In the fourth industrial revolution, technology is changing at a fast pace with a rolling effect on various industries. It’s also changing how people work, spend their money and save, said Jean-Philippe Provost, senior partner and wealth business leader at Mercer Canada. At the consultancy’s annual retirement outlook event on Thursday, Provost walked through current practices in the Canadian […]
Seven major pension stakeholders are urging the federal government to make longevity risk-pooling arrangements available to Canadians. The group includes the Association of Canadian Pension Management, the Canadian Life and Health Insurance Association, the Canadian Institute of Actuaries, the Canadian Association of Retired Persons, Common Wealth, the National Institute of Aging and the Pension Investment Association […]
Longer living Canadians should have the option of pure longevity insurance and the government should facilitate Canadian insurers’ ability to offer it, according to a new report from the C.D. Howe Institute. As baby boomers are hurtling towards retirement, and many have been saving in capital accumulation plans, government policies should focus on how to effectively draw down those […]
While Canadians’ increasing longevity has been a growing issue for pension plans and providers alike, its effect on quality of living can vary significantly across income brackets, according to new research by the C.D. Howe Institute. Since 1965, both men and women in Canada have been living longer after the age of 50, the report noted. Men […]
Since 2011, Norway’s national pension provider has been calculating the life expectancy of those turning 61 as part of pension reforms introduced at that time. It then factors the calculation into the pension benefits people in that cohort will receive. The National Insurance Scheme, which is the standard public pension Norwegians pay into during their […]
OSFI fact sheet shows slowing pace of longevity gains
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.