Canadian employees who rent or who have mortgage payments are managing economic pressures — like high interest rates and the rising cost of living — by putting off saving for retirement, according to a new survey by Co‑operators Financial Services Ltd. The survey, which polled 1,500 Canadian employees, found 77 per cent of renters said they […]
A recent development in the U.K. pension market to give British workers a ‘pot for life’ could reduce the quality of retirement plans that are already in place and create administrative challenges, says Adam Bexson, senior corporate pension consultant at Verlingue Ltd. Currently, plan members are automatically enrolled into a retirement plan chosen by their employer, […]
The Saskatchewan Pension Plan is expanding its variable benefit option to all retiring plan members across Canada. The option, which was previously only available to Saskatchewan-based plan members, allows for continued investment choice and income flexibility, according to a press release, which noted members who opt for the variable benefit can consolidate funds by transferring […]
Working in the pension industry has always been aligned with Shannan Corey’s personal interests and values. Her father was an actuary so she was exposed to the pension industry from a very young age. After earning her mathematics degree at the University of Saskatchewan, she became an associate actuary, spending a few years in consulting […]
Predictions of the demise of defined benefit pension plans are premature. The reality is DB is still alive and well in the public sector, with a growing number of multi-employer plans making the promise of financial certainty in retirement provided by DB pensions available to private sector employers of all sizes. What’s under threat is […]
The Association of Canadian Pension Management is asking the federal government to consider changes in proposed amendments to the Pension Benefits Standards Act and Pooled Registered Pension Plans Act, including retaining the definition of defined benefit provision and expanding access to pooled registered pension plans. In an open letter, the ACPM noted the government’s proposed […]
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 […]
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 […]
Half (51 per cent) of Canadians are planning to contribute to their registered retirement savings plans this year — a substantial increase since last year (18 per cent), according to a new survey by Edward Jones Canada. The survey, which polled more than 1,600 adults, found half (51 per cent) said cost of living is […]
More than half (59 per cent) of generation Z workers and a third (31 per cent) of millennials say they have yet to start saving for retirement, according to a new survey by IG Wealth Management. The survey, which polled more than 1,500 Canadian workers, found 63 per cent of respondents believe $1 million in […]