Nova Scotia-based private employers can now transfer their pension plans into the Public Service Superannuation Plan. The Private Sector Pension Plan Transfer Act, which received royal assent on Nov. 9, provides all employers based in the province with the option of offering or continuing to offer a defined benefit pension plan with a prescribed funding […]
Former federal finance minister Bill Morneau is standing up for the Canadian Pension Plan, calling it a uniquely successful investment organization that won’t be easily recreated by the Alberta provincial government if it’s successful in its attempt to leave the federal plan. Speaking at the Portfolio Management Association of Canada’s national conference last week, he […]
The Association of Canadian Pension Management is reiterating its support for fully enabling automatic features in retirement savings plans, including defined contribution pensions, group registered retirement savings plans and group tax-free savings accounts. In a letter to the Ontario government, the association said the province’s employers want to implement automatic features that reduce red tape […]
While one expert says replacement rates vary with income and age, another argues the longstanding 70 per cent benchmark doesn’t actually work. Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University Retirement financial security has become critically important with population ageing — now, more than ever, is […]
While the term decumulation may sound very technical and often leads to confusion among pension plan members, it’s actually quite simple — effectively, it’s the opposite of accumulation. These two terms make up the typical retirement savings journey — the accumulation phase is the working years when capital accumulation plan members put away their nest […]
As Alberta considers exiting the Canada Pension Plan, the head of the Canada Pension Plan Investment Board visited Calgary on Tuesday to warn against losing its benefits. John Graham, chief executive officer of the CPPIB, made the pitch to a business crowd at a luncheon event. In his speech, he said there’s a strong business […]
The Ontario government’s new investment organization could incentivize institutional investors to take a closer look at infrastructure opportunities in the province, says Iftikhar Ahmed, a wealth solutions partner at Aon. “We work with a large number of pension plans and other institutional investors who would be keen to participate in infrastructure development in the province.” […]
An article on Fidelity Canada’s win in the Future of work strategy category at Benefits Canada‘s 2023 Workplace Benefits Awards was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Fidelity Canada wins award for focusing on flexibility amid return-to-office rollout 2. CPP maximum pensionable earnings increasing to $68,500 […]
The Office of the Superintendent of Financial Institutions’ proposed cybersecurity incident reporting standard could unintentionally lead to duplication and increased risk if it doesn’t reflect differences in technology and risks faced by federally regulated financial institutions and federally regulated pension plans, according to the Association of Canadian Pension Management. While financial institutions’ systems are critical to the functioning of […]
The maximum pensionable earnings under the Canada Pension Plan is increasing to $68,500 in 2024, up from $66,600 in 2023. The employee and employer contribution rates for 2024 will remain at 5.95 per cent and the maximum contribution will be $3,867.50 each, up from $3,754.45 in 2023. The self-employed contribution rate will remain at 11.9 […]