life income fund – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Thu, 21 Nov 2024 22:24:05 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Nova Scotia to allow unlocking of pension benefits https://www.benefitscanada.com/pensions/governance-law/nova-scotia-to-allow-unlocking-of-pension-benefits/ Mon, 11 Nov 2024 14:00:20 +0000 https://www.benefitscanada.com/?p=162526 The Nova Scotia government is updating the provincial Pension Benefits Act to allow the unlocking of pension benefits. Effective April 1, 2025, plan members aged 55 and older will have a one-time ability to unlock up to 50 per cent of their locked-in funds when transferring to a life income fund. Read: Quebec’s amendment to […]

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]]> 63% of Americans worry more about running out of money than death: survey https://www.benefitscanada.com/pensions/retirement/63-of-americans-worry-more-about-running-out-of-money-than-death-survey/ Thu, 30 May 2024 13:00:49 +0000 https://www.benefitscanada.com/?p=156236 Nearly two-thirds (63 per cent) of Americans say they worry more about running out of money than death, up from 57 per cent in 2022, according to a new survey by the Allianz Life Insurance Co. of North America. The survey, which polled more than 1,000 employees with $150,000 investable assets, found generation X was […]

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]]> How can DC plan sponsors solve the decumulation problem? https://www.benefitscanada.com/events/conference-coverage/how-can-dc-plan-sponsors-solve-the-decumulation-problem/ Fri, 10 May 2024 11:50:07 +0000 https://www.benefitscanada.com/?p=154837 During a panel discussion at Benefits Canada’s 2024 Defined Contribution Plan Summit in February, three defined contribution plan sponsors shared their respective decumulation journeys and their thoughts on where the DC plan sector is in terms of effectively supporting this particular phase of plan members’ lives. At ATCO Ltd., roughly 5,500 employees are enrolled across […]

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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-72/ Fri, 16 Feb 2024 14:00:05 +0000 https://www.benefitscanada.com/?p=152080 An article on the Canada Revenue Agency’s guidance for how employers must determine the province of employment for remote workers was the most-read story on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the week: 1. CRA clarifying how employers must determine province of employment for remote workers 2. Quebec’s amendment […]

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]]> Quebec’s amendment to unlocking rule for VBAs, LIFs providing retirees 55+ with financial flexibility: expert https://www.benefitscanada.com/pensions/retirement/quebecs-amendment-to-unlocking-rule-for-vbas-lifs-providing-retirees-55-with-financial-flexibility-expert/ Fri, 09 Feb 2024 14:00:14 +0000 https://www.benefitscanada.com/?p=151714 The Quebec government’s removal of the maximum annual amount that can be paid to people aged 55 and older with a variable benefit account tied to a defined contribution pension plan or with a life income fund is part of a broader push to provide retirees with more flexibility to draw on their locked-in retirement savings […]

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]]> Halifax Port ILA/HEA assessing past, future of DB pension plans https://www.benefitscanada.com/archives_/benefits-canada-archive/halifax-port-ila-hea-assessing-past-future-of-db-pension-plans/ Fri, 09 Feb 2024 13:55:44 +0000 https://www.benefitscanada.com/?p=151622 While Blair Richards understands why the industry is moving away from defined benefit pension plans, he worries about what may be lost in the process. When Richards — the chief investment officer at the Halifax Port ILA/HEA pension plan — joined the institutional investor 40 years ago, DB plans were an attractive hiring and retention […]

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]]> Back to basics on decumulation https://www.benefitscanada.com/archives_/benefits-canada-archive/back-to-basics-on-decumulation/ Fri, 17 Nov 2023 13:52:15 +0000 https://www.benefitscanada.com/?p=146672 While the term decumulation may sound very technical and often leads to confusion among pension plan members, it’s actually quite simple — effectively, it’s the opposite of accumulation. These two terms make up the typical retirement savings journey — the accumulation phase is the working years when capital accumulation plan members put away their nest […]

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]]> 2023 DC Plan Summit: A look at McGill University’s search for a comprehensive decumulation solution https://www.benefitscanada.com/events/conference-coverage/2023-dc-plan-summit-a-look-at-mcgill-universitys-search-for-a-comprehensive-decumulation-solution/ Fri, 12 May 2023 12:48:31 +0000 https://www.benefitscanada.com/?p=137336 While McGill University has factored decumulation into its pension plan for decades, the plan sponsor is continually fine tuning these strategies for members, said John D’Agata, the university’s director of pension and benefits, during a session at Benefits Canada‘s 2023 DC Plan Summit. McGill’s pension plan has more than $1.5 billion in assets and more than 9,500 […]

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]]> 2023 DC Plan Summit: Mitigating longevity risk key to ensuring income for life for DC plan members https://www.benefitscanada.com/events/conference-coverage/2023-dc-plan-summit-mitigating-longevity-risk-key-to-ensuring-income-for-life-for-dc-plan-members/ Fri, 12 May 2023 12:43:04 +0000 https://www.benefitscanada.com/?p=137370 Mitigating longevity risk is key to solving the decumulation challenge, said Pat Leo, Purpose Investments Inc.’s vice-president of longevity retirement solutions, during a session at Benefits Canada‘s 2023 DC Plan Summit. Referring to a recent survey, he noted defined contribution pension plan members were most concerned about market and sequence risks, while underestimating the impact of longevity risk. […]

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]]> DC pension plan providers, advisors agree employers should offer, support in-plan decumulation options: survey https://www.benefitscanada.com/pensions/cap/dc-pension-plan-providers-advisors-agree-employers-should-offer-support-in-plan-decumulation-options-survey/ Mon, 06 Mar 2023 14:00:26 +0000 https://www.benefitscanada.com/?p=134656 Defined contribution pension plan providers and advisors say plan sponsors should offer and support in-plan decumulation options, according to a new survey by PIMCO Canada Corp. The survey, which polled 12 DC plan providers and advisors, found more than half (53 per cent) of respondents said their plan sponsor clients haven’t considered implementing in-plan decumulation options, […]

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