QPP – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 03 May 2024 21:03:19 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Expert panel: How DC plan members can hedge longevity risk for more effective decumulation https://www.benefitscanada.com/pensions/cap/expert-panel-how-dc-plan-members-can-hedge-longevity-risk-for-more-effective-decumulation/ Tue, 05 Mar 2024 14:00:59 +0000 https://www.benefitscanada.com/?p=152555 Retiring baby boomers are in an era of decumulation anxiety, as they convert their pension assets into income that they fear won’t hold up over the entirety of their retirement. The decumulation problem is complex for defined contribution pension plan sponsors because it involves transferring lump sum pension assets to retirees who may lack investment […]

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]]> Quebec’s amendment to unlocking rule for VBAs, LIFs providing retirees 55+ with financial flexibility: expert https://www.benefitscanada.com/pensions/retirement/quebecs-amendment-to-unlocking-rule-for-vbas-lifs-providing-retirees-55-with-financial-flexibility-expert/ Fri, 09 Feb 2024 14:00:14 +0000 https://www.benefitscanada.com/?p=151714 The Quebec government’s removal of the maximum annual amount that can be paid to people aged 55 and older with a variable benefit account tied to a defined contribution pension plan or with a life income fund is part of a broader push to provide retirees with more flexibility to draw on their locked-in retirement savings […]

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]]> Changes to CPP, QPP deductions taking effect this month https://www.benefitscanada.com/pensions/governance-law/changes-to-cpp-qpp-deductions-taking-effect-this-month/ Tue, 02 Jan 2024 20:00:01 +0000 https://www.benefitscanada.com/?p=149558 Middle-income earners will start seeing a larger portion of their paycheques going toward their Canada Pension Plan contributions as of Jan. 1. A broader pension revamp began in 2019, as both the Quebec Pension Plan and CPP began phasing in enhanced benefits intended to provide more financial support for Canadians after they retire. So far, individual contributions  — and the employer’s […]

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]]> Top 5 HR, benefits and pension stories of the week https://www.benefitscanada.com/benefits/health-benefits/top-5-hr-benefits-and-pension-stories-of-the-week-22/ Fri, 21 Apr 2023 13:00:16 +0000 https://www.benefitscanada.com/?p=136898 An opinion piece on how certain aspects of the Quebec government’s rules and constraints on private drug plans affect pharmacy costs was the most-read story on BenefitsCanada.com this past week. 1. Sounding Board: Why do Quebec’s private drug plans pay higher pharmacy fees?  2. Custodial, maintenance workers at TMU striking over pension contribution increase 3. Half of Canadian benefits providers […]

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]]> Changes to QPP allowing flexibility on pension contributions, retirement age: expert https://www.benefitscanada.com/pensions/governance-law/changes-to-qpp-allowing-flexibility-on-pension-contributions-retirement-age-expert/ Wed, 19 Apr 2023 13:00:57 +0000 https://www.benefitscanada.com/?p=136711 Recent amendments to the Quebec Pension Plan to encourage people to work past age 65 offer more flexibility on contributions and retirement age, says Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University. “If people are accumulating a pension, working longer could potentially increase their pension,” says MacDonald, who […]

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]]> Millennial renters need to save 50% more than homeowners to retire: report https://www.benefitscanada.com/pensions/retirement/millennial-renters-need-to-save-50-more-than-homeowners-to-retire-report/ Fri, 14 Apr 2023 13:00:41 +0000 https://www.benefitscanada.com/?p=136582 Millennial workers who rent for their entire careers must save 50 per cent more than homeowners in order to have a sufficient monthly income in retirement, according to a new report by Mercer Canada. The report, which analyzed findings from Mercer’s database, found millennials who rent need to save eight-times their annual salaries to retire […]

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]]> Expert panel: DB pension plan sponsors facing challenges, opportunities in 2023 https://www.benefitscanada.com/expertpanel_/gavin-benjamin/expert-panel-db-pension-plan-sponsors-facing-challenges-opportunities-in-2023/ Thu, 05 Jan 2023 14:00:02 +0000 https://www.benefitscanada.com/?p=132072 Similar to 2022, the coming year will present both challenges and opportunities for defined benefit pension plan sponsors, with the rewards going to plan sponsors that are resilient, embrace change and are willing and able to act when opportunities arise. Several trends that will be top of mind in the year ahead are: Inflation The […]

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]]> Canadians’ pension wealth increased to $4.9 trillion in 2021: report https://www.benefitscanada.com/news/bencan/canadians-pension-wealth-increased-to-4-9-trillion-in-2021-report/ Thu, 15 Dec 2022 14:00:27 +0000 https://www.benefitscanada.com/?p=131312 Canadians’ total pension wealth increased by 7.9 per cent in 2021 to reach nearly $4.9 trillion by the end of year, according to a new report by Statistics Canada. It found revaluations of pension asset prices — largely due to equity market gains — increased pension wealth by $259.4 billion in 2021. On average, pension […]

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]]> Canada’s retirement system remains strong, but DC pension plans facing inflation risks: report https://www.benefitscanada.com/pensions/cap/canadas-retirement-system-remains-strong-but-dc-pension-plans-facing-inflation-risks-report/ Thu, 13 Oct 2022 13:00:22 +0000 https://www.benefitscanada.com/?p=128315 While Canada’s pension system continues to rank well globally, the current economic environment poses particular risks for defined contribution pension plan sponsors and members, according to a new report by the CFA Institute and Mercer. “As DC pension plans continue to make up a greater part of Canadians’ retirement, turbulent markets, soaring inflation and a […]

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]]> A third of Canadian employees retiring sooner than planned: survey https://www.benefitscanada.com/pensions/retirement/a-third-of-canadian-employees-retiring-sooner-than-planned-survey/ Wed, 11 May 2022 13:00:30 +0000 https://www.benefitscanada.com/?p=121239 A third (33 per cent) of recently retired Canadians said they retired sooner than they planned and 30 per cent of pre-retirees intend to change their retirement date because of the coronavirus pandemic, according to a new survey by RBC Insurance. It found Canadians are still largely relying on traditional retirement savings tools, such as […]

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