With studies suggesting some gaps in financial literacy among millennials, a panel at the 2018 Benefits and Pension Summit will tackle ways of educating and reaching younger plan members. Shannon Lee Simmons, founder of the New School of Finance and a member of the panel at the April 17 event at the Ritz-Carlton Hotel in Toronto, says a lot of […]
With markets showing signs of potential extreme volatility in recent weeks, how can employers address the many questions that arise from pension plan members? When speaking to members, consultants usually emphasize advice on asset allocation based on age and risk tolerance. Many members aren’t honest in their responses, often overstating their tolerance for risk because markets are typically on the rise. […]
In order to understand how much to save, the starting point should be determining a retirement budget. Not only will such an exercise help employees better plan for the future, it may well give them a greater understanding of and appreciation for their employer-sponsored savings program and improve their financial wellness. More accurate retirement planning Even […]
Plan sponsors, their members and record keepers have divergent views about the top priorities when it comes to their defined contribution pensions, according to a new report by global consulting firm Cerulli Associates. The research, which collected data from surveys of American 401(k) plan sponsors, their members and record keepers, found 27 per cent of plan sponsor respondents cited […]
The majority (86 per cent) of Canadian women have at least one challenge when it comes to finances and investment, according to a new survey by the Financial Planning Standards Council. Published to coincide with International Women’s Day, the survey found 38 per cent of respondents admit they know very little about finance and investment. And […]
Retirement income adequacy is a growing concern as more companies shift from defined benefit to defined contribution pension plans, average lifespans increase and coverage in the private sector declines. As a result, financial literacy has become a key area of focus for employers in recent years. And for good reason. A recent survey by the Canadian Imperial Bank […]
Ernst & Young has introduced an online retirement modelling tool to help employees prepare for life after work. Since its launch at the end of January, 25 per cent of the firm’s employees have logged in to register and use the tool, with about 55 per cent of that group under the age of 40. “I was pleasantly surprised. It’s […]
With a mature system of defined contribution pension plans, Australia offers some lessons for how Canada’s industry may evolve. At Benefits Canada’s upcoming Benefits and Pension Summit, Kim Hughes, head of product and services at QSuper, one of Australia’s largest superannuation funds, will share the plan’s experience in assisting members with financial well-being and retirement readiness. A […]
Members of the Canadian Union of Public Employees Local 561 in Coquitlam, B.C., have voted to transfer active employees from the School District No. 43 non-teaching pension plan into the British Columbia Municipal Pension Plan. Terms of the deal include a four per cent wage increase to cover the difference in pension contributions between the two […]
Almost all Canadian middle-class families will see more money coming off their paycheques by the time changes to the Canada Pension Plan take full effect, according to a new report by the Fraser Institute. The report, released today, includes both the portion of CPP contributions paid by the employer and the employee in its calculations and accounts for the full […]