The British Columbia Municipal Pension Plan’s new Municipal Retiree Benefit Trust is joining the B.C. Investment Management Corp. The MRBT, which has $100 million in assets under management, is an employee life and health trust that provides group benefits to the MPP’s retirees and their spouses/dependants. It was recently created following a program review and redesign. […]
ArcelorMittal Long Products Canada is renewing three collective agreements with its employees, including improvements to the defined benefit pension plan, disability benefits and life insurance. The new six-year agreements were ratified by 800 unionized employees. For the DB plan, the agreements include a total $9 increase in the monthly pension credit, so at the end […]
The Nova Scotia Pension Services Corp. is acquiring an industrial property for a Quebec electric vehicle design company. The 8.42 hectare facility, located in Chicago, will be redesigned in order to serve as a new production facility for Lion Electric Co. The Montreal-based electric vehicle designer and manufacturer, which produces electric vehicles for mass transit systems, is […]
A Danish defined benefit pension fund is ceasing its investments in Russian assets following recent developments in the ongoing crisis between the world’s largest nation and Ukraine. On Monday, Russian President Vladimir Putin announced his government would recognize the independence of two territories in eastern Ukraine: Donetsk and Luhansk. In response, the AkademikerPension, a US$23 […]
Lower-income workers across Ontario have lower rates of employer-provided dental insurance, according to a new report by the Toronto Foundation. In addition, the community foundation found the problem is more pronounced in Toronto. For example, 53 per cent of employees earning under $20,000 annually have workplace dental insurance in the rest of Ontario, while the same […]
The Office of the Superintendent of Financial Institutions and the Financial Services Regulatory Authority of Ontario are putting forward six recommendations for strengthening the Canadian Association of Pension Supervisory Authority’s capital accumulation plan guidelines. In a webinar hosted in November 2021, the regulators shared the outcomes of its technical advisory committee and solicited feedback from the […]
While Canadians are prioritizing saving as they continue to navigate the challenges of the global coronavirus pandemic amid expectations of rising inflation in the coming year, just over two-thirds (64 per cent) know the difference between a registered retirement savings plan and a tax-free savings account, according to a new survey by the Bank of […]
Defined benefit pension plans offer substantial cost advantages over 401(k)-style defined contribution plans, according to a new report by the National Institute on Retirement Security. The U.S. report found a typical DB pension — with advantages based on longevity risk pooling, asset allocation, low fees and professional management — has a 49 per cent cost advantage […]
The Canada Pension Plan Investment Board and Phoenix Mills Ltd. are forming a joint venture to develop an office-led, mixed-use building in Mumbai. The Canadian investment manager is committing about $231 million in tranches for an ultimate equity stake of 49 per cent in the entity, known as PCREPL, that will own the asset. This […]
The Alberta Investment Management Corp. is selling its 97.33 per cent ownership stake in a Spanish renewable energy company. Eolia Renovables de Inversiones is an independent power producer that develops, constructs and operates wind farms and solar photovoltaic plants. The company manages a 899 megawatt portfolio of renewable energy assets, as well as a renewable […]