Ford of Canada is is transferring the longevity risk for $923 million in pension plan liabilities through a group annuity buyout. RBC Insurance, Sun Life Assurance Co. of Canada and Desjardins Group will assume responsibility for making pension payments to 2,700 of the plan’s members, who retired on or prior to June 1, 2021. Read: GM Canada […]
An article on the Canada Revenue Agency’s guidance for how employers must determine the province of employment for remote workers was the most-read story on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the week: 1. CRA clarifying how employers must determine province of employment for remote workers 2. Quebec’s amendment […]
For its second annual Pension Awareness Day on Feb. 15, the Financial Services Regulatory Authority of Ontario is holding information sessions for its employees to learn more about their pension plan. Even people who actually have an employer-sponsored pension plan aren’t aware of the value of those benefits, says Andrew Fung, executive vice-president of pensions […]
Since decreased cognition can impact retirees’ ability to make sound decisions, the Canadian Union of Public Employees urges its members to discuss financial matters with their families long before exiting the workforce. “If we wait until we’re in distress, we either make very bad decisions or we don’t make any decisions at all, which can […]
Just a fifth (22 per cent) of Albertans say they support the province’s plan to leave the Canada Pension Plan in favour of a provincial plan, down from 27 per cent last October, according to a new survey by Leger Marketing Inc. The survey, which polled more than 1,000 Albertans, found while 40 per cent […]
Ontario civil servants are questioning the methodology used in a report that determined how much money Alberta could extract from the Canada Pension Plan if the province were to leave the CPP and launch its own plan, according to reporting by the Edmonton Journal. In a series of briefs, the Ontario Ministry of Finance outlined several inconsistencies […]
The Pension Investments Association of Canada is calling on the British Columbia government to refrain from setting limits on the type of entities that can offer variable life benefits. In an open letter, the association said a competitive landscape that includes a broad scope of service providers, including registered pension plans, would be beneficial for retirees, noting […]
More than two-fifths (45 per cent) of U.S. defined contribution pension plan sponsors say they’re considering implementing emergency savings features, according to a survey from MFS Investment Management. The survey, which polled 1,000 DC plan members and more than 140 plan sponsors, found nearly a quarter (23 per cent) of plan sponsors said they’d take […]
More than half (53 per cent) of Canadian retirees say they’re receiving, or will receive, less than $50,000 in annual retirement income from their employer-sponsored pension plan, according to a survey by the Ontario Securities Commission. It found just 19 per cent of retirees with employer-sponsored pension plans said they expect to receive between $50,000 […]
While it’s impossible to predict exactly how pension case law will evolve in future, one can offer an educated guess at some legislative developments and other issues that may confront pension plan sponsors and administrators in the coming year. Risk management Plan sponsors can expect a continued focus on risk management as a key part […]