In 2022, Xero sent out a global survey to all of its employees asking them to rank the most important components of its total rewards program, from time off to flexible working policies, salaries to employee benefits. The software company’s Canadian employees ranked health benefits as one of the most important aspects of total rewards. […]
With Canadians’ financial priorities shifting alongside a turbulent economic climate, including inflation levels not seen in decades and a never-ending rise in the cost of living, it isn’t surprising capital accumulation plan members’ commitment to retirement savings is taking a hit. Benefits Canada’s 2023 CAP Member Survey found just 41 per cent of respondents rated […]
The Association of Canadian Pension Management, the Canadian Life and Health Insurance Association and the Pension Investment Association of Canada say the Canadian Association of Pension Supervisory Authorities’ draft guideline for capital accumulation plans significantly alters the expectations and industry standards for CAPs. In an open letter, the organizations requested the CAPSA reconvene its industry working […]
Capital accumulation plan member outcomes continued their march upward in the second quarter of 2023, driven by increasing annuity rates and positive equity market returns, according to a new report by Eckler Ltd. The consultancy’s latest CAP income tracker found a typical male member retiring at the end of June 2023 achieved a gross income […]
The Financial Services Regulatory Authority of Ontario is appointing Andrew Fung as acting executive vice-president of pensions. Fung joined the provincial regulator in 2018 as chief actuary of pensions. In 2019, he was appointed the organization’s head of relationship management and prudential supervision (pensions). Read more People Watch news. Prior to joining the FSRA, Fung […]
An article on whether Canada should implement flexible working legislation was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Should Canada implement flexible working legislation for all workplaces? 2. How DC plan sponsors can prevent a Muslim pension gap 3. How employers can support employees impacted by […]
Just over half (56 per cent) of Americans feel on track for retirement, an 11 per cent drop in confidence compared to 2022, according to a new survey by BlackRock Inc. The survey, which polled more than 450 large defined contribution pension plan sponsors, 1,200 workplace retirement plan savers, 1,300 independent savers and 300 retired […]
Two-fifths (41 per cent) of U.S. employees are cashing out their 401(k) plan savings when they leave a job, with 85 per cent draining their entire accounts, according to a new report by the University of British Columbia, Texas State University and the University of Colorado Boulder. The report, which analyzed data from more than […]
While more than half (55 per cent) of U.S. generation X employees participate in an employer-sponsored retirement savings plan, nearly two-thirds of men (62 per cent) and women (64 per cent) participating in these plans say they’ve saved less than 10 per cent of their retirement savings target, according to a new report by the […]
The U.K. government is introducing legislation that aims to increase defined contribution pension plan savings by more than £1,000 a year in retirement for the average plan member. The legislation will commit nine of the U.K.’s largest DC plan providers to an objective of allocating five per cent of assets in their default funds to […]