Macroeconomic trends such as longer lives, a lack of access to pensions and retirement supports, a low-growth environment, and persistent lack of financial literacy and trust in financial markets are creating a significant retirement savings gap between what people require in retirement and what they’ve actually saved. This is a global issue. But in Canada alone, […]
The Canadian government will discontinue the Canada savings bond and Canada premium bonds program on Nov. 1, 2017. While existing bonds will continue as usual until they mature or the purchaser redeems them, the option of buying them through a payroll savings program will now be off the table. The program reached peak popularity in the 1980s, but […]
How can plan sponsors encourage their employees to make better investment decisions? And how can they ensure plan members can retire with adequate income? Those questions were among the many issues explored during Benefits Canada’s Defined Contribution Investment Forum in Toronto. The conference, which took place on Oct. 5 and 6, covered everything from considerations […]
In response to the growing issue of employees entering the workforce saddled with significant student debt, Great-West Life Assurance Co. is piloting a program to empower workers to save for retirement while paying down their student loans. Those employees eligible to take part in the program will receive employer-matched contributions, based on the company’s existing formula, to […]
Canada’s retirement system has maintained its B rating on the Melbourne Mercer Global Pension Index, as its overall score rose slightly from 66.4 in 2016 to 66.8 in 2017. However, Canada’s sustainability score dropped due to the recent move to maintain old-age eligibility at age 65. “Canada’s recent change to maintain the eligibility for old-age security at age 65, […]
Ted Rogers School of Management’s National Institute of Ageing has appointed Bonnie-Jeanne MacDonald as its inaugural senior research fellow. In the role, she will conduct research relating to Canada’s health and retirement income systems. MacDonald is also a fellow of the Society of Actuaries and resident scholar at Eckler Ltd. She will continue to publish […]
The Canadian Institute of Actuaries is consulting with its members on the development of a public statement for policy-makers about what’s next for Canada’s retirement age. The consultation covers two main issues: whether Canadians should plan to work longer and what measures to employ to encourage that behaviour; and whether to raise the pensionable ages […]
Retirement savings products once again led the way in the growth of the life and health insurance industry, according to the Canadian Life and Health Insurance Association’s annual fact book. Of the $631 billion in employer-sponsored pension plans, the industry managed $142 billion in 2016, up from $131 billion in 2015. And life insurers paid […]
Two-thirds of households are setting aside money for retirement, taking advantage of either a registered pension plan, a registered retirement savings plan or a tax-free savings account, Statistics Canada said Wednesday as it released the latest batch of numbers from the 2016 census. Of 14 million households, 65.2 per cent made a contribution in 2015 […]
Mercer is introducing outsourced governance for employers with defined contribution pension plans. The offering, Mercer Future Wise, will delegate employers’ plan governance to a team at Mercer, providing access to investment managers, competitive fees and governance and oversight, according to a press release. It will also provide employers with insight into their plan members’ engagement […]