The Saskatchewan Pension Plan is removing its annual contribution and transfer-in limits. Starting on April 13, 2023, as long as plan members have room in their registered retirement savings plans, they can contribute as much as they want to the SPP, within RRSP limits. In addition, if they have other unlocked investments they’d like to […]
Millennial workers who rent for their entire careers must save 50 per cent more than homeowners in order to have a sufficient monthly income in retirement, according to a new report by Mercer Canada. The report, which analyzed findings from Mercer’s database, found millennials who rent need to save eight-times their annual salaries to retire […]
What’s in a name? A pension by any other name would smell as sweet — or would it? I started writing this month’s Pension Feature as an exercise to sift through some of the terms used by the pension industry to describe the different types of plans, but also to answer the question: Does the […]
Defined benefit. Defined contribution. Target benefit. Shared risk. Collective. Multi-employer. Pooled. Canada’s pension and retirement landscape is littered with lingo that can often be confusing for the people who participate in these plans and count on them for their retirement income. As pension plans evolve and the terms describing them expand, does the industry have […]
As world markets contend with supply chain issues stemming from climate change, the coronavirus pandemic and Russia’s invasion of Ukraine, environmental, social and governance considerations are slowly taking a more prominent role in pension funds’ risk assessments. In particular, Canadian pension funds are taking a progressive approach to ESG investing. Many have become signatories of […]
More than 54 per cent of 401(k) plan sponsors say they prefer to keep their retired members’ assets in their plan, a notable increase from 26 per cent in 2019, according to a new survey by Cerulli Associates. Looking specifically at pension plans intermediated by institutional investment consultants, 35 per cent of respondents said they […]
The union representing 70 employees at Northern Transformer in Vaughan, Ont. has ratified a four-year collective agreement that includes pension and benefits gains. The agreement introduces a group registered retirement savings plan and a deferred profit-sharing plan in which the company will provide a matching contribution of three per cent of regular earnings, capped at […]
While U.S. workers aged 45 and older believe it takes, on average, $1.1 million in savings to retire comfortably, just 21 per cent expect to reach this goal, down from 24 per cent in 2022, according to a new survey by Schroders. The survey, which polled more than 2,000 employees, found more than half (59 […]
Arthur J. Gallagher & Co. has completed its acquisition of BCHR Holdings — also known as Buck — for US$660 million. Through the agreement, Gallagher will expand its retirement, benefits and human resources consulting services in Canada, the U.S. and the U.K., according to a press release. Buck’s team of 2,300 employees will operate under the direction […]
Even before the coronavirus pandemic, employers were predicting challenges around meeting the demands of unfilled roles in the skilled trades. For the last decade, the trades workforce has been gradually ageing out. Now, tradespeople are retiring at unprecedented rates and it isn’t slowing down. While businesses in the sector have traditionally attracted employees with certain […]