Gavin Benjamin is a partner in the retirement and benefits solutions practice at LifeWorks Inc. These are the views of the author and not necessarily those of Benefits Canada or his employer.
Gavin Benjamin is a partner in the retirement and benefits solutions practice at LifeWorks Inc. These are the views of the author and not necessarily those of Benefits Canada or his employer.
In 2022, the typical defined benefit pension plan achieved an investment return of roughly negative 12 per cent. However, due to dramatic increases in bond yields and a subsequent decrease in pension liabilities, many pension plans ended 2022 with the same — or better — solvency funded level that they had at the beginning of […]
Similar to 2022, the coming year will present both challenges and opportunities for defined benefit pension plan sponsors, with the rewards going to plan sponsors that are resilient, embrace change and are willing and able to act when opportunities arise. Several trends that will be top of mind in the year ahead are: Inflation The […]
In the Expert Commission on Pensions’ 2008 review of Ontario’s pension system, it recommended an agency or unit of the provincial government serve as a pension champion. According to the commission, the pension champion’s responsibilities would include working closely with stakeholders, promoting and facilitating innovation in the pension system and leading policy development efforts in […]
Pension coverage in the public sector is high, with the vast majority of public sector employees covered by a defined benefit pension plan. However, the story is very different in the private sector as pension coverage is much lower and is trending downwards. Only 22 per cent of private sector employees participated in a registered […]
As a new year dawns, our attention turns to what’s ahead, the following are a few of my predictions for trends in the world of pensions in 2022. Volatility We’re entering the year in an environment of considerable economic and financial market uncertainty. Supply chain problems, elevated price inflation and labour shortages in certain industries […]
After being off of Canadians’ radar screens for years, the re-emergence of inflation in recent months is receiving significant attention for many, including pension plan professionals. Some believe the inflationary increases will be transitory because recent price increases are primarily due to short-term disruptions in the Canadian economy caused by the emergence from restrictions due […]
Over the past several months, much attention has been paid to the coronavirus pandemic’s impact on financial markets and, subsequently, defined benefit pension plans’ financial conditions — but what about the potential financial implications arising from the virus’ effect on mortality rates? The mortality assumption When performing a pension plan’s actuarial valuation, the actuary uses a […]
In January 2020, the Canadian Institute of Actuaries released final changes to the actuarial standards of practice for calculating commuted values, with the changes scheduled to come into effect on Dec. 1, 2020. The changes will affect the lump-sum amounts paid from many Canadian defined benefit pension plans in situations such as: the termination of employment of […]
A retiree whose retirement savings are primarily in a registered savings plan, such as a life income fund or registered retirement income fund, already faces a number of risks and challenges during their retirement years. But a significant financial market correction highlights one of these challenges — how much income should be withdrawn from the […]
The holiday season is a time to reflect on the events of 2019 and how they may affect trends in the year to come. I predict a couple of trends on the pension landscape in 2020: much needed progress on the expansion of decumulation options and the outsourcing of the chief investment officer function. Expansion of […]
What’s the right definition of risk in financial markets? Finding the answer to this question has become even more important because the number of retail…
What’s the value of Bitcoin? Or better, what makes it valuable? Is it because many people think it’s valuable? Is it valuable because it’s cool…
It’s a chaotic time for institutional investors. Between rising inflation and interest rates, war in Europe and an ongoing global pandemic, stock market volatility is…
With gas and oil prices reaching new heights last week, panicking both politicians and consumers, we must ask ourselves if this behaviour is typical of…
In a recent case, the Ontario Superior Court found an employee failed to mitigate damages when he refused a return-to-work offer from his employer, with whom he…
Many of the changes that were introduced to Ontario’s Employment Standards Act in January 2018 were short-lived, as the province’s new government elected in June…
With the legalization of recreational cannabis on Oct. 17, 2018, employers have been preparing to answer questions about whether their current benefits plans should provide…
In a recent decision, the Ontario Superior Court of Justice found an employer didn’t constructively dismiss a long-service employee when it provided her with 18 months…
On Oct. 17, 2018, it will be legal to purchase and consume recreational cannabis in Canada. In a recent survey of Mercer’s employer clients and Canadian employees, we found…
Some organizations are unique. Their employees are genuinely excited to be at work and an undercurrent of energy and vitality permeates the air. They’ve transformed the…
While many Canadian organizations continue to search for solutions to rising health-care costs, most are falling short. That’s why they must investigate any opportunity to find…
Macroeconomic trends such as longer lives, a lack of access to pensions and retirement supports, a low-growth environment, and persistent lack of financial literacy and…
In three short years, the relationship between Canadian employers and employees has changed dramatically as a result of the coronavirus pandemic’s impact on health, finances…
Every day, it seems the news includes a story or two about the economy and whether or not a recession is coming. At the same…
Heading into the summer months, parents of young or school-aged children are likely juggling work with gaps in their childcare needs. While many working parents…
As this wave of the coronavirus pandemic abates and more organizations settle into their respective futures of work, leadership teams are considering how the many…
At the best of times, selecting an optimal asset mix for a defined benefit pension plan is challenging. The times of today are downright turbulent.…
From an economic perspective, the last year has been quite tumultuous. As central banks began raising rates to tame inflation, the loose monetary environment with…
Last year was a tumultuous one, with economies ravaged by successive waves of coronavirus pandemic-related stresses and closures. Despite the negative impact these forces had…
Last year offered up one of most tempestuous investment environments in recent memory, and this year looks to be equally dynamic. It will be increasingly…
In 2022, the typical defined benefit pension plan achieved an investment return of roughly negative 12 per cent. However, due to dramatic increases in bond…
Similar to 2022, the coming year will present both challenges and opportunities for defined benefit pension plan sponsors, with the rewards going to plan sponsors…
