Canada’s defined benefit pension plans posted a 3.2 per cent return in 2020’s third quarter, a position augmented by strong global equity markets, according to Northern Trust Canada’s pension universe. “The global pandemic has undoubtedly accelerated the pace of change for many defined benefit pension plans over the course of recent months, namely in the […]
After nine months of uncertainty in the financial markets and with no end in sight to the coronavirus pandemic, more and more Canadian workers are worrying about life after retirement, according to a new survey by Manulife Investment Management. It found financial woes are taking a toll on workers, with a 16 per cent rise […]
Scotiabank secured its second win at Benefits Canada‘s 2020 Workplace Benefits Awards on Oct. 16 for adapting its existing benefits and introducing new resources to support employees in the face of the coronavirus pandemic. In the Coronavirus and Benefits category for an employer with more than 5,000 employees, the bank’s entry outlined how it transitioned 60 […]
The Financial Services Regulatory Authority of Ontario is changing its process for consenting to asset transfers under the Pension Benefits Act, citing the province’s current state of emergency due to the coronavirus pandemic. Effective immediately, the new process will allow the FSRA to provide consent through a letter after a 10-day notice period, during which […]
Telus Health is launching a mobile mental-health app for frontline workers, first responders and their families. The app, Espri, aims to provide confidential and ready access to crisis and prevention support, as well as mental wellness tools, such as a resource hub, task manager, a video-conferencing feature and resources list. “The current health emergency has highlighted […]
As financial market conditions improve, the Bank of Canada is scaling back some measures it introduced in the immediate aftermath of the coronavirus outbreak to support the functioning of financial markets. With the use of certain programs declining, the central bank is discontinuing the bankers’ acceptance purchase facility and its Canada mortgage bond purchase program, […]
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 […]
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 […]
With 95 per cent of employees working from home as of mid-March, TMX Group Ltd.’s wellness team quickly mobilized to create and implement a weekly virtual wellness program to keep them happy, healthy, engaged and motivated during a truly challenging time. The program, which was rolled out across the first 10 weeks of the coronavirus […]
Many Canadians are seeing the impact of the ongoing coronavirus pandemic on their retirement plans and ability to save, according to a new survey by the Canadian Imperial Bank of Commerce. In the survey, 40 per cent of respondents expressed concerns about the pandemic’s effects on their savings, with 23 per cent unable to contribute […]