Pensions Governance/legislation Page 36

Latest news in Governance/legislation

Editorial: Solvency reform and Sears

Editorial: Solvency reform and Sears

Among those with the most to worry about when a company as big as Sears Canada Inc. enters restructuring proceedings are the members of the…

  • By: Glenn Kauth
  • August 15, 2017 September 13, 2019
  • 09:00
Regulators turning their attention to DC plan rules

Regulators turning their attention to DC plan rules

The Ontario government’s announcement in its April budget that it will be addressing the regulatory framework related to defined contribution pension plans has done little…

Montreal police and city reach agreement on pension changes

Montreal police and city reach agreement on pension changes

Montreal police officers have voted in favour of a new contract that puts an end to a long-running dispute over pension reforms. The city’s police…

Deferred annuities among CLHIA recommendations in federal budget submission

Deferred annuities among CLHIA recommendations in federal budget submission

The Canadian Life and Health Insurance Association is recommending a number of ways the federal government can help ensure Canadians’ retirement income security in its…

  • By: Staff
  • August 9, 2017 September 13, 2019
  • 10:42
OSFI updates guidance on derivatives used in private pension plans

OSFI updates guidance on derivatives used in private pension plans

The Office of the Superintendent of Financial Institutions has released a draft guideline on best practices for derivatives used in federally regulated private pension plans.…

  • By: Staff
  • August 1, 2017 September 13, 2019
  • 16:00
Ex-Sears Canada employees facing 19% cut in commuted-value payments

Ex-Sears Canada employees facing 19% cut in commuted-value payments

Former Sears Canada Inc. employees who opt to take the commuted value of their defined benefit pension are facing an immediate 19 per cent reduction in…

OSFI defines eligible default investment options for PRPPs

OSFI defines eligible default investment options for PRPPs

The Office of the Superintendent of Financial Institutions has issued a guideline defining the eligible default investment options under pooled registered pension plans. The Pooled Registered…

Retention bonuses of $9.2M for key Sears Canada staff spark outcry

Retention bonuses of $9.2M for key Sears Canada staff spark outcry

Sears Canada’s plan to pay out millions in bonuses to keep executives and key staff on board while not paying severance to laid-off workers is…

CAPSA consulting on funding, asset allocation for multi-jurisdictional pensions

CAPSA consulting on funding, asset allocation for multi-jurisdictional pensions

The Canadian Association of Pension Supervisory Authorities is asking industry stakeholders to weigh in on its proposed changes to funding and asset allocation rules for…

  • By: Jann Lee
  • July 17, 2017 September 13, 2019
  • 09:45
Sears Canada agrees to continue special payments to DB plan, retiree benefits

Sears Canada agrees to continue special payments to DB plan, retiree benefits

Sears Canada Inc. has reversed course and will continue to make special payments to its defined benefit pension plan and provide post-employment benefits plans until…

Pension industry challenged to deliver plans with DB features prized by Canadians

Pension industry challenged to deliver plans with DB features prized by Canadians

There’s little doubt that working Canadians want a secure source of retirement income. The challenge for the pension industry is how to deliver the desired…

  • July 11, 2017 September 13, 2019
  • 17:00
Have your say: Is it time to boost protections for employees in restructuring cases?

Have your say: Is it time to boost protections for employees in restructuring cases?

In the last few weeks, employees — both current and former — of troubled retailer Sears Canada Inc. have had plenty to worry about after…

  • By: Staff
  • July 10, 2017 September 13, 2019
  • 13:38
B.C. cracks down on ‘unrealistic’ calculations used in pension windups

B.C. cracks down on ‘unrealistic’ calculations used in pension windups

British Columbia’s pension regulator is cracking down on vague termination expense assumptions over fears unrealistic calculations have caused some plans to overstate their solvency ratios.…

Canadian Armed Forces sued for $100M over ‘chronic’ pension delays

Canadian Armed Forces sued for $100M over ‘chronic’ pension delays

A retired lieutenant in the naval reserve has launched a $100-million lawsuit against the Canadian Armed Forces for “chronic, excessive and unreasonable” delay in paying…

New CAPSA reviews to look at decumulation, missing members

New CAPSA reviews to look at decumulation, missing members

The Canadian Association of Pension Supervisory Authorities is conducting a number of reviews this summer, looking into retirement projections and decumulation options for defined contribution…

Ontario appoints board of directors for new pension regulator

Ontario appoints board of directors for new pension regulator

Ontario has announced the board of directors for the new financial services regulator it announced in last year’s fiscal update. Bryan Davies, Kathryn Bouey and Judith Robertson…

  • By: Staff
  • July 1, 2017 September 13, 2019
  • 15:32
Ontario sets out plans for target-benefit multi-employer pensions

Ontario sets out plans for target-benefit multi-employer pensions

Ontario will replace the temporary solvency funding exemption in place for specified multi-employer pension plans with a new target-benefit framework, the government announced Thursday. The…

  • By: Jann Lee
  • June 30, 2017 September 13, 2019
  • 09:00
Chronicling the Canadian pension system’s constant state of crisis

Chronicling the Canadian pension system’s constant state of crisis

It seems the current pension crisis — whether it be over reform of the Canada Pension Plan or high levels of underfunding among private plans…

  • By: Glenn Kauth
  • June 27, 2017 September 13, 2019
  • 08:55
Status of QPP ‘frustrating for everybody’ one year after CPP deal

Status of QPP ‘frustrating for everybody’ one year after CPP deal

While today marks the one-year anniversary of Ottawa reaching an agreement with most of the provinces to expand the Canada Pension Plan, the future of…

  • By: Jann Lee
  • June 21, 2017 September 13, 2019
  • 08:45
CPP enhancements problematic, incomplete, study finds

CPP enhancements problematic, incomplete, study finds

The enhancements to the Canada Pension Plan are problematic and incomplete and won’t do much to improve the retirement income prospects of low-income employees, according…

  • By: Staff
  • June 15, 2017 September 13, 2019
  • 09:45
Stelco sale approved as judge touts ‘new and more promising chapter’

Stelco sale approved as judge touts ‘new and more promising chapter’

The sale of Stelco Inc. to Bedrock Industries Group LLC can proceed, Ontario Superior Court Justice Herman Wilton-Siegel ruled this morning in Toronto. At the hearing,…

Good pension governance about more than filling out legal papers, conference told

Good pension governance about more than filling out legal papers, conference told

WINNIPEG — As pension plan sponsors consider the best approach to governance, it’s important to look beyond the basic legal requirements, participants at the Canadian…

Administrators will need to revisit governance policies under Ontario’s latest pension changes

Administrators will need to revisit governance policies under Ontario’s latest pension changes

Alongside the Ontario government’s announcement earlier this month regarding a new funding framework for defined benefit pension plans in the province, it also said it…

  • May 31, 2017 September 13, 2019
  • 10:01
Biggest pension systems face $224-trillion funding gap by 2050

Biggest pension systems face $224-trillion funding gap by 2050

By 2050, the six countries with the world’s largest pension systems will have a combined funding gap of $224 trillion largely due to demographic trends,…

  • By: Jann Lee
  • May 29, 2017 September 13, 2019
  • 09:15
Have your say: Should other provinces follow Ontario’s lead on solvency reform?

Have your say: Should other provinces follow Ontario’s lead on solvency reform?

While Ontario’s proposed solvency changes for defined benefit pension plans may help plan sponsors with funding obligations, they may put plan members in a more precarious…