Low financial literacy and the slow pace of legislative frameworks are among the challenges hindering Canadian DC plans from offering in-plan decumulation options, according to a panel discussion at the event. Speaking during a panel discussion at Benefits Canada‘s 2021 DC Plan Summit, Michael Dodd (pictured, far left), associate vice-president of pensions, treasury and shareholder […]
While target-date funds are highly prevalent in defined contribution pension plans’ investment portfolios, gaining space as the default of choice, areas of improvement exist in terms of educating plan members about the option. During Benefits Canada‘s 2021 DC Plan Summit, Jessica Sclafani (pictured), director and DC strategist in the investment solutions group at MFS Investment Management, […]
While the coronavirus pandemic has taken a heavy toll among the elderly, retirees have seen their pension payments and entitlements well protected in Canada and other member countries of the Organisation for Economic Co-operation and Development, according to a new report from the organization. The average retirement age in Canada is 63.9 years for men […]
The federal government is extending several coronavirus pandemic aid measures as the pandemic rages on. During the economic and fiscal update on Tuesday, the government announced it’s extending the simplified rules for deducting home office expenses and increasing the temporary flat rate from $400 to $500 annually. In 2020, the government set out a temporary flat-rate […]
Juno College is planning to move to a 100 per cent employee-ownership model. The Toronto-based college, formerly known as Hacker U, was established by Heather Payne (pictured) nearly 10 years ago to transition workers into careers in the technology sector. Over the next decade, the school will focus on repaying the college’s investors and becoming a […]
Despite muted investment returns in the third quarter of 2021, capital accumulation plan member outcomes improved as annuity rates continue to rise, according to Eckler Ltd.’s latest CAP income tracker. It found a typical male CAP member retiring at age 65 at the end of September achieved a gross income replacement ratio of 59.5 per […]
As inflation hits a record high in Canada, employers are helping workers weather the storm through various benefits and compensation offerings, according to several experts. In October, the Canadian inflation rate increased year over year by a record 4.7 per cent, the largest increase since February 2003, according to Statistics Canada. The Bank of Canada […]
Air Canada and unions representing more than 20,000 employees are reaching an agreement that will wind down a shared pension trust to the benefit of retired workers who are part of the company’s defined benefit plans. The airline was granted relief from pension solvency funding when facing insolvency in 2009. As part of the arrangement, […]
A story looking at dynamic pension pools as a decumulation option took the top spot over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. Dynamic pension pools a viable decumulation option for Canadians: report 2. Employers see retirement benefits as top attraction, retention tool: survey 3. Employers enforcing rules for […]
If I’ve learned one thing about the Canadian pension industry over the past six years, it’s that change comes at a snail’s pace. When I joined Benefits Canada in 2015, my Canadian pension knowledge was a blank slate, so I spent several weeks speaking to pension experts. The key message that came across was this: […]