An article on the strike by Ontario education workers was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. CUPE’s Ontario education workers striking for extended benefits, wage increases 2. Stellantis, Unifor agreement includes pension and retirement gains 3. Sounding Board: How employers can better support employees […]
Canadian women are retiring with 78 per cent of the wealth accumulated by Canadian men, slightly better than the global average of 74 per cent, according to a new report by WTW. In North America, it found pay gaps and delayed career progression are the primary drivers of the wealth disparity between men and women, […]
The Canadian Institute of Actuaries is supporting several of the Alberta government’s proposed legislative and policy updates for private sector pension laws, including the move towards a going-concern plus regime for defined benefit plans and the introduction of automatic features in defined contribution plans. In its response to the consultation draft, the CIA cited the benefits […]
The maximum pensionable earnings under the Canada Pension Plan for 2023 is increasing to $66,600 from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $66,600 in 2023 […]
Defined benefit pension plan sponsors in the U.S. are facing increasing costs when de-risking through annuity buyouts, according to a new report by consulting firm Milliman Inc. It found the estimated cost to transfer risk to an insurer increased in September to 100.1 per cent of a plan’s total liabilities, up from 96.9 per cent […]
Capital accumulation plan sponsors need to focus on providing lifetime retirement income for plan members amid the growth of decumulation solutions such as advanced life deferred annuities and variable payment lifetime annuities, according to a new report by the C.D. Howe Institute. It noted DC plan members currently have three main options to draw down […]
An article about an open letter that highlighted how proposed amendments to the federal Bankruptcy and Insolvency Act could have a positive impact on defined benefit plan members was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Amendments to insolvency legislation would secure DB pensions, […]
The Association of Canadian Pension Management is advising the Canadian Association of Pension Supervisory Authorities to take a less prescriptive approach in its proposed guidelines on risks related to environmental, social and governance factors, cybersecurity and leverage. In an open letter to the CAPSA, the ACPM said a one-size-fits-all approach to ESG regulation could potentially […]
The Public Sector Pension Investment Board is entering a joint venture to invest in life sciences facilities in the U.K. The institutional investor and its partners, Longfellow Real Estate Partners and Norges Bank Investment Management, will invest £1.5 billion in sites located in Cambridge, Oxford and London. PSP Investments and Longfellow originally entered a similar partnership […]
The vast majority (95 per cent) of defined benefit pension plan sponsors say higher inflation is impacting their decision to de-risk, with half (50 per cent) saying it’s very impactful, according to a new survey by MetLife Inc. The survey, which polled more than 250 DB pension plan sponsors with at least $100 million or more […]