Three-quarters (76 per cent) of U.K. employers offer alternative cash benefits to high earners in lieu of pension contributions, according to a new survey by WTW. From April 6, 2024, the U.K. government abolished the lifetime allowance from pension tax legislation, limiting the total amount of tax-free cash an individual can receive to a maximum […]
Social media is breathing new life into employers’ pension communications, helping to make the benefit resonate with different audiences and offering organizations a far wider footprint than traditional channels. In some ways, the coronavirus pandemic was one of the key drivers of increasing the use of social media in workplace communications, says Jeff Pekar, director […]
With the start of a new year, there are several developments and trends that will likely impact Canadian pension plan sponsors in 2025. Implementation of regulatory guidelines In September 2024, the Canadian Association of Pension Supervisory Authorities published a new guideline for risk management for plan administrators and an update to their guideline for capital […]
UAP Inc. is supporting employees’ financial wellness and retirement readiness with a new retirement toolkit. The toolkit, which launched this week, explains the company’s retirement savings plans and additional post-employment income sources such as Canada and Quebec Pension Plan benefits, as well as information on adjusting to life in retirement. It also includes resources for […]
One expert suggests employers bridge their knowledge gap by finding ways to turn education into action, while another says companies’ commitments to ongoing financial literacy is helping to do just that. Roland Chiwetelu (pictured right), associate director of financial wellness, Eckler Ltd. One expert suggests employers bridge their knowledge gap by finding ways to turn […]
The Canadian Association of Pension Supervisory Authorities’ new plan sponsor guidelines surrounding investment fee transparency are a good first step, but require further development to make them more effective, says one expert. “[CAP sponsors are] still trying to understand what this [guidance] means,” says Joseph Bevilacqua, associate partner in Aon’s wealth solutions practice. “Fees can be […]
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 […]
Despite declining annuity rates, Canadian capital accumulation plan members retiring at the end of September experienced some of the best outcomes in more than 13 years, according to a new report by Eckler Ltd. The consultancy’s latest CAP income tracker found a typical male member retiring at the end of September 2024 achieved a gross […]
When communicating risk management posturing to executive boards, it’s important for pension plan sponsors to tell a cohesive and fulsome story, said Danny Ip, director of investment risk and analytics for the Toronto Transit Commission Pension Plan, during the Canadian Investment Review‘s 2024 Risk Management Conference. The TTC plan, which has $8.7 billion in assets under management, has […]
Overseeing the transition of a single-employer pension plan to a jointly sponsored one felt at times like launching a startup firm, according to Theo Heldman, chief financial officer and vice-president of risk at the Workplace Insurance and Safety Employee Trust, speaking during a session at the Canadian Investment Review’s 2024 Risk Management Conference. “There was […]