The Supreme Court of British Columbia has upheld the B.C. Credit Union Employers’ Pension Plan’s decision to increase its normal retirement date to age 65 from age 62. The 2016 decision — which was made by trustees to maintain the plan’s financial viability — was being challenged by a group of plan members who alleged […]
Almost two in five (39 per cent) Canadians are confident in their retirement plan, according to a survey conducted by Pollara Strategic Insights for the Bank of Montreal Financial Group. The survey, which polled 1,500 adult Canadians, found while respondents said they need $1.6 million to retire securely, just under half (44 per cent) were […]
A growing number of pre-retirees are planning to delay their retirement past age 65, according to a new survey by Fidelity Investments Inc. The survey, which polled more than 1,900 Canadians, found fewer than 38 per cent of respondents said they’re planning to retire by age 65, compared to about 42 per cent who said […]
Nearly a quarter (23 per cent) of working Canadians say the coronavirus pandemic has delayed their — or their spouse’s — timeline to retirement, according to a new survey by Ipsos on behalf the Canadian Institute of Actuaries. The survey, which polled more than 1,500 Canadians aged 18 and up, found the top reason for the […]
As Canadians head to the polls today, Benefits Canada takes a look at how the federal parties’ campaign promises could impact the human resources, benefits and pension industries. Read: Conservatives, NDP pension promises include super-priority for members The Conservative Party is proposing a plan that would put pension plan members first when the company sponsoring […]
The Conservative Party is promising to create tax-free savings accounts that provide gig workers with access to the Canada Pension Plan and employment insurance benefits. While out on the federal election campaign trail on Thursday, Conservative Leader Erin O’Toole said the coronavirus pandemic has demonstrated the need for these accounts because gig workers currently can’t pay […]
Remember those Freedom 55 ads that always seemed to be on TV in the ‘80s and ‘90s? I recently went down a YouTube rabbit hole and re-watched some of them and, well, let’s just say they’re as ridiculous as I remember. In one 30-second spot from the early ‘90s, a downcast businesswoman reads the paper […]
The average Canadian taking Canada/Quebec Pension Plan benefits at age 60 instead of waiting until 70 can expect to lose more than $100,000 of secure lifetime income, according to a new research paper by Ryerson University’s National Institute on Ageing and the FP Canada Research Foundation. The paper found a $1,000-monthly benefit in today’s dollars at […]
Faced with ballooning and unsustainable public pension liabilities, Taiwan’s government was forced to make a tough decision. In 2017, the country’s ruling Democratic Progressive Party passed a bill to dramatically cut retirement benefits for the country’s civil servants, public school teachers, police officers, firefighters and private sector workers. The changes were unpopular, but necessary. Underfunded […]
A new paper is evaluating how global retirement systems are faring in the wake of the coronavirus pandemic and what reforms will be required to facilitate the retirements of future generations. The paper, ‘Building better retirement systems in the wake of the global pandemic,’ by Olivia Mitchell, a professor and executive director of the pension research council […]