The Canadian Association of Pension Supervisory Authorities’ new plan sponsor guidelines surrounding investment fee transparency are a good first step, but require further development to make them more effective, says one expert. “[CAP sponsors are] still trying to understand what this [guidance] means,” says Joseph Bevilacqua, associate partner in Aon’s wealth solutions practice. “Fees can be […]
Despite declining annuity rates, Canadian capital accumulation plan members retiring at the end of September experienced some of the best outcomes in more than 13 years, 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 September 2024 achieved a gross […]
The Canadian Association of Pension Supervisory Authorities’ guideline for risk management provides that plan administrators should create a framework to identify, evaluate, manage and monitor their plan’s material risks. The guideline encourages plan administrators to prepare a written statement with the plan’s risk appetite, risk tolerance and risk limits and that these elements are reflected […]
An article on why employers that mandate onsite work could see increased employee turnover was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Employers mandating onsite work may see exodus of skilled employees: expert 2. 69% of Canadian workers experiencing symptoms […]
After a two-year consultation period, the Canadian Association of Pension Supervisory Authorities released its 2024 guideline for capital accumulation plans in September. With a focus on improving plan governance and member outcomes, the 2024 guideline significantly increases compliance responsibilities for CAP sponsors. Updated regulatory guidelines are rarely shorter than their predecessors and the 2024 CAP […]
An article on how the Canadian Association of Pension Supervisory Authorities’ updated capital accumulation plan guideline will impact plan sponsors and members was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. How CAPSA’s updated CAP guideline will impact plan sponsors, […]
While the Canadian Association of Pension Supervisory Authorities’ updated capital accumulation plan guideline contains several key updates with regard to plan sponsor and member responsibilities, smaller plan sponsors may face administrative challenges in applying the guidance, says Jordan Fremont, a partner at Stikeman Elliott LLP’s pensions and benefits group. “Because [the guideline] is so detailed, I […]
A culture of prudent investment standards and guideline compliance is keeping Canadian pension funds safe from some of the unique risk management cases seen abroad, says Scott McEvoy, a partner at Borden Ladner Gervais LLP. “Good governance starts at the top, it’s all about structure and process,” he says. Read: Canada’s retirement system ranks No. 12 […]
Information technology risk has become a more prevalent concern in recent years, so it comes as no surprise that Canadian pension regulators are focused on ensuring that plan administrators manage this risk effectively. IT risk is associated with an entity’s IT infrastructure as a whole, including risk caused by error or malfunction, as well as […]
The Pension Investment Association of Canada will concentrate its legislative advocacy efforts on funding reform in 2024, including for an overhaul of long-term, minimum funding regulations for federally regulated defined benefit pension plans, said David Lawson, the PIAC’s new chair. In an emailed statement to Benefits Canada, he said as DB plan sponsors continue to face […]