In the old days, employers would often gather employees in a dusty conference room and pass around a box of Timbits while talking at a sea of bored and confused faces about the importance of retirement savings. Not anymore. These days, many capital accumulation plan sponsors and insurers are pivoting away from dull information sessions […]
The Office of the Superintendent of Financial Institutions and the Financial Services Regulatory Association of Ontario have selected members for their new joint advisory committee on defined contribution pension plans. The committee will review the regulators’ approaches to supervising DC plans and, where possible, enhance regulatory efficiency and effectiveness by finding opportunities for harmonization. Read: […]
The College of Physicians and Surgeons of Newfoundland and Labrador is the latest employer to join the Colleges of Applied Arts and Technology pension plan’s DBplus. The college’s 14 employees were contributing to a defined contribution arrangement before joining the plan on Nov. 1. The individual employees have the option to convert their DC accounts […]
With the ongoing coronavirus pandemic raising economic concerns, the Arthritis Society is taking a responsive approach with its Financial Literacy Month initiatives during the month of November. “We’re reading the pulse,” says Cheryl McClellan, the organization’s chief operating officer. “We haven’t seen a lot of people stressed directly in our organization, but generally, we understand […]
The Global Risk Institute is bringing together experts from various institutions to build a roadmap for implementing variable payment life annuities to achieve lifetime income for retirees in response to growing concerns of outliving retirement savings. Canadians are living longer, but with this longevity, they’re also watching their workplace pension coverage decline, noted a press […]
The average gross income replacement ratio for a typical defined contribution plan member was up at the end of September, according to Eckler Ltd.’s latest capital accumulation plan income tracker. It found a typical male DC plan member retiring at age 65 at the end of month saw their gross income replacement ratio returned to 56 per […]
With Canadian employees feeling the toll the coronavirus pandemic is taking on the economy, should policy-makers facilitate the use of workplace emergency savings plans? “We know from data that 28 per cent of Canadian households who are financially impacted by COVID in August were drawing down on their [tax-free savings accounts] and [registered retirement savings […]
In its 2020 budget submission to the Ontario government, the Canadian Life and Health Insurance Association is highlighting a lack of access to affordable prescription drugs and inflexible pension plans. With respect to prescription drugs, the CLHIA noted it supports the federal Patented Medicine Prices Review Board reforms, which were introduced on Friday. “It is crucial that the […]
The McGill University pension plan is appointing Sun Life Financial to provide administration services in collaboration with consultancy Normandin Beaudry. This is the second of the university’s plans to join Sun Life following its service employees union plan in 1996. In addition, with about 10,000 members, the plan is the largest in the province for which the insurer provides […]
While pension plan sponsors and the government have roles to play when it comes to retirement, it’s increasingly up to individual employees to ensure they have a solid retirement plan, said Jack Mintz, the president’s fellow at the University of Calgary’s school of public policy. During a virtual roundtable hosted by the Association of Canadian Pension […]