Canada’s governor general has signed an order in council to bring the Canada Pension Plan enhancements in Bill C-26 into force, marking the final step in implementing the expanded plan, according to a release from the Ministry of Finance. It noted Canada’s provincial governments have now met all necessary legislative requirements to implement the agreed-upon enhancements. […]
In a case with significant consequences for Canadian employers and workers that has echoes of the saga involving Nortel Networks Corp., the British Columbia Supreme Court will soon consider whether U.S. pension funds can assert claims over the assets of insolvent Canadian companies. “It’s important for both employers and employees to be aware when American pension […]
Newly-elected members of the House of Assembly in Newfoundland and Labrador could be moved out of their defined benefit pension plan to a defined contribution pension plan instead. On Monday, the Liberal caucus chair Randy Edmunds sent a letter to speaker Tom Osborne suggesting the province’s House of Assembly Management Commission explore moving to a […]
More than a year after its implementation, Quebec’s shift to going-concern funding obligations for defined benefit pension plans has already led to some positive results for employers. “On average, in our experience, employers’ costs have been reduced by 40 per cent,” says Natasha Monkman, a pension and benefits lawyer at Hicks Morley Hamilton Stewart Storie […]
While reforms to the Canada Pension Plan are well underway, the debate on what to do with the Quebec Pension Plan is just getting started as the provincial government launches consultations on what the changes will look like in that province. While one of the options the province is considering is to change the QPP […]
Though Canada’s retirement income system was ranked eighth among 27 countries by the 2016 Melbourne Mercer Global Index, it also revealed the weaknesses in our retirement system. These weaknesses include that: three in four private sector workers don’t have access to an employer-sponsored pension plan; the level of household savings for middle-income earners is insufficient; […]
While the Association of Canadian Pension Management is in favour of enhancing the Quebec Pension Plan, it’s calling for a targeted solution to the problem of inadequate retirement income in the province. In a submission to the public consultation on QPP reform, Bryan Hocking, the association’s chief executive officer, noted that any changes to Quebec’s retirement […]
The Association of Canadian Pension Management is hoping to see a series of pension consultations announced by the Ontario government when it shares the details of its 2016 Budget on Thursday. In its fall statement, Building Ontario Up, announced on Nov. 26, the provincial government said it would focus on a series of initiatives to […]
It’s not in existence yet, but the Ontario Retirement Pension Plan is already coming under scrutiny from the auditor general. In this case, Bonnie Lysyk is taking the Ontario government to task over its recent ads for the new pension scheme. In her annual report in December, she noted concern about potential partisanship in the […]
The Ontario Chamber of Commerce and the Canadian Federation of Independent Business are just two of the organizations encouraged by the provincial government’s announcement Tuesday that the Ontario Retirement Pension Plan will be delayed by one year – but many are still restating a call for government to support employers to transition to the new plan. […]