As the federal Conservative Party finally introduced its election platform last week, it included a number of provisions around pension plan solvency and retirement security. If elected, the party said it will mandate that all federally regulated companies report on the solvency of their pension funds. “This will give seniors the confidence that their hard-earned […]
The Financial Services Regulatory Authority of Ontario is seeking applications for four new technical advisory committees for the pension sector. As the regulator announced in July 2019, the committees will aim to address challenges specific to defined benefit single-employer pension plans, defined contribution plans, multi-employer plans and public sector plans. Read: FSRA creates new advisory committees on pension sector matters […]
Most (80 per cent) Canadians said they’d rather have an improved pension, or any pension, than a higher salary, according to new research by the Healthcare of Ontario Pension Plan. The survey of 2,500 Canadians found more (75 per cent) respondents are worried about being able to save enough for retirement than are primarily concerned over […]
The Financial Services Regulatory Authority is giving late-filing pension plans a “one-time” opportunity to avoid administrative monetary penalties. The “safe harbour,” which applies to any outstanding filings under the Pension Benefits Act, expires on Oct. 31. “Rather than have people concerned about flagging non-compliance with late filings, the FSRA has offered this amnesty of sorts,” […]
When investing in Brazil, what considerations should institutional investors keep in mind? And how can the market fit into a pension portfolio? One issue to watch is pension reform, said Heather Hagerty, a research analyst at Fidelity Investments, during the Canadian Investment Review‘s podcast “Pension Podcast.” “Brazil is one of only a small number of […]
The Pension Investment Association of Canada is concerned draft legislation on variable payment life annuities doesn’t do enough to help small defined contribution pension plans use them. In a letter to Finance Minister Bill Morneau, the PIAC noted VLPAs, which were introduced in the 2019 federal budget, are a solution of great interest to its membership. […]
As membership in traditional defined benefit pension plans continues to decline, it’s becoming more common to see “contingent” plans — including target-benefit, shared-risk, multi-employer and jointly sponsored — which require members to take on at least some of the risk that benefits may or may not meet expectations. At the same time, the term “sustainability” is […]
Andrew Scheer, leader of the federal Conservatives, is promising to create a new pension system for veterans and clear the backlog of their benefits applications within two years, if he’s elected prime minister next month. He called the current pension system messy. “The reality is, just saying thank you is not enough,” Scheer told a press scrum in Canoe Cove, Prince […]
Canada has risen one spot, to No. 8, on a list of the countries that provide the best retirement security. The annual list, from Natixis Investment Managers, found Canada ranked higher in the finances and material well-being sub-indexes, decreased in quality of life and held steady in health. The report also identified three global risks weighing on […]
While the Pension Investment Association of Canada is generally supportive of British Columbia’s proposed solvency funding framework, when it comes to requirements around funding the provision for adverse deviations, the organization is suggesting B.C. takes a page from Ontario and Quebec. With many governments across Canada looking to make defined benefit plans more sustainable, the […]