Since Canadians rely on a patchwork of incomes to fund their retirement, the worry by many of running out of money is a real possibility. A new report from the C.D. Howe Institute proposes a pooled risk savings program that could provide more security for retirees of advanced age. “Retirement will span beyond age 85 for more than half […]
Public sector pensioners don’t necessarily live longer than private sector ones, a new study by Club Vita Canada Inc. has found. In its inaugural longevity study, the analytics provider and Eckler Ltd. subsidiary found that male private sector pensioners are actually living slightly longer than those in the public sector. It warned that by focusing on […]
By 2050, the six countries with the world’s largest pension systems will have a combined funding gap of $224 trillion largely due to demographic trends, according to a new study by the World Economic Forum. The report found Australia, Canada, Japan, the Netherlands, Britain and the United States will face significant challenges in providing for their […]
Eckler Ltd. has launched Club Vita Canada Inc. to build on the work already being done by the Canadian Institute of Actuaries to advance the current state of Canadian pensioner longevity measurement and modelling.
BCE has reached an agreement to transfer the longevity risk for $5 billion of pension plan liabilities to Sun Life Financial.
Aon Hewitt has announced the Canadian launch of a new tool designed to help DB plan sponsors more effectively understand longevity.
Recent mortality research in Canada has considerably extended the time at which virtually all closed-to-new- entrants DB pension plans are projected to end up with their “last man standing.” That has given a sudden boost to pension liabilities and normal costs, depending on which of several mortality tables is chosen (most notably, tables that differentiate between private and public sector workforces). It is readily apparent that more judgment is required in that choice than under the previous commonly used table. Never before have Canadian DB plan sponsors given so much attention to the life expectancy of their plan members.
The Office of the Superintendent of Financial Institutions (OSFI) has issued a policy advisory to administrators of federally regulated DB pension plans that are considering entering into a longevity insurance or longevity swap contract.
Why longevity risk isn't just about life expectancy.
OMERS is studying the draft report by the Canadian Institute of Actuaries indicating that Canadians are living longer.