As a new year dawns, our attention turns to what’s ahead, the following are a few of my predictions for trends in the world of pensions in 2022. Volatility We’re entering the year in an environment of considerable economic and financial market uncertainty. Supply chain problems, elevated price inflation and labour shortages in certain industries […]
New Brunswick’s new unclaimed property regime, which came into force on Jan. 1, 2022 and is the fourth such provincial regime in Canada, will finally allow defined benefit pension plan sponsors with unlocatable or missing members to fully windup their plans. The governing legislation, the Unclaimed Property Act, received Royal Assent in March 2021, but […]
Among 2021’s most popular pension stories on BenefitsCanada.com, Benefits Canada and the Canadian Institutional Investment Network’s rankings of the top 100 defined benefit plans and top 50 defined contribution plans were nearly the bookends to the top 10. 2021 Top 100 Pension Funds Report: DB plans shining bright amid pandemic clouds CPP maximum pensionable earnings rising […]
As the coronavirus pandemic sent the global economy into a tailspin, many Canadians grew increasingly concerned about whether they’d amassed enough savings to weather the financial storm. “We’ve heard the narrative that Canadians are saving like they’ve never saved before,” says Elizabeth Mulholland, chief executive officer of Prosper Canada. “The reality is, when you look […]
At the 2021 Defined Contribution Plan Summit, which was hosted virtually on Oct. 6, delegates heard about several pressing issues facing DC plan sponsors and members, including an ageing demographic, decumulation, education around investment options and required legislative updates. Here’s what you missed: CPP/QPP delay a simple solution to improving retirement readiness Using DC investments […]
Managing and drawing down retirement savings is an “impossible task” with contributing factors including the trend away from workplace pension plans, historically low interest rates and high life expectancies. In the keynote address at Benefits Canada‘s 2021 DC Plan Summit, Bonnie-Jeanne MacDonald (pictured), director of financial security research at Ryerson University’s National Institute on Ageing, […]
Low financial literacy and the slow pace of legislative frameworks are among the challenges hindering Canadian DC plans from offering in-plan decumulation options, according to a panel discussion at the event. Speaking during a panel discussion at Benefits Canada‘s 2021 DC Plan Summit, Michael Dodd (pictured, far left), associate vice-president of pensions, treasury and shareholder […]
While Canada’s financial industry has been successful in helping people accumulate savings during their working lives, the decumulation phase is a lot more complicated. One challenge, in particular, facing capital accumulation plan sponsors and members is an ageing population, said Fraser Stark (pictured, right), president of the longevity retirement platform at Purpose Investments Inc., during […]
Among all the legal issues facing DC plan sponsors and administrators, questions around contribution errors is top of mind. “The industry has been speaking with [the Department of] Finance Canada on the tax side to see what can be done to help support us in fixing these errors,” said Susan Nickerson (pictured, left), a partner […]
The Association of Canadian Pension Management is once again calling on the Ontario government to modernize the Employment Standards Act and the Pension Benefits Act to allow for automatic enrolment and escalation features in capital accumulation plans. In a letter sent to the ministry of labour on Nov. 30, 2021, the ACPM noted the changes […]