The University of Toronto, University of Guelph and Queen’s University are proposing to combine their respective pension schemes into one jointly sponsored defined benefit plan. The plan, coined the University Pension Plan Ontario, would also include certain unions and other staff organizations not currently part of the universities’ academic pension plans. “This is an opportunity for […]
For more than 30 years, Canada’s public sector pension organizations have distinguished themselves by delivering secure, sustainable defined benefit pensions and, in the process, have earned a reputation as global leaders. That wasn’t always the case, so will it continue to be the case in 30 years? Six years ago, The Economist published a report that described how […]
The OPSEU Pension Trust is launching a new defined benefit plan for employers in the broader public sector, charitable and not-for-profit industries. OPTrust Select will target employers that currently don’t have a defined benefit plan but may provide a capital accumulation program. With employers and employees contributing three per cent each, the plan will provide for an annual […]
Quebec’s move to eliminate so-called disparities in pension plans will have unintended consequences, according to the Pension Investment Association of Canada. “In particular, we think that it will lead to an acceleration of the closing of defined benefit pension plans and will hamper the ability of Quebec-based employers to offer and/or negotiate total compensation packages that […]
The Alberta Investment Management Corp. posted a 10.4 per cent return, net of all costs, at the end of 2017. In a news release on Wednesday, the fund said its active selections in each asset class contributed a return premium of 1.3 per cent for its balanced fund clients relative to the passive benchmarks it uses […]
While Canada’s defined contribution pension industry faces many challenges, the continuous improvement of offerings from service providers is one of the things that’s working, according to Western University’s Louise Koza. “I think what’s working is we have some very good service providers that are continuously improving their technology, their services, their education and their administration,” said Koza, the […]
Despite several twists and turns, Australian superannuation fund QSuper isn’t shying away from implementing new technology. Speaking at Benefits Canada‘s Benefits & Pension Summit in Toronto on Tuesday, Kim Hughes, head of product and services at QSuper, told attendees about the new tools and products her fund has provided for members and how they’ve taught the organization a great deal […]
When it comes to the difficult issue of equity in pension plans, Quebec has been at the forefront recently with its plan to table a bill to eliminate so-called disparity clauses. The province’s plan, which has significant union support, has drawn the attention of Quebec’s pension industry, particularly since it would affect organizations that have […]
Transitioning to a defined contribution plan from a defined benefit arrangement is hard enough during the best of times. But when the organization is a company like Coca-Cola Ltd., size can be an added complication. “Encouraging employees to take action is not easy,” said Martha Callum, senior director for total rewards at Coca-Cola Refreshments Canada, […]
The Ontario government has published proposed regulations relating to the funding framework for certain multi-employer pension plans seeking to convert defined benefits to target benefits. Under the proposed regulations, which were first announced in June 2017, eligible multi-employer pension plans wouldn’t be required to fund on a solvency basis. However, they would still be required to provide […]