Private sector pension plans could realize higher rates of return and produce lifetime income if they followed a model similar to their public sector counterparts, said Keith Ambachtsheer, executive in residence at the University of Toronto’s Rotman School of Management and a senior fellow at the National Institute on Ageing at Toronto Metropolitan University, during a […]
While many Alberta employers say they’d be disadvantaged if the province left the Canada Pension Plan, one expert says a provincial pension plan could benefit members by reducing contributions and increasing retirement savings. Last November, Alberta Premier Danielle Smith instructed the province’s finance minister to provide recommendations on the implementation of a provincial pension plan. According […]
The maximum pensionable earnings under the Canada Pension Plan for 2023 is increasing to $66,600 from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $66,600 in 2023 […]
With a record number of Canadians nearing retirement, employers can support workers through retirement planning initiatives and education, says one expert. According to a report released last week by Statistics Canada, more than a fifth (22 per cent) of Canadian employees are aged 55 to 64. It also found more Canadians are aged 55 to 64 than young adults […]
The vast majority (84 per cent) of Canadian employees consider an employer-sponsored retirement plan to be a critical benefit, according to a new survey by Manulife Investment Management Holdings (Canada) Inc. It found 60 per cent of employees would be unlikely to work for a company that doesn’t offer a retirement plan. In addition, employees […]
The maximum pensionable earnings under the Canada Pension Plan for 2022 is increasing to $64,900 from $61,600 in 2021. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $64,900 in 2022 […]
Indigenous and racialized seniors have less retirement security and higher poverty rates than white seniors in Canada, according to a new report by the Canadian Centre for Policy Alternatives. Based on data from the 2016 census, the report found Indigenous seniors have an average income of $32,200 and a poverty rate of 21.5 per cent, […]
Purpose Investments Inc. is introducing a new longevity pension fund, which invests 50 per cent in equities and 50 per cent in fixed income. It can be incorporated into a defined contribution plan to provide plan members with an in-plan decumulation option, says Pat Leo, vice-president of retirement solutions at Purpose Investments, noting investors can redeem […]
Like many pension experts, Peter Ballon, the Canada Pension Plan Investment Board’s global head of real estate, will have the early days of March 2020 seared into his memory for many years to come. As the coronavirus pandemic took hold, grinding domestic and international travel to a halt, he — like the rest of the […]
Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]