Dynamic pension pools can have a significant and positive impact on retirement outcomes if they’re supported by the appropriate legislative changes, said Barbara Sanders, associate professor in statistics and actuarial science at Simon Fraser University, during a session at Benefits Canada‘s 2022 DC Plan Summit. The University of British Columbia has a dynamic pension pool […]
While defined contribution pension plan sponsors are focusing on providing members with information, education and guidance to ensure they’re ready for retirement, advice is becoming more holistic and covering a financial wellness continuum, said Jennifer Katzsch, regional vice-president for Western Canada, group retirement savings at Desjardins Insurance, during a session at Benefits Canada‘s 2022 DC […]
In a panel discussion during Benefits Canada‘s 2022 DC Plan Summit, three defined contribution pension plan sponsors shared how their plans are evolving to ensure retirement savings are flexible, maximize employee engagement and cater to members’ divergent financial needs. During the coronavirus pandemic, Niagara Casinos laid off 96 per cent of employees and its casinos […]
New Brunswick is amending its Pension Benefits Act to allow for enhanced communications with plan members, exempt compulsory membership for religious beliefs and allow for reserve accounts and the statutory discharge of annuity buyouts. The amendments will also provide the Financial and Consumer Services Commission with the authority to address overpayment errors and grant rule-making, according to […]
Dave Muffley thought he had it made when it came to a solid retirement. The Indiana man spent roughly 30 years as a salaried maintenance technician for Delphi Corp. — a subsidiary of General Motors Corp. — and expected to retire with a comfortable income by the time he hit age 62. But when GM […]
The U.K. government is proposing new rules requiring defined benefit pension plan sponsors to provide regulators with a summary of their investment strategies. Under the proposed rules, which were announced by the Department of Pensions and Welfare, DB plans would have to submit long-term funding and investment strategies to the U.K.’s pension regulator. The rules would […]
While old-age security has permanently increased by 10 per cent for seniors aged 75 and older, employees can maximize this benefit, along with their Canada Pension Plan benefit, by delaying retirement as long as possible, says Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University. “People need […]
Reassuring frustrated blue-collar voters, U.S. President Joe Biden on Wednesday visited Ohio iron workers to highlight federal action to shore up troubled pension funding for millions now on the job or retired — and to make his political case that he’s been a champion for workers in the White House. Biden’s speech at a Cleveland […]
French president Emmanuel Macron’s efforts to reform his country’s pension system have been set back by the results of divisive national elections. During his campaign for the presidency, which he won in April, Macron highlighted a three-part plan including the creation of a nationally sponsored defined benefit pension system — similar to the system used in […]
As the Canadian Association of Pension Supervisory Authorities looks to update its capital accumulation plan guidelines, the amendments must reflect the changes in the industry, said Angela Mazerolle, vice-president of regulation at the Financial Services and Consumer Services Commission of New Brunswick, during a session at the 2022 Canadian Pension and Benefits Institute Forum in […]