A recent court decision in Ontario illustrates the potential danger for employers that attempt to rely on pension plan terms to refute claims for pension-related losses in the context of wrongful dismissal actions. The case, Williams v. Air Canada, involved a claim by a long-time employee whose employment was terminated in 2020 when the airline […]
Defined benefit pension plan sponsors using overlay strategies will gain more flexibility amid rising inflation now that the Office of the Superintendent of Financial Institutions has released guidance allowing them to disregard the overlay when measuring going-concern liabilities, says James Koo, a partner in Aon’s wealth solutions division. In May 2022, the OSFI raised the maximum […]
The Federal Court’s ruling that the termination of long-term disability benefits for Air Canada employees eligible to receive unreduced pension benefits doesn’t amount to age discrimination was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Termination of LTD benefits for Air Canada workers eligible […]
The Federal Court has ruled that the termination of long-term disability benefits for employees who become eligible to receive unreduced pension benefits doesn’t amount to age discrimination. The case arose from the terms of a collective bargaining agreement between Air Canada and the Air Canada Pilots Association. The agreement provided that pilots were eligible to […]
A bill that would give super-priority to defined benefit pension plan members during plan windups and insolvencies is likely to be passed by the senate because the pension sector hasn’t provided viable alternatives, says Mike Powell, president of the Canadian Federation of Pensioners. On Feb. 8, 2023, Powell delivered a presentation in support of Bill […]
The Pension and Investment Association of Canada is calling on the federal government to establish a going-concern plus regime as a long-term minimum funding requirement for federally regulated defined benefit pension plans. In its pre-budget submission to Finance Canada, the PIAC said it believes the Canadian government should set a uniform funding requirement for all provinces […]
Private sector pension plans could realize higher rates of return and produce lifetime income if they followed a model similar to their public sector counterparts, said Keith Ambachtsheer, executive in residence at the University of Toronto’s Rotman School of Management and a senior fellow at the National Institute on Ageing at Toronto Metropolitan University, during a […]
The Pension Investment Association of Canada is prioritizing the protection of employment-based pension coverage in 2023. “Our members are concerned that well-intentioned regulatory changes, such as Bill C-228, may actually diminish employers’ support for pensions,” says Graeme Hay (pictured), the PIAC’s new chair and chief investment officer at Manitoba’s Teachers’ Retirement Allowances Fund, referring to a […]
While it’s common practice for pension plan sponsors to factor climate risk into investment strategies, there’s more work to be done on factoring climate change into mortality and morbidity assumptions, says Bernard Morency, past chair of the Canadian Institute of Actuaries’ public affairs council and co-chair of its climate change and sustainability steering committee. “As […]
An article on how British Columbia’s amended definition of provision for adverse deviation will impact the province’s target-benefit pension plans was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. B.C.’s amended PfAD to provide more flexibility to target-benefit pension plans: experts 2. BNP Paribas expanding […]