Ford of Canada is is transferring the longevity risk for $923 million in pension plan liabilities through a group annuity buyout. RBC Insurance, Sun Life Assurance Co. of Canada and Desjardins Group will assume responsibility for making pension payments to 2,700 of the plan’s members, who retired on or prior to June 1, 2021. Read: GM Canada […]
French president Emmanuel Macron’s efforts to reform his country’s pension system have been set back by the results of divisive national elections. During his campaign for the presidency, which he won in April, Macron highlighted a three-part plan including the creation of a nationally sponsored defined benefit pension system — similar to the system used in […]
The union representing employees at a Hitachi Construction Truck Manufacturing Ltd. plant in Guelph, Ont. has ratified an agreement that includes pension and benefits gains. Unifor Local 1917 Hitachi unit members voted 95 per cent in favour of the three-year collective agreement, which includes a $0.25 contribution increase to the defined benefit pension plan, from […]
Preparing financially for retirement is a marathon filled with many obstacles along the way to a constantly shifting finish line. Even in 2021, female employees tend to have more obstacles and subsequently lag well behind their male counterparts when it comes to retirement savings. Women retire 30 per cent less wealthy than men, according to […]
More than 125,000 Canadians became active members in a registered pension plan in 2019, according to a new report by Statistics Canada. It found the number of active members was up two per cent from 2018 to just over 6.5 million. Women accounted for more than three-quarters of the increase in new memberships — up 97,500 from 2018 to 3.3 million — while about 28,000 more men joined […]
The value of assets held by Canadian trusteed pension funds increased to $2.2 trillion in the fourth quarter of 2020, according to new data from Statistics Canada. This was an increase of 4.7 per cent from the previous quarter, when the value of assets hit $2.12 trillion, and represents a 6.6 per cent year increase from […]
Over the past several months, much attention has been paid to the coronavirus pandemic’s impact on financial markets and, subsequently, defined benefit pension plans’ financial conditions — but what about the potential financial implications arising from the virus’ effect on mortality rates? The mortality assumption When performing a pension plan’s actuarial valuation, the actuary uses a […]
Two unions representing nearly 1,000 employees of Sanofi Canada are joining the Colleges of Applied Arts and Technology’s DBplus pension plan. Both Unifor Local 1701 and the International Union of Operating Engineers Local 772 will join the plan effective April 1, according to a press release, which noted the company is joining the multi-employer plan […]
Despite market uncertainty due to the coronavirus pandemic and a turbulent U.S. presidential election cycle, Canadian defined benefit pension plans ended the year with near double-digit gains, according to a report by RBC Investor & Treasury Services. Amid the once-in-a-century crisis, market returns in 2020 for retirement assets were 9.2 per cent, noted the report. […]
The Alberta Teachers’ Association says it’s taking legal action against a ministerial order enacted on several pension plans in the province in late December. In a press release, the association said its provincial executive council voted unanimously this week to file a lawsuit, acting on legal advice that identified an avenue for a challenge to […]