate about whether modernization and expansion of the existing rules is necessary or desirable. Those in favour say that, as defined contribution plans continue to grow in […]
The Office of the Superintendent of Financial Institutions has released a draft guideline on best practices for derivatives used in federally regulated private pension plans. The guidance provides a comprehensive definition of derivatives, both exchange-traded and over the counter. It states prudence may require some plans to have more rigorous practices and procedures than others […]
In June, the European Commission proposed a new voluntary pension aimed at helping individuals who move around the continent to save for retirement. If passed, employers, banks and insurance companies will be able to offer the portable pan-European pension to European citizens. The European Insurance and Occupational Pensions Authority will regulate the pension. “All in […]