A new report by the C.D. Howe Institute is recommending the federal government amend legislation to allow Canadians to buy life annuities within a tax-free savings account. It also suggested the government modifies the draft legislation creating advanced deferred life annuities and variable payment life annuities to make them both available within a TFSA. “More than 45,000 employers […]
Heading into 2020 and beyond, the outlook for interest rates is impacting the federal government’s projected pension obligations and its budgetary balance. In its 2019 fall economic update on Monday, the government reduced the projected budgetary balance by $4.2 billion in 2019/20 and $11.6 billion in 2024/25. While the balance projections aren’t entirely related to pension obligations, […]
The Organisation for Economic Co-operation and Development is urging governments around the world to urgently reform their pension systems to ensure employees in temporary or part-time employment can contribute enough during their working years to receive adequate retirement income. A new report said non-standard employment, including self-employment, temporary or part-time work accounts for more than a third of employment across […]
As pension regulators move forward with legislation permitting annuity options for certain capital accumulation plans, the Canadian Life and Health Insurance Association is calling on the federal government to make flexible annuities available for registered retirement savings plans, registered retirement income funds and tax-free savings accounts. In March 2019, the federal budget proposed enabling advanced life deferred annuities for […]
While the case for creating an Alberta Pension Plan looks straightforward on the surface, it’s far from a slam dunk, according to a memo published by the C.D. Howe Institute. In the memo responding to Alberta Premier Jason Kenney’s plan to consult on whether the province should withdraw from the Canada Pension Plan and start […]
Since the Teachers’ Retirement Allowance Fund, which is the defined benefit pension plan for public school teachers and other eligible employees in Manitoba, was introduced in 1925, it has made significant strides around asset mix and governance. In the early days, the fund’s asset mix consisted largely of federal, provincial and municipal bonds, but in […]
MSCI is making its ratings on environmental, social and governance issues publicly available off the back of growing interest from numerous stakeholders. This move is part of MSCI ESG Research’s mission to help investors, companies and other industry stakeholders identify the most financially relevant ESG risks and opportunities, through greater transparency and access to ESG […]
As employer-sponsored pension plans and personal retirement savings continue to shrink, the third pillar of Canada’s retirement income troika, the publicly funded Canada Pension Plan, is seeing improvements. Some of the enhancements, which are being gradually phased in from Jan. 1, 2019, borrow from what Australia already has in place for its superannuation system. In […]
Since the Teachers’ Retirement Allowance Fund, which is the defined benefit pension plan for public school teachers and other eligible employees in Manitoba, was introduced in 1925, it has made significant strides around asset mix and governance. In the early days, the fund’s asset mix consisted largely of federal, provincial and municipal bonds, but in […]
Michael Sabia, president and chief executive officer of the Caisse de dépôt et placement du Québec, is stepping down from the role in February 2020. During Sabia’s 11 years as head of the Caisse, its investments have yielded a 9.9 per cent average return, with a heavy focus on the diversification and globalization of its assets. “Leading CDPQ […]