British Columbia’s wildfires have crystallized the threats pension plan administrators across that province face from catastrophic climate change events, says Damara Kiceniuk, senior risk analyst of pensions at the B.C. Financial Services Authority. However, these fires are just one catastrophic risk pension funds have to manage. These risks have prompted the organization to release a discussion […]
The Financial Services Regulatory Authority of Ontario is appointing Andrew Fung as acting executive vice-president of pensions. Fung joined the provincial regulator in 2018 as chief actuary of pensions. In 2019, he was appointed the organization’s head of relationship management and prudential supervision (pensions). Read more People Watch news. Prior to joining the FSRA, Fung […]
An article on whether Canada should implement flexible working legislation was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Should Canada implement flexible working legislation for all workplaces? 2. How DC plan sponsors can prevent a Muslim pension gap 3. How employers can support employees impacted by […]
The union representing roughly 350 Canadian employees at Tennessee-based Yellow Corp. says the trucking company’s abrupt closure will have little to no impact on Canadian workers’ pensions. According to a spokesperson at Teamsters Canada, Yellow’s Canadian employees are enrolled in one of four defined benefit pension plans — all of which are fully or almost […]
A new study looking at the implications of scale in defined benefit pension plans found size is key for several trends over time, including investment mandates, asset allocation and cost in returns. The research, ‘Scale Economies, Bargaining Power and Investment Performance: Evidence from Pension Plans‘ was recently awarded first prize in the International Centre for […]
In response to the federal government’s consultation on draft amendments to pension legislation pertaining to the transfer of unclaimed benefits for missing plan members, the Association of Canadian Pension Management is suggesting the legislation include a condition to allow the transfer of assets in the case of an ongoing pension plan in addition to closed plans. […]
Working and retired public sector employees from across Canada are calling on the federal government to remove Miranda Hubbs, director of Imperial Oil Ltd., from the board of the Public Sector Pension Investment Board with cause. In a letter sent to Prime Minister Justin Trudeau and his cabinet today, 39 PSP Investments’ members and retirees […]
An article on the federal government’s plan to scrap Canada mortgage bonds and the potential impact on pension funds was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Feds’ plan to discontinue Canada mortgage bonds may limit pension funds’ abilities to mitigate risk: PIAC […]
Approaches to climate scenario analysis are currently based on “implausible” assumptions that could delay action and create fiduciary duty challenges for investors, according to a new study by the Institute & Faculty of Actuaries. Sandy Trust, head of organizational risk at M&G, a global investment manager headquartered in London, England and one of the authors […]
The federal government’s plan to consolidate Canada mortgage bonds into the Government of Canada bond program could limit pension funds’ ability to mitigate risk through diversification, according to the Pension Investment Association of Canada. In an open letter to Finance Canada, the PIAC said the move may force institutional investors to choose between accepting lower […]