pension legislation – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Tue, 19 Nov 2024 18:48:47 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 U.K. plans to create pension ‘megafunds’ with aim of unlocking US$100 billion for investment https://www.benefitscanada.com/pensions/governance-law/u-k-plans-to-create-pension-megafunds-with-aim-of-unlocking-us100-billion-for-investment/ Fri, 15 Nov 2024 20:00:09 +0000 https://www.benefitscanada.com/?p=162880 British Treasury chief Rachel Reeves said Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.’s subpar economic growth. Reeves said in her speech to finance leaders in central London that the creation of so-called “megafunds” will represent the […]

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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-108/ Fri, 15 Nov 2024 14:00:24 +0000 https://www.benefitscanada.com/?p=162852 An article on incoming changes to Nova Scotia’s provincial Pension Benefits Act was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Nova Scotia to allow unlocking of pension benefits 2. Alberta government fires AIMCo CEO, board, citing rising costs and poor […]

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]]> How Mexico’s reformed pension system is improving workers’ retirement security https://www.benefitscanada.com/archives_/benefits-canada-archive/how-mexicos-reformed-pension-system-is-improving-workers-retirement-security/ Fri, 15 Nov 2024 13:54:28 +0000 https://www.benefitscanada.com/?p=162686 Earlier this year, Mexico’s senate approved the creation of a new pension fund to help provide more retirement security for low-income citizens. The reform aims to ensure pensioners receive 100 per cent of their last monthly salary up to roughly 16,777 Mexican pesos (US$975), which is the average monthly wage for workers affiliated with the […]

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]]> Nova Scotia to allow unlocking of pension benefits https://www.benefitscanada.com/pensions/governance-law/nova-scotia-to-allow-unlocking-of-pension-benefits/ Mon, 11 Nov 2024 14:00:20 +0000 https://www.benefitscanada.com/?p=162526 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 […]

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]]> 2024 DC Investment Forum: Young Canadians’ retirement savings at mercy of housing market, government inaction https://www.benefitscanada.com/events/conference-coverage/2024-dc-investment-forum-young-canadians-retirement-savings-at-mercy-of-housing-market-government-inaction/ Wed, 06 Nov 2024 12:59:47 +0000 https://www.benefitscanada.com/?p=161884 Young Canadian employees are facing a series of headwinds stemming from rising housing costs and decades of inaction by the federal government to support retirement savings, said Paul Kershaw, founder of not-for-profit organization Generation Squeeze and a policy professor at the University of British Columbia, during the keynote session at Benefits Canada’s 2024 Defined Contribution […]

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]]> Ontario to consult on variable life benefits, finalizes target-benefit framework https://www.benefitscanada.com/pensions/retirement/ontario-to-consult-on-variable-life-benefits-finalizes-target-benefit-framework/ Thu, 31 Oct 2024 13:00:45 +0000 https://www.benefitscanada.com/?p=162181 In its fall economic statement on Wednesday, the Ontario government said it plans to consult with pension industry stakeholders on the possibility of offering variable life benefits to employees in the province. In 2021, the federal government made amendments to the federal Income Tax Act to permit Canadian jurisdictions to regulate this new pension option, […]

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]]> Canada’s retirement system ranks No. 17 out of 48 countries, has room for improvement: report https://www.benefitscanada.com/pensions/retirement/canadas-retirement-system-ranks-no-17-out-of-48-countries-has-room-for-improvement-report/ Tue, 22 Oct 2024 15:00:46 +0000 https://www.benefitscanada.com/?p=161588 Canada’s retirement system ranks No. 17 out of 48 countries, down from No. 12 in 2023, according to a new report by Mercer and the CFA Institute. The report analyzed retirement systems based on adequacy, sustainability and integrity. The top three systems remain unchanged from last year, with the Netherlands receiving the highest overall score (84.8 […]

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]]> 2024 Risk Management Conference: A look at the first days of the WISE Trust: it ‘felt like a startup’ https://www.benefitscanada.com/canadian-investment-review/post-event-coverage/2024-risk-management-conference-a-look-at-the-first-days-of-the-wise-trust-it-felt-like-a-startup/ Mon, 21 Oct 2024 11:51:44 +0000 https://www.benefitscanada.com/?p=160630 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 […]

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]]> 2024 Risk Management Conference: Panel: Expanding access to DB pension plans best way to maintain sustainability https://www.benefitscanada.com/canadian-investment-review/post-event-coverage/2024-risk-management-conference-panel-expanding-access-to-db-pension-plans-best-way-to-maintain-sustainability/ Mon, 21 Oct 2024 11:50:28 +0000 https://www.benefitscanada.com/?p=160697 Longevity risk is still among the top concerns keeping defined benefit pension plan sponsors up at night. While a 62-year-old person that retired in 2002 had a life expectancy of 21.4 years, that has now increased to 26.2 years, said Darwin Bozek, president and chief executive officer of the Ontario Pension Board, during a panel discussion at […]

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]]> Nova Scotia offers retirement fund top-ups to attract, retain physicians https://www.benefitscanada.com/pensions/retirement/nova-scotia-offers-retirement-fund-top-ups-to-attract-retain-physicians/ Thu, 17 Oct 2024 19:00:22 +0000 https://www.benefitscanada.com/?p=161429 The Nova Scotia government is offering to pay up to $15,000 a year into a new retirement benefits program for doctors in hopes the public money will keep more physicians in the province. Premier Tim Houston announced the new program Wednesday, saying the annual contributions will be available to Nova Scotia’s roughly 3,000 doctors at […]

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