In the Expert Commission on Pensions’ 2008 review of Ontario’s pension system, it recommended an agency or unit of the provincial government serve as a…
Pension coverage in the public sector is high, with the vast majority of public sector employees covered by a defined benefit pension plan. However, the…
In December 2022, the Supreme Court of Justice of Colombia released an unexpected decision: two men, who had been in a polyamorous relationship with a…
While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how…
Whether they’re delivering takeout, chauffeuring passengers, or fixing leaky sinks, most gig workers in Canada don’t get benefits. Classified as independent contractors rather than employees,…
Storytelling is a fundamental part of being human. It’s how information, culture and ways of living are passed down to the next generation. It’s also…
The coronavirus pandemic put mental health squarely on employers’ agendas and this focus on employee well-being is even more important as some organizations return to…
Employees everywhere are redefining what work means to them and redrawing their expectations of employers. Mental-health supports and flexible working options are now imperative if…
Workplace burnout isn’t always easy to talk about, but after living through nearly two years of the coronavirus pandemic, employers really can’t avoid it —…
A recent court decision in Ontario illustrates the potential danger for employers that attempt to rely on pension plan terms to refute claims for pension-related…
In January, the Canadian Association of Pension Supervisory Authorities established a new committee with a mandate to develop a risk management guidance. In the CAPSA’s…
The importance of risk management isn’t new for the majority of defined benefit pension plan sponsors and administrators. The impact of long-term interest rates, market…
The images of floods, forest fires and heat waves over the past few years is putting climate change front of mind for many, including pension…
Amid an ongoing labour shortage, employers of all sizes and sectors are increasingly embracing diversity, equity and inclusion. A recent Statistics Canada report found, as…
Microaggressions — everyone has heard them or may have even used them. Defined as everyday verbal and behavioural slights against a person or group that…
Diversity in leadership matters. It signals who belongs and shapes the aspirations of employees, as well as communities more broadly. In recent years, the convergence…
While talk about the importance of improving diversity on corporate boards and in the C-suite has been ongoing for decades, actual action has been too…
As concerns about climate change and the need for sustainable development grows, carbon credits are becoming increasingly attractive to institutional investors. Carbon credits are a…
Reports that a leading asset manager is delaying the launch of a Chinese bond fund indefinitely are a clear sign that the facade around Chinese…
With the repatriation of Canadians Michael Kovrig and Michael Spavor following their three-year incarceration in China, relations between Ottawa and Beijing are to be reset.…
It’s a welcome development that so many pension fund managers are increasingly preoccupied with the ethical implications of their investments and incorporating data to ensure…
In August, the Canadian Broadcasting Corp. reported that the U.K. Department for Works and Pensions cut off state pension payments to several expatriate pensioners living…
With the increased focus on integrating environmental, social and governance factors into pension plans, a new approach by BlackRock Inc. could have a significant impact on…
At the start of every new year, many employees resolve to improve their fitness — emotionally, financially and/or physically. One pretty easy way that employers…
Why should defined benefit pension plans invest in Canadian equity markets at all? It’s a question many DB plan sponsors began asking themselves in the…
United States 10-year bond yields have risen substantially from their lows of 0.50 per cent last summer, hitting 1.6 per cent by late February. Canadian…
Canada’s green bond market has been growing, but investors would benefit from digging a little deeper to ensure what they’re buying is in fact green…
When the coronavirus prompted a collapse in both economic activity and equity markets in March, it put an end to the longest bull market in…
The modern economy is highly uncertain, with inflation and rising interest rates cutting into bottom lines everywhere. Employers are nervous as the cost of capital…
We are now in Month 14 of the coronavirus pandemic. For institutional investors like pension plans, this pandemic and its consequences highlight the reality of…
Pension plan sponsors can’t ignore the financial risks of climate change or respond to them with half-baked approaches that allow companies to continue pumping out pollution.…
The possible legal ramifications of publicity placing a current or past employee in a false light is an issue employers should keep in mind in…
On the heels of the World Health Organization declaring the novel coronavirus a global pandemic on March 11, 2020, Canada’s federal government rolled out several…
In June, the Supreme Court of Canada released its decision in Uber Technologies Inc. v Heller, dismissing an appeal of a decision by the Ontario…
The COVID-19 pandemic has created many complicated issues for employers. Prudent employers should ensure they’re aware of the resources that may be available during this…
As has been the case for the past couple of years, we’re ending 2021 with as many questions as answers. On the surface, economic conditions…
Almost 16 months since the global coronavirus pandemic was first declared, there’s now yet another thing for institutional investors to worry about — the possibility…
Back in December 2018, I wrote an article asking whether it was a good time for pension plan sponsors to revisit value investing. At that time, public…
Last August, I wrote about whether central banks were creating a financial bubble with their coordinated easing programs intended to spur economic growth and/or lift inflation.…
As 2021 winds down, I have a few predictions of the human resources trends for employers to keep top of mind in 2022. Employers finding…
Words and imagery have the power to connect, evoke emotion and elicit a reaction. They also have the power to be inclusive, or exclusive, and…
It’s often said perception is reality and that’s definitely true when it comes to benefits plans. If employees can’t easily perceive the value in their…
How long is your attention span? Be honest and think back to the last time you received an email about your employee benefits and didn’t…
For months, Canadian employers have been creaking under the strain of a labour crunch. Finding top talent has always been one of leaders’ most pressing…
COVID-19 cases are dropping and vaccine counts are rising. The economy is reopening and we can expect to be back at the office soon. But…
Employee benefits and total rewards planning have always been a critical element of business planning, but never more so than during the ongoing coronavirus pandemic.…
Over the past few months, we’ve all had to deal with the challenges of social distancing and self-isolation. Some people have faced the extra pressure…