Promoting employee financial awareness and retirement readiness amid the rising cost of living is a priority for the Canadian Public Pension Leadership Council in 2025, says Cheldon Angus, co-chair of the CPPLC and chief executive officer of the Winnipeg Civic Employees’ Benefits Program. “More and more these days, employers are prioritizing their financial literacy education for […]
Variable payment life annuities and the impact of gender identity on actuarial standards are among the issues the Canadian Institute of Actuaries is monitoring in 2025, says Simon Nelson, a principal at Eckler Ltd. and chair of the CIA’s pension practice committee. A CIA task force on VPLAs will present its findings early this year, […]
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 […]
The volatile global conditions of the last four years have culminated in a looming economic downturn, impacting defined contribution pension plan sponsors and members alike. On Oct. 3 at the Omni King Edward Hotel in Toronto, the 2024 DC Investment Forum highlighted the various tools and strategies that can help plan sponsors navigate turbulent economic waters […]
Pension plan members’ primary concerns about their golden years are whether they’ve saved enough money to live their dream retirement, whether those funds will last and whether they’ll be able to leave a legacy for their family. But numerous surveys of Canadians indicate many don’t feel financially literate enough to address those concerns, according to […]
The Co-operative Superannuation Society Pension Plan is in the middle of a years-long digital transformation that’s aiming to improve member experience. In addition to introducing a modernized and secure member portal, the CSS (No. 2 on the 2024 Top 50 Defined Contribution Plans report) is planning to start leveraging artificial intelligence, says Tami Dove, the […]
Canada’s life and health insurers paid out a record $128 billion in health and retirement benefits last year, up from $114 billion in 2022, according to the Canadian Life and Health Insurance Association’s annual fact book. “The benefits that life and health insurers provide through workplace plans and individual policies contributed significantly to Canadians’ health […]
From 2016 to 2024, fewer plan members are confident they’ve saved enough for retirement. Indeed, Benefits Canada’s 2024 CAP Member Survey found plan members’ optimism that their retirement is on track declined to 56 per cent from 63 per cent in 2022, while three-quarters (73 per cent) said they’re worried they won’t have enough saved […]
One actuary says social and technological factors are changing the concept of retirement, while another notes the fundamentals remain the same. Michel St-Germain, retired actuary, fellow and past president of the Canadian Institute of Actuaries Yogi Berra once said: “The future ain’t what it used to be.” Millennials will be retiring in 25 years, but not […]
Seven in 10 U.S. workers between the ages of 40 and 80 with at least $100,000 in investable assets say they’d be “very” or “somewhat” likely to select an in-plan annuity option if it were available within their employer-sponsored retirement savings plan, according to a new report by LIMRA. It also found younger plan participants […]