Solvency ratios for defined benefit pension plans regulated by the Financial Services Commission of Ontario have stayed relatively stable, according to the organization’s quarterly report. The median solvency ratio was 91 per cent as of Sept. 30, 2017, up from 89 per cent on June 30 and down from 93 per cent on March 31. […]
CARP is the latest organization to call for legislative reforms to better protect pensioners working for private sector companies that file for insolvency. CARP, formerly the Canadian Association of Retired Persons, held discussions on the issue with members of Parliament, senators and other government staff on Parliament Hill on Wednesday. The organization is asking the federal government […]
The Ontario Superintendent of Financial Services has selected Morneau Shepell Ltd. to take over the administration of Sears Canada Inc.’s pension plan. Following the announcement earlier this month that the company will seek a liquidation order from the Ontario Superior Court of Justice, the superintendent has determined a plan windup is inevitable, according to a […]
Sears Canada Inc.’s announcement on Tuesday that it will seek a liquidation order from the Ontario Superior Court of Justice appears to vindicate the earlier decision of the company’s employees and retirees to seek a windup of the company’s defined benefit pension plan at the earliest opportunity. “While you might not want to seek a […]
Nova Scotia’s auditor general is sounding the alarm about the financial status of the province’s teachers’ pension plan, calling for action to address its “serious financial condition.” In a report released Wednesday, Michael Pickup said the plan, currently funded at almost 78 per cent, is facing significant difficulties. “It is troubling that while there is a […]
For those who aren’t accountants, it’s likely quite difficult to determine who’s right in the ongoing debate between the Ontario government and the province’s auditor general over how to treat public pension plan surpluses in the annual budget. So what’s the debate actually about? Considering the surpluses in the Ontario Teachers’ and Ontario Public Service […]
Nortel Networks Corp., Stelco Inc., Sears Canada Inc. These are just a few of the many bankruptcy or restructuring cases that have catapulted the financial state of company pension plans into the spotlight. But while the attention generally focuses on protecting the company’s employees and retirees, it’s important to remember that there are a number […]
A Quebec Superior Court decision refusing to give priority to pension contribution deficiencies in the context of a mining company’s restructuring has ramped up the uncertainty around the windup of Sears Canada Inc.’s defined benefit plan. Earlier this month, Justice Stephen Hamilton ruled that the deemed trust that gives priority to pension claims under Newfoundland […]
Nova Scotia is following in the footsteps of a number of other provinces by looking into its funding framework for defined benefit pension plans. Like most jurisdictions in Canada, Nova Scotia requires defined benefit plans to be valued and funded on both a going-concern and a solvency basis. Under the review, the province is considering […]
Canada has edged out Britain as the fifth-largest country by share of pension assets, according to a new report from Willis Towers Watson. On Monday, the firm released its report on the world’s 300 largest pension funds for 2016. The results showed the assets of the largest funds rose by 6.1 per cent in 2016 […]