Simplifying DC plan enrolment should begin by eliminating the “tyranny of choice,” making it easier for plan members to just get started, according to Tom Reid, senior vice-president of group retirement services at Sun Life Financial. “We’re not saying choice is bad, but at certain moments choice is really not the most welcome thing and […]
As the retirement savings environment evolves, the pension industry must be aware of the changes to move with them, said Zaheed Jiwani, principal at Eckler Ltd., in a session wrapping up the key learnings from Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. These changes include shifting demographics, new offerings and consolidation […]
In its 2019 budget announcement on Thursday, the Ontario government said it’s taking a step towards implementing a framework for target-benefit pension plans. The budget included preliminary legislative changes that would expand the eligibility criteria for multi-employer target-benefit plans to include non-unionized multi-employer plans, in addition to those that are collectively bargained. The move is intended […]
How can search terms help predict elections? Do parents secretly favour boys over girls? For Seth Stephens-Davidowitz, a former data scientist at Google and the author of Everybody Lies, the answer to these questions isn’t found in traditional polls commonly used in most sectors, but rather in the billions of Google searches people make every day. Exploring choice […]
I recently flew to Los Angeles to visit my sister, and right before the standard safety video, the onboard screens showed an appealing commercial for a beach resort in a gorgeous tropical location. The ad featured glamorous-looking people doing fun and relaxing activities, such as floating in a pool of crystal-clear water, dancing in a nightclub […]
The final quarter of 2018 was choppy for pension managers’ pooled funds as they posted a median return of negative 5.6 per cent, contributing to the year’s overall median return of negative 2.7 per cent, according to Morneau Shepell Ltd.’s pension performance universe. “The bond market posted a positive return of 1.4 per cent for 2018,” said Jean […]
Any modifications to federal pension legislation should encourage plan sponsors to continue offering defined benefit pension plans, while helping them fulfil their pension promises to plan members, according to the Canadian Institute of Actuaries. “Fulfilling pension promises is especially important for those plan members who can least afford the risk of benefit reductions, such as those with […]
With privacy and data protection laws in Canada and abroad evolving, these changes serve as a reminder to employers to be more stringent in safeguarding the information entrusted to them, particularly by their employees. Employers collect a myriad of personal information from their employees, including health details, spousal status, marriage breakdown information and union membership for plan administrative purposes, noted […]
In 2016, the Government of Canada reached an agreement with the provinces that provides for significant enhancements to the Canada Pension Plan, with an announcement of similar changes to the Quebec Pension Plan following in 2017. When the changes were announced, employers took note of the pending increases in the target benefit and contribution rates under the […]
In the midst of financial literacy month, what does education look like in a defined benefit world where plan members don’t have to actively make investment choices? And how much do members need to understand about investments? While financial literacy is important, DB plans allow members to prepare for retirement without being financial experts themselves, says […]