Ernst & Young has introduced an online retirement modelling tool to help employees prepare for life after work. Since its launch at the end of January, 25 per cent of the firm’s employees have logged in to register and use the tool, with about 55 per cent of that group under the age of 40. “I was pleasantly surprised. It’s […]
While 84 per cent of employers with capital accumulation plans didn’t intend to make any changes in 2017, many anticipated increasing their provision of financial advice services after a couple of years of decline in that area, according to a new report from Great-West Life Assurance Co. According to the 2017 Capital Accumulation Plan Benchmark report, very few […]
While the government didn’t denote any dollar amount to support its efforts to promote gender pay equity, the 2018 federal budget did state that legislation would be forthcoming to improve the situations for women in Canada who work in federally regulated workplaces. The budget, announced Tuesday, illustrated the gender wage gap in two ways: in terms of yearly median […]
A new group has emerged to oppose the Canadian Life and Health Insurance Association’s new guideline around disclosing compensation paid to intermediaries in group benefits and group retirement services. The National Coalition of Benefit Advisors has taken shape over the past six weeks, according to Robert Taylor, managing director of Vancouver-based TRG Group Benefits & Pensions […]
Despite a rise in total contributions to registered retirement savings plans in 2016, the total number of contributors was down slightly, according to the latest census data from Statistics Canada. In 2016, contributions in RRSPs totalled $40.4 billion, up 3.1 per cent from 2015. However, about 5.9 million tax filers contributed to an RRSP in 2016, […]
Life expectancy has risen continually since 2000 for both male and female old-age security beneficiaries, according to a new fact sheet from the Office of the Superintendent of Financial Institutions. Life expectancy has increased for male beneficiaries aged 65, 75 and 85 to 19.2 years, 12 years and 6.4 years in 2016 from 16.5 years, 10 […]
Fewer than half (41 per cent) of Canadians are putting money in an investment vehicle such as a registered retirement savings plan or a tax-free savings account, according to a new survey by BMO Financial Corp. The survey, which polled 1,500 Canadians, also found 59 per cent of respondents are simply putting money in their savings accounts and leaving it […]
Advisors are making it clear they want to be a part of the conversation as the Canadian Life and Health Insurance Association develops its new compensation disclosure guideline. “That is an important reason for why we took the immediate step of pushing back the implementation starting date to Jan. 1, 2019, so as to allow for sufficient […]
Ninety per cent of Canadians don’t have a retirement plan that takes into account their desired post-retirement lifestyle, according to a new survey by the Canadian Imperial Bank of Commerce. Its survey, which polled more than 1,500 Canadian adults, also found 53 per cent of respondents aren’t sure if they’re saving enough while 37 per cent haven’t thought about retirement or […]
While retirement may not yet be at the top of millennials’ priority lists, it won’t be long before they arrive on the pension scene. How can the industry prepare for their arrival? And what might the rejuvenation look like? Let’s start by examining the pension world as we know it today. On the workplace front, […]