Methodology improvements are pushing the life expectancy of Canadian retirees and surviving spouses by roughly one year to age 65 as of Jan. 1, 2024, according to new report from the Canadian Institute of Actuaries. It noted this increase in life expectancy means there will be an approximate increase of two per cent to three […]
On average, women retire with 27 per cent less savings than men, according to a new report from Sun Life Financial Inc. The report, based on two surveys of members in workplace retirement savings plans administered by Sun Life, found women are consistently underutilizing these plans, despite living longer and spending more years in poorer […]
Employers can reinforce the value of their workplace retirement plans by communicating to plan members about the importance of having money later versus money now, according to a new report by the National Institute on Ageing at Toronto Metropolitan University’s Pension Centre of Excellence. The report analyzed responses from an NIA survey of 6,000 Canadians […]
Overseeing the transition of a single-employer pension plan to a jointly sponsored one felt at times like launching a startup firm, according to Theo Heldman, chief financial officer and vice-president of risk at the Workplace Insurance and Safety Employee Trust, speaking during a session at the Canadian Investment Review’s 2024 Risk Management Conference. “There was […]
In its newest guidance, the Financial Services Regulatory Authority of Ontario is barring pension plan administrators from registering retroactive adverse amendments that could have a negative impact on plan members or beneficiaries, such as changes in contribution rates, subject to limited exceptions. “What we found coming out of the [coronavirus] pandemic, . . . there was […]
The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]