While a recent dispute between the Canadian National Railway Co. and the surviving same-sex partner of a deceased plan member will likely inspire other plan sponsors to ensure pension benefits are correctly distributed, the amount of new claimants coming forward will likely be relatively small, says Jill Wagman, managing principal at Eckler Ltd. “It may […]
U.S. President Joe Biden’s administration is suing to block the merger of two of the world’s largest insurance brokers, asserting the deal could eliminate competition, raise prices and hamper innovation for American businesses, employers and unions that use the companies’ services. On Wednesday, the U.S. Department of Justice announced the antitrust suit filed in federal […]
Indigenous and racialized seniors have less retirement security and higher poverty rates than white seniors in Canada, according to a new report by the Canadian Centre for Policy Alternatives. Based on data from the 2016 census, the report found Indigenous seniors have an average income of $32,200 and a poverty rate of 21.5 per cent, […]
Nova Scotia is allowing residents to apply directly to their financial institution to access their retirement savings when facing financial challenges. Under amendments to provincial pension legislation effective July 1, a person may be approved to access part of a locked-in retirement account or life income fund if they expect less than $41,067 in income […]
Aon is selling its U.S. retirement business to Aquiline Capital Partners and its retiree health exchange business to Alight Solutions for a total of US$1.4 billion. The sales are intended to address questions raised by the U.S. Department of Justice ahead of the pending merger of Aon and Willis Towers Watson, according to a press […]
Purpose Investments Inc. is introducing a new longevity pension fund, which invests 50 per cent in equities and 50 per cent in fixed income. It can be incorporated into a defined contribution plan to provide plan members with an in-plan decumulation option, says Pat Leo, vice-president of retirement solutions at Purpose Investments, noting investors can redeem […]
Canadians are becoming more confident about their financial situations and are setting more personal financial goals, according to a new survey by BMO Financial Group. It found 37 per cent of survey respondents said they believe their finances have improved recently, with Montreal residents the most likely to express financial optimism (42 per cent), ahead […]
Canadians’ current retirement savings aren’t likely to withstand the costs of long-term health care later in life, according to a new survey by Edward D. Jones & Co. It found 23 per cent of respondents said they believe their retirement savings will last them less than 10 years, including 21 per cent of those age […]
Language and communication can impact the retirement decisions of defined contribution plan members, according to a new survey by Invesco Ltd. The survey found 60 per cent of all respondents — as well as 50 per cent of millennials and 59 per cent of gen-Xers — would rather achieve retirement “income” than retirement “savings.” Nearly […]
The Canadian National Railway Co. is amending its pension policy after awarding benefits to a widower who was initially denied because of an outdated rule regarding same-sex couples. On Monday, the Canadian Broadcasting Corp. reported Newfoundland resident Ken Haire was in a years-long battle with CN Rail over access to spouse Gerry Schwarz’s pension benefits. […]