In preparing for retirement, women have to contend with the salary gap, barriers to career continuity and more limited access to employer-sponsored pension plans, making them more stressed about their financial futures than men, according to a recent report by Invesco Canada Ltd. The report set out three key ways employers can engage on this issue. […]
The Canadian Press, London Cross Cultural Learner Centre and Postmedia Network Inc. are among the latest organizations joining the Colleges of Applied Arts and Technology pension plan’s new DBplus plan. Both CP and Postmedia are merging their previous defined benefit pension plan liabilities and assets into the CAAT. They also received overwhelming support from employees: all […]
The Pensions Policy Institute and U.K. consumer advocacy group Which? are teaming up to recommend to the U.K. government that working mothers should receive a top-up to their pensions in an effort to close the pension gender gap. The groups’ analysis found a woman in the U.K. who took time off for childcare responsibilities would put an average […]
Looking back over years of momentous corporate bankruptcies and their impact on defined benefit pension plan members, the current fervor around Sears Canada Inc. hardly seems to mark a new trend. Before Sears, and even before Stelco Inc., there was Nortel Networks Corp. In 2009, when the multinational telecommunications company filed for bankruptcy protection in […]
Though Trish McAuliffe didn’t know much about pension benefits at the time, they were at the heart of one of her earliest working memories. In the 1980s, McAuliffe was a new employee at General Motors of Canada Co., putting together automobile interiors, when she dutifully joined the picket line during an eruption of labour strife […]
Whether operating in Canada or the United States, defined contribution plan sponsors are facing the same challenges around demographics, plan design and their employees’ retirement readiness. On the demographics front, more baby boomers are retiring and taking their pension balances with them. As DC plans lose members, plan sponsors may see a rise in costs […]
While defined contribution plan members want to know they’ll have stable income through retirement with flexibility around accessing their funds, the Canadian market needs to evolve to include a broader range of retirement products to accommodate that. According to a Mercer survey of 1,000 Australians over the age of 55, DC plan members most want an […]
The union representing about 8,000 Canadian border and intelligence officers and investigators is calling on the Treasury Board of Canada Secretariat and Canadian Border Services Agency to provide its members with a so-called 25-and-out retirement option. The Public Service Alliance of Canada’s Customs and Immigration Union has been in negotiation with the two federal agencies since […]
A total of $0.9 billion in group annuity sales were placed in Canada in the first quarter of 2019, roughly in line with the same period last year, when sales reached $1 billion in the first quarter of the year, according to a quarterly update from Willis Towers Watson. In the first quarter of 2019, […]
Getting a sense of what industry peers are doing and what they think of the plan’s work was an important reason why the College of Applied Arts and Technology pension plan entered Benefits Canada‘s 2018 Workplace Benefits Awards, according Derek Dobson, its president and plan manager. “It’s always good to get industry and peer feedback,” he says. “Every […]