The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]
The British Columbia Municipal Pension Plan is appointing Chelsea Kittleson as executive director, effective Nov. 15, 2023. She joins the pension plan from the British Columbia Investment Management Corp., where she was director of client relations. In the new role, Kittleson will oversee the office that supports the MPP’s board of trustees and act as […]
The value of Canadian trusteed pension funds’ assets rose by $40.9 billion — roughly two per cent — in the first quarter of 2023 to $2.2 trillion, according to a new report by Statistics Canada. Within trusteed plans, public sector assets grew five per cent to $1.7 trillion, while private sector assets increased to $451 billion. Total revenue decreased […]
An article on how employers can support workers’ savings amid the rising cost of living was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Employers play crucial role in supporting employees’ savings amid rising cost of living: expert 2. Average cost of employer-sponsored health benefits expected […]
The Canadian Association of Pension Supervisory Authorities’ draft guideline for pension plan risk management covers too many topics and audiences, limiting its practical applicability, according to the Association of Canadian Pension Management. In an open letter, the ACPM said the draft guideline lacks a structural framework that would allow pension plan administrators to implement a […]
Nine in 10 (89 per cent) U.S. defined benefit pension plan sponsors say they’re expecting to completely divest their plan liabilities in roughly four years, according to a new survey by MetLife Inc. The survey, which polled 250 DB plan sponsors, found nearly all (94 per cent) said the financial impacts of volatility and related risks […]
The British Columbia Investment Management Corp. is part of an investing group backing a new financial operator from Centerbridge Partners and Wells Fargo & Co. The new entity, Overland Advisors, will oversee the creation of senior secured loans for middle-market companies. The BCI is part of a $2 billion initial equity commitment. “Direct lending provides […]
The median solvency ratio of defined benefit pension plans in Canada increased during the third quarter of 2023, according to separate reports from Mercer and Aon. Mercer’s report showed median solvency ratio rose from 119 per cent at June 30 to 125 per cent at Sept. 30, according to Mercer’s latest pension health pulse. The report, […]
An article on the new agreement between Ford of Canada and Unifor was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Ford, Unifor agreement includes significant DC pension improvements, transition to DB plan 2. Alberta deserves more than half CPP assets if it exits program: report […]