Canada’s life and health insurers paid out a record $114 billion in health and retirement benefits last year, up $11 billion since before the coronavirus pandemic and up 60 per cent from a decade ago, according to the Canadian Life and Health Insurance Association’s annual fact book. “During a year when many households faced higher […]
Working in the pension industry has always been aligned with Shannan Corey’s personal interests and values. Her father was an actuary so she was exposed to the pension industry from a very young age. After earning her mathematics degree at the University of Saskatchewan, she became an associate actuary, spending a few years in consulting […]
Diversifying target-date funds by incorporating illiquid assets — such as private equity, real estate and infrastructure — could result in a 0.15 per cent annual increase in return over a decade, according to a recent report by Georgetown University’s Center for Retirement Initiatives in partnership with CEM Benchmarking Inc. The report was authored by Angela Antonelli, a […]
In 2022, Xero sent out a global survey to all of its employees asking them to rank the most important components of its total rewards program, from time off to flexible working policies, salaries to employee benefits. The software company’s Canadian employees ranked health benefits as one of the most important aspects of total rewards. […]
With Canadians’ financial priorities shifting alongside a turbulent economic climate, including inflation levels not seen in decades and a never-ending rise in the cost of living, it isn’t surprising capital accumulation plan members’ commitment to retirement savings is taking a hit. Benefits Canada’s 2023 CAP Member Survey found just 41 per cent of respondents rated […]
Capital accumulation plan member outcomes continued their march upward in the second quarter of 2023, driven by increasing annuity rates and positive equity market returns, 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 June 2023 achieved a gross income […]
High inflation and interest rates are having a real impact on people’s finances, according to Benefits Canada‘s 2023 CAP Member Survey, which found 76 per cent of capital accumulation plan members say inflation is negatively impacting their financial situation, while 59 per cent say the same about interest rates. For many people, the day-to-day cost […]
The Association of Canadian Pension Management is asking the federal government to consider changes in proposed amendments to the Pension Benefits Standards Act and Pooled Registered Pension Plans Act, including retaining the definition of defined benefit provision and expanding access to pooled registered pension plans. In an open letter, the ACPM noted the government’s proposed […]
Changes to tax rules can improve Canadians’ retirement security and make the retirement system more equitable, according to a new report by the C.D. Howe Institute. The report argued in favour of key changes to the accumulation phase, such as more equitable tax-deferred registered wealth accumulation limits, changes to the tax recognition of administrative expenses […]
Three-quarters (76 per cent) of Canadians say they’ll need to work longer than their parents to become financially secure in retirement, a percentage that increases among millennials (85 per cent) and generation X (84 per cent), according to a new survey by Edward Jones Canada. The survey, which polled more than 1,000 employees, found 82 per […]