Canadians have been contributing less to their registered retirement savings plans so far this year, according to a new survey by BMO Financial Corp. Its annual survey found that while 47 per cent of respondents have already contributed or plan to do so before the March 1 deadline, 36 per cent aren’t planning to make a […]
Members of the Canadian Union of Public Employees Local 561 in Coquitlam, B.C., have voted to transfer active employees from the School District No. 43 non-teaching pension plan into the British Columbia Municipal Pension Plan. Terms of the deal include a four per cent wage increase to cover the difference in pension contributions between the two […]
Ahead of the next federal budget, the Canadian Life and Health Insurance Association is recommending the government allow Canadians to hold annuities within tax-free savings accounts. The CLHIA noted in its submission to the Department of Finance that more Canadians are reaching retirement without the security provided by a defined benefit pension plan. As such, it […]
Since Canadians rely on a patchwork of incomes to fund their retirement, the worry by many of running out of money is a real possibility. A new report from the C.D. Howe Institute proposes a pooled risk savings program that could provide more security for retirees of advanced age. “Retirement will span beyond age 85 for more than half […]
More than 60 per cent of Canadians are concerned they’ll outlive their retirement savings and 45 per cent don’t feel confident they’ll be able to afford the post-work lifestyle they want, according to a new survey by RBC Insurance Services Inc. The survey, which polled 1,000 Canadians aged 55 to 75, also found respondents use a […]
About a quarter (23 per cent) of full-time American employees don’t receive workplace benefits such as health insurance, paid vacation or a retirement savings plan, according to a survey by business-to-business research firm Clutch. The survey also found that health insurance is the benefit most valued by employees, with 55 per cent reporting it has the […]
A proposed guideline setting out standards for the disclosure of intermediary compensation in group benefits and retirement services could have a big effect on the market. Dave Patriarche, president of Mainstay Insurance Brokerage Inc. and founder of Canadian Group Insurance Brokers Inc., is supportive of compensation disclosure and says the Canadian Life and Health Insurance Association’s new guideline makes […]
Whether plan sponsors expect a bear or a bull market in 2018, if they’re in a position to de-risk their pension plan, they should do it now, according to two investment consultants who spoke at an event in Toronto on Thursday. “From our perspective, if you look at the world over the last six years, […]
Sun Life Financial Canada has appointed John Hallett as a retirement strategist for group retirement services. In the new position, Hallett will drive new conversations with plan sponsors and industry professionals to create a culture of retirement income that focuses on creating healthier plan designs and increased employee retirement readiness, according to Sun Life. With more than […]
Just seven per cent of Canadians say saving for retirement is their top financial priority in 2018, according to a new survey by CIBC. Men are nearly twice as likely than women to prioritize retirement savings, with nine and five per cent, respectively, citing this as a priority in the new year. And with only 16 per cent […]