The new BC Pension Benefits Standards Act (PBSA) emphasizes governance and the role of the pension administrator.
One of the touted benefits of pooled registered pension plans (PRPPs) is that they involve an off-loading of fiduciary duty. The employer just has to select and monitor the administrator and have the payroll system remit the contributions. The administrator, acting as a trustee for the members, is responsible for everything else.
Governance remains a crucial issue in the management of a DC plan. Two speakers at the 2012 DC Plan Summit, held in Mont Tremblant, Que., shared their views on the current trends that plan sponsors should pay attention to and act on, including closer management of investments and transparency around roles and fees.
Nova Scotia’s Financial Measures Act, tabled today, will include legislation to change the governance of the province’s largest public sector pension plan and the Nova Scotia Pension Agency.
Financial executives believe that heightened focus on risk will increase demands on audit committees and, by extension, company CFOs over the next two years, according to a survey by the Canadian Financial Executives Research Foundation.
Pension standards legislation in Canada allows an employer to act as the administrator of its single employer pension plan. However, as a plan administrator, an employer must remember two points: do no harm and take no advantage, says Randy Bauslaugh, a partner in the Pensions, Benefits & Executive Compensation Group with McCarthy Tétrault, LLP.
Checklist for managing major projects you don't understand.
Sizing up fees, performance and fiduciary issues.
A guide to fees and performance.
Part II in series on what CAP members pay.