The coming into force of an administrative monetary penalty regime under Ontario’s Pension Benefits Act on Jan. 1, 2018, will change the risk profile for plan sponsors and administrators, necessitating a review of governance and compliance policies. Current enforcement tools, primarily compliance orders and fines of up to $100,000 for a first offence and $200,000 […]
As pension plans grapple with what to do about environmental, social and governance factors, Quebec-based fund Bâtirente offers some guidance on the options available. It formalized its approach in 2005, the year before the United Nations laid out its six principles for responsible investment. Bâtirente is one of the original signatories of the principles. “I […]
The Global Risk Institute in Financial Services is creating a national pension hub that will be a Canadian centre for pension knowledge and research. It will provide research into pensions and income security that it hopes will lead the way to new solutions to plan design, governance and investment challenges, according to a release. “The […]
Nortel Networks Corp., Stelco Inc., Sears Canada Inc. These are just a few of the many bankruptcy or restructuring cases that have catapulted the financial state of company pension plans into the spotlight. But while the attention generally focuses on protecting the company’s employees and retirees, it’s important to remember that there are a number […]
Mercer is introducing outsourced governance for employers with defined contribution pension plans. The offering, Mercer Future Wise, will delegate employers’ plan governance to a team at Mercer, providing access to investment managers, competitive fees and governance and oversight, according to a press release. It will also provide employers with insight into their plan members’ engagement […]
Pension plan administrators should get used to dealing with requests for their actuarial documents while lawyers duke it out over just how confidential they are, according to a pension lawyer. Natasha Monkman, a pension lawyer at Hicks Morley Hamilton Stewart Storie LLP, says plan administrators have traditionally viewed financial information filed with their provincial regulators […]
New DB pension proposals in Quebec, Ontario tackle annuity purchases.
Plan administrators are eyeing the Bank of Canada’s current system that holds unclaimed bank balances for individuals as a possible solution to dealing with missing pension plan members. As the federal Department of Finance launches a consultation on modernizing the bank’s program, law firm Blake Cassels & Graydon LLP sees promise in extending its approach to […]
The Ontario Teachers’ Pension Plan’s head of corporate governance has been appointed to the board of the International Corporate Governance Network. Paul Schneider has led the corporate governance function at Ontario Teachers’ since 2010. Prior to that role, Schneider was director of research at the Canadian Coalition for Good Governance, joining the organization in 2003. […]
The Canadian Association of Pension Supervisory Authorities is conducting a number of reviews this summer, looking into retirement projections and decumulation options for defined contribution pension plans, as well as developing guidance for plan administrators around missing members. The review into possible amendments to CAPSA’s guideline No. 8 on defined contribution pension plans, as well […]