While McGill University has factored decumulation into its pension plan for decades, the plan sponsor is continually fine tuning these strategies for members, said John D’Agata, the university’s director of pension and benefits, during a session at Benefits Canada‘s 2023 DC Plan Summit. McGill’s pension plan has more than $1.5 billion in assets and more than 9,500 […]
Mitigating longevity risk is key to solving the decumulation challenge, said Pat Leo, Purpose Investments Inc.’s vice-president of longevity retirement solutions, during a session at Benefits Canada‘s 2023 DC Plan Summit. Referring to a recent survey, he noted defined contribution pension plan members were most concerned about market and sequence risks, while underestimating the impact of longevity risk. […]
The rules governing registered retirement income funds and similar retirement vehicles are stuck in the past and need revamping or removal, according to a new report by the C.D. Howe Institute. With the current rules, the purchasing power of minimum RRIF withdrawals could fall to half their initial value by the time a retiree reaches […]
Defined contribution pension plan providers and advisors say plan sponsors should offer and support in-plan decumulation options, according to a new survey by PIMCO Canada Corp. The survey, which polled 12 DC plan providers and advisors, found more than half (53 per cent) of respondents said their plan sponsor clients haven’t considered implementing in-plan decumulation options, […]
Pension and retirement plan members in Newfoundland and Labrador can now designate beneficiaries through electronic means. The amendment allows individuals to name beneficiaries electronically for certain types of plans, including a workplace pension, retirement, welfare or profit-sharing fund or plan, a registered retirement income fund, a registered retirement savings plan or a tax-free savings account. […]
Canadian insurers paid out more than $97 billion in benefits from life and health insurance products in 2020, according to the Canadian Life and Health Insurance Association’s annual fact book. The period, which included the first nine months of the coronavirus pandemic, included $420 million paid out for psychology-related claims to support mental health, up 24 […]
Two East coast companies are among the early adopters of a retirement savings platform for employers in the not-for-profit sector. Prince Edward Island Family Violence Prevention Services Inc. and Newfoundland-based Thrive previously offered their employees group registered retirement savings plans. Danya O’Malley, executive director of the PEI Family Violence Prevention Services, says lower fees was […]
The Canadian Life and Health Insurance Association is calling on the federal government to provide Canadians with access to more-secure retirement income. In its submission to the 2021 federal budget, the CLHIA recommended that Canadians in and approaching retirement have access to flexible annuity options within registered pensions, registered retirement savings plans, registered retirement income […]
Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier, according to the Canadian Life and Health Insurance Association’s annual fact book. The benefits include $53.3 billion in pension annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health […]
A retiree faces a 50 per cent probability of receiving more income by delaying Canada Pension Plan payments, according to a new report by the Canadian Institute of Actuaries and the Society of Actuaries. The report, authored by Bonnie-Jeanne MacDonald, director of financial security research at Ryerson University’s National Institute on Ageing, investigated the financial […]