The pension and retirement savings was once again the growth leader in the life and health insurance industry in 2017, according to the Canadian Life and Health Insurance Association’s annual fact book. Of the $651 billion held in employer-sponsored pension plans last year, the industry was responsible for managing $152 billion, which is up from […]
The market value of assets held by Canadian trusteed pension funds rose to $1.9 trillion in the first quarter of 2018, up from about $1.85 trillion in the fourth quarter of 2017, according to new data from Statistics Canada. The increase represents a rise of three per cent from the fourth quarter of 2017 and 5.7 per […]
The Common Good Retirement Initiative is seeking feedback on the design of a collective retirement plan for Canadian employees in the non-profit and charitable sector. The initiative, which was announced at the end of May 2018 by retirement firm Common Wealth, was initially described as nationally portable, affordable and flexible. Common Wealth intends to have 50 employers committed to the […]
The Canadian Association of Pension Supervisory Authorities’ latest consultation is seeking feedback on amendments to its guideline No. 8 for defined contribution pension plans, focusing on considerations around decumulation, such as communicating variable benefits, assumptions used in retirement projections and fee disclosure. When it comes to withdrawals from a variable benefits plan, according to the amended guideline, plan administrators […]
The real solution for missing pension plan members is the establishment of a regime that allows plan sponsors to turn over unclaimed balances to a public agency, according to the Pension Investment Association of Canada. “The inability of a plan sponsor to discharge its fiduciary duty for un-locatable members is a function of a public policy […]
This series of articles examines some actionable ideas to help plan administrators meet the Canadian Association of Pension Supervisory Authorities’ guideline No. 4. Following on from the previous article, which looked at the first five principles of this guideline, this one will cover the next five principles around pension governance. Principle 6: Governance information The sixth principle recommends that […]
The iA Financial Group is integrating its group savings and retirement plans into its mobile app. The added functionality aims to allow plan members to track their retirement savings and investment returns, including their progress on the path to retirement and whether or not their investment portfolio is still a good fit. Read: iA Financial rolls out new […]
As the average income replacement rate for capital accumulation plans continues to trend downwards, can employers mitigate this movement with the Canada Pension Plan’s incoming enhancements? According to a new report by Eckler Ltd., CAP replacement rates fell to a new low at March 31, 2018, settling at 58 per cent for men and 56 per cent for women. These […]
From decumulation options to investment choice, capital accumulation plan members face several challenges when they reach retirement. On the decumulation front, many members leave their assets with their final employer’s pension provider, which offers group registered retirement income funds or life income funds with well-managed investment options and lower management fees. As well, an increasing number […]
Software company Thrive Savings Inc. is launching a financial wellness app for employers to help their employees with their savings goals. The app, which is available on Apple’s App Store and the Google Play Store in Canada, generates a unique code for each organization that’s then passed along to employees. Members then create an account and customize […]