annuities – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Thu, 21 Nov 2024 14:17:26 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 2024 DC Investment Forum: New decumulation product combining income predictability with capital availability https://www.benefitscanada.com/events/conference-coverage/2024-dc-investment-forum-new-decumulation-product-combining-income-predictability-with-capital-availability/ Wed, 06 Nov 2024 12:54:37 +0000 https://www.benefitscanada.com/?p=162026 Pension plan members’ primary concerns about their golden years are whether they’ve saved enough money to live their dream retirement, whether those funds will last and whether they’ll be able to leave a legacy for their family. But numerous surveys of Canadians indicate many don’t feel financially literate enough to address those concerns, according to […]

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]]> Canadian insurers paid out record $128BN in health, retirement benefits in 2023: CLHIA https://www.benefitscanada.com/news/bencan/canadian-insurers-paid-out-record-128bn-in-health-retirement-benefits-in-2023-clhia/ Thu, 03 Oct 2024 19:00:15 +0000 https://www.benefitscanada.com/?p=160845 Canada’s life and health insurers paid out a record $128 billion in health and retirement benefits last year, up from $114 billion in 2022, according to the Canadian Life and Health Insurance Association’s annual fact book. “The benefits that life and health insurers provide through workplace plans and individual policies contributed significantly to Canadians’ health […]

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]]> How are Canadian DB pension plan sponsors making use of surplus funds amid positive funded status environment? https://www.benefitscanada.com/pensions/defined-benefit-pensions/how-are-canadian-db-pension-plan-sponsors-making-use-of-surplus-funds-amid-positive-funded-status-environment/ Thu, 26 Sep 2024 15:00:26 +0000 https://www.benefitscanada.com/?p=160541 With many Canadian defined benefit pension plans in a strong funded position, plan sponsors, particularly those with unionized workforces, are increasingly discussing the use of surplus funds, says Gavin Benjamin, a partner in the retirement and benefits solutions practice at Telus Health. The funded position of a typical Canadian defined benefit pension plan rose on […]

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]]> Bristol-Myers Squibb sued for US$2BN pension risk transfer deal https://www.benefitscanada.com/pensions/defined-benefit-pensions/bristol-myers-sued-for-2bn-pension-annuity-transfer-deal/ Thu, 12 Sep 2024 15:00:45 +0000 https://www.benefitscanada.com/?p=159968 Bristol-Myers Squibb Co. is being targeted in a lawsuit over a US$2 billion pension risk transfer deal completed in 2019 with Athene Annuity and Life Co. The class action lawsuit, filed by former employee Charles Doherty and which names independent consultant State Street Global Advisors Trust Co. as a defendant, argues the pharmaceutical company is […]

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]]> 2024 Global Investment Conference: A look at evolving retirement trends https://www.benefitscanada.com/canadian-investment-review/post-event-coverage/2024-global-investment-conference-a-look-at-evolving-retirement-trends/ Mon, 10 Jun 2024 11:49:40 +0000 https://www.benefitscanada.com/?p=156217 During a panel discussion at the Canadian Investment Review’s 2024 Global Investment Conference in April, three pension plan sponsors shared their perspective on plan design and the changing patterns for employees close to retirement. Nearly a decade ago, Via Rail Canada Inc. began allowing payments of lump sums to individuals up to age 65 to […]

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]]> Competitive pension risk transfer costs increase from 100.3% to 100.9% in April: report https://www.benefitscanada.com/canadian-investment-review/db-investments/competitive-pension-risk-transfer-costs-increase-from-100-3-to-100-9-in-april-report/ Tue, 28 May 2024 13:00:36 +0000 https://www.benefitscanada.com/?p=156100 The estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 100.3 per cent of a plan’s accounting liabilities in March to 100.9 per cent in April, according to Milliman Inc.’s latest pension buyout index. The index uses the FTSE above median AA curve and annuity purchase composite […]

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]]> CAP member outcomes increasing in Q1 2024: report https://www.benefitscanada.com/pensions/cap/cap-member-outcomes-increasing-in-q1-2024-report/ Thu, 16 May 2024 19:00:56 +0000 https://www.benefitscanada.com/?p=155663 Capital accumulation plan members saw a slight uptick in their plan outcome in the first quarter of 2024, as annuity rates rebounded to levels comparable to those from the third quarter of 2023 and gross income replacement ratios remained at multi-year highs, according to a new report by Eckler Ltd. The consultancy’s latest CAP income […]

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]]> A look at the SPP’s evolving investment, decumulation options https://www.benefitscanada.com/events/conference-coverage/a-look-at-the-spps-evolving-investment-decumulation-options/ Fri, 10 May 2024 11:53:05 +0000 https://www.benefitscanada.com/?p=154815 From its roots as a retirement plan for Saskatchewan farmers, the Saskatchewan Pension Plan has grown over the past four decades to accommodate Canadians from all provinces and walks of life. “It’s really meant to be a social policy need to fill in gaps,” said Shannan Corey, the plan’s executive director, during a session at Benefits […]

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]]> Employer matching key to supporting young workers’ retirement readiness: report https://www.benefitscanada.com/pensions/retirement/employer-matching-key-to-supporting-young-workers-retirement-readiness-report/ Thu, 11 Apr 2024 13:00:24 +0000 https://www.benefitscanada.com/?p=154158 Employer-sponsored retirement plans that offer matching contributions can help younger workers retire earlier and with more money, according to a new report by Mercer Canada. The report based its findings on a sample worker aged 30 earning $70,000 and with $30,000 of personal debt, using five per cent of their income to either pay down […]

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]]> Expert panel: How DC plan members can hedge longevity risk for more effective decumulation https://www.benefitscanada.com/pensions/cap/expert-panel-how-dc-plan-members-can-hedge-longevity-risk-for-more-effective-decumulation/ Tue, 05 Mar 2024 14:00:59 +0000 https://www.benefitscanada.com/?p=152555 Retiring baby boomers are in an era of decumulation anxiety, as they convert their pension assets into income that they fear won’t hold up over the entirety of their retirement. The decumulation problem is complex for defined contribution pension plan sponsors because it involves transferring lump sum pension assets to retirees who may lack investment […]

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