In its 2019 budget on Tuesday, the federal government announced a number of proposals regarding pension protections, off the back of recent high-profile corporate bankruptcies that have thrown the sustainability of some Canadians’ defined benefit plans into doubt during the past few years. Indeed, the federal government received 4,400 submissions in response to its request for comment on the […]
The Office of the Superintendent of Financial Institutions is introducing regulations amending the assessment of pension plans on April 1, 2019. The amendments aim to streamline the process and eliminate assessments for certain terminated pension plans, noted a release from the OSFI. In July 2018, it consulted with plan administrators about the proposed amendments, with no concerns or objections […]
The Canadian Labour Congress’ wish list for the upcoming 2019 federal budget includes universal national pharmacare and pensions and retirement security. For pharmacare, the group is calling on the federal government to implement a national plan. “Budget 2019 must outline the federal government’s plan and budget future expenditures to implement a universal, single-payer pharmacare program […]
On Jan. 1, 2018, Germany introduced pension legislation aimed at strengthening workplace pensions by creating a system of collective defined contribution plans. And yet, a year later, not a single plan has been introduced based on the reforms. Speaking at an event in Frankfurt in November 2018, a board member from IG Metall, Germany’s largest […]
The Canadian Association of Pension Supervisory