The Saskatchewan Pension Plan is improving investment choice for members in the accumulation phase and introducing new options to help them through decumulation as well. Leading up to retirement, SPP members are defaulted into a balanced fund, which has been in place since the plan started in 1986. In 2010, it introduced a short-term fund, […]
Sometimes, the best way to explore the unknown is by following in the footsteps of someone who’s been there first. When it comes to in-plan decumulation options from a defined contribution pension, whether the plan was grandfathered into existing legislation or is registered in a province that allows the option, many employers — and their […]
Defined contribution pension plan fees have long been an area of significant risk for pension fiduciaries. Typically, a DC plan sponsor will negotiate fees for the plan and members will pay the bulk of those fees through asset-based fees charged on the investment funds. If the fees for the DC plan are excessive, the resulting […]
The first major reform to the U.S. retirement system in a decade, the Setting Every Community Up for Retirement Enhancement Act, contains provisions that could be useful guides for Canadian legislators and regulators. Signed into law by President Donald Trump in December, the act, known as SECURE, is primarily aimed at addressing Americans’ difficulty in […]
The Canadian Life and Health Insurance Association is highlighting new retirement savings options and access to cheaper drugs in its priorities for the Quebec and Newfoundland and Labrador provincial budgets. In its submission to Newfoundland’s finance minister, the CLHIA called for the government to make pooled registered pension plans available in the province. Citing Statistics Canada data that […]
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 […]
Pension plan stakeholders will see a continued evolution of both short- and long-term reform, with some significant developments expected in 2020. “Hopefully, Ontario will finalize the rules for its target benefit regime — perhaps we’ll see the introduction of single employer target-benefit rules — and there should be some action on variable benefits because the […]
In a new white paper, the Association of Canadian Pension Management is urging the federal government to reform the Income Tax Act rules for registered pension plans. In the ACPM’s view, ITA reforms are required to build on government initiatives aimed at increasing retirement savings by updating the tax rules released in 1992 so they better reflect today’s socioeconomic environment and Canadians’ […]
The Liberal Party of Canada is set to form a minority government after Tuesday’s federal election when it won 157 out of 338 seats. While the party made few health-care and pension promises in its election platform, the win puts a spotlight on the Liberals’ 2019 budget promises. Most notably, following the release of the final expert panel’s […]
Across Canada, innovative pension plan design options are continuing to emerge for employers considering a move away from traditional single employer, in-house defined benefit or defined contribution plans. During an event last week at Osler, Hoskin and Harcourt LLP’s office in Toronto, four pension industry professionals shared their experiences developing new plan design options. Speaking […]