The Government of Quebec is planning to introduce a bill in the spring of 2020 that would allow employers in the province to implement target-benefit pension plans. The provincial government has already given a mandate to Retraite Québec to develop a regulatory framework for the plans, said Minister of Finance Éric Girard at an event in Quebec City last week. […]
Alberta Premier Jason Kenney says there’s a “compelling case” to be made for his province to exit the half-century-old Canada Pension Plan, an idea sure to face increasing scrutiny over the coming months. With growing frustrations in his province about its place in the federation, Kenney has revealed that a deeper analysis is on the […]
With the introduction of Bill 132 in the Ontario legislature last week, pension plan sponsors should be aware of a number of amendments coming to the Pension Benefits Act. If passed, the changes will affect sections of the act that cover electronic communications, missing plan members and the conversion of single-employer pensions into a jointly […]
Governments in Asia are stepping up their pension reforms to boost retirement savings adequacy, potentially generating business opportunities for asset managers operating in the region. Retirement income security is a top concern for Asian governments, noted a press release from Cerulli Associates. In response to aging and other pension challenges in the region, governments are amending […]
The Financial Services Regulatory Authority of Ontario has appointed members to its stakeholder advisory committee for the pension sector. The committee, which was introduced in July 2019, will provide advice and feedback to the regulator on sector-related matters and will form part of its stakeholder engagement process going forward. The committees members represents a cross-section of views and backgrounds. Read: FSRA […]
Pensions have been imperilled by corporate insolvency before, but three new amendments to federal laws may create stronger protections for employees and retirees. Changes to the Canada Business Corporations Act went into immediate effect after receiving royal assent in June, and amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act take effect today. Further […]
Defined contribution plan sponsors are facing challenges that will shape the nature of their legal obligations to employees. Member communication is a key challenge, said Jon Marin, an associate in pension and benefits at Osler, Hoskin & Harcourt LLP, during Benefits Canada’s 2019 Defined Contribution Investment Forum in Toronto on Sept. 27. “In the vast […]
The Financial Services Regulatory Authority of Ontario is prioritizing pension plan flexibility, reviewing prudential framework and focusing on burden reduction for 2020-21. In its consultation document for its 2020-21 priorities and budget, the FSRA also said new investments in its human capital resources will improve pension relationship management. And, as it announced in July 2019, […]
In a letter to the tax branch of the Department of Finance, the Association of Canadian Pension Management said it would be reasonable for certain large defined contribution pension plans to be issuers of advanced life deferred annuities. According to the current Income Tax Act, only a licensed annuity provider can issue an ALDA. However, the ACPM […]
The Senate gave final congressional approval Tuesday to an overhaul of Brazil’s pension system, capping years of stalled efforts to sway public opinion and rein in unsustainable government spending on retirement. The Senate voted 60-19 to adopt changes for civil servants and private-sector workers, handing President Jair Bolsonaro his first major legislative victory. He proposed […]