While a third of Canadians are very or extremely confident they’ll be able to retire at the age they want to, around 40 per cent are somewhat confident and a fifth say they don’t think they’ll be able to retire at all, according to MFS Investment Management’s 2022 global retirement survey. “Those stats for the […]
With multiple generations in Canada’s diverse labour force, each generation has distinct needs and expectations, with millennials, in particular, creating increasing challenges for plan sponsors. The age group is comfortable talking about finances, but they aren’t saving for retirement, said Maria-José Perea, vice-president of product innovation in group retirement savings at Desjardins Insurance, during Benefits […]
An opinion piece on how certain aspects of the Quebec government’s rules and constraints on private drug plans affect pharmacy costs was the most-read story on BenefitsCanada.com this past week. 1. Sounding Board: Why do Quebec’s private drug plans pay higher pharmacy fees? 2. Custodial, maintenance workers at TMU striking over pension contribution increase 3. Half of Canadian benefits providers […]
Recent amendments to the Quebec Pension Plan to encourage people to work past age 65 offer more flexibility on contributions and retirement age, says Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University. “If people are accumulating a pension, working longer could potentially increase their pension,” says MacDonald, who […]
The Saskatchewan Pension Plan is removing its annual contribution and transfer-in limits. Starting on April 13, 2023, as long as plan members have room in their registered retirement savings plans, they can contribute as much as they want to the SPP, within RRSP limits. In addition, if they have other unlocked investments they’d like to […]
Custodial and maintenance workers at Toronto Metropolitan University represented by the Canadian Union of Public Employees are striking after university administration failed to address the rising cost of living and issues with increased employee contributions to the defined benefit pension plan during negotiations. In 2021, the university unilaterally imposed an increase in pension contributions on […]
Demand for international pensions and savings vehicles is continuing to grow as employers try to optimize their benefits packages for different groups within their global workforce, according to a new survey by WTW. Its 15th annual international pension plan survey, which covered more than 1,000 international pension and savings plans sponsored by 955 organizations, found […]
The union representing 750 mining workers at Mosaic Potash Esterhazy Ltd. in Esterhazy, Sask. has ratified a four-year collective agreement that includes pension and benefits gains. The agreement includes a .25 per cent increase in employer contributions to the company’s defined contribution pension plan, while members of the defined benefit pension plan will receive a monthly increase […]
The Financial Services Regulatory Authority of Ontario is promoting retirement planning with its inaugural Pension Awareness Day on Feb. 16. Through the event, the FSRA is aiming to spark conversations about retirement savings and inspire employees to take full advantage of employer-sponsored pension plans, says Caroline Blouin, executive vice-president of pensions at the FSRA, noting […]
Few people have as clear a perspective on the differences between public sector defined benefit pension plans in Canada and the U.S. as Paul Matson. “I know the Canadian system,” said the executive director of the Arizona State Retirement System, during a session at the Canadian Investment Review‘s 2022 Investment Innovation Conference. “Before [the Alberta Investment […]