Major trends are reshaping Canada’s pension industry—from greater employer interest in sharing or off-loading pension risk to increased on de-risking.
Minister of State (Finance) Kevin Sorenson announced that five insurance companies that have federal pooled registered pension plan licences have been registered with the Office of the Superintendent of Financial Institutions and the Canada Revenue Agency.
Panellists at Benefits Canada’s Benefits & Pension Summit in Toronto agreed that Canadians need to save more for retirement, but they were unable to agree on a solution.
The Ontario New Democratic Party says it won't support the Liberal budget, which contained plans to introduce an Ontario Retirement Pension Plan and legislation for pooled registered pension plans.
The Government of Ontario is moving forward with a new mandatory provincial pension plan, the Ontario Retirement Pension Plan (ORPP).
Updated pension legislation and an enhancement to Canada Pension Plan could help Canadian workers save enough to support a standard of living they would find satisfactory in retirement, according to a whitepaper.
A report reveals that Ontario's employers prefer pooled registered pension plans and do not support a made-in-Ontario pension plan.
When the pension reform process started about seven years ago, the focus was on pillar three, meaning employer-sponsored pension plans. It was hoped that a little tinkering would suffice to make pension plans more sustainable and hence encourage more employers to adopt them. It’s fair to say that this aspiration did not pan out given that pension coverage in Canada’s private sector is at the lowest point in a half a century. My estimate is 21% of the paid private sector workforce and that includes coverage in both DB and DC plans.
As Ontario pushes ahead with pension reform to improve retirement security for its citizens, a C.D. Howe institute report says it should consider a "middle-way" solution between current competing visions for reform.
Canada’s top pension guru said his idea for a supplementary pension plan has risen again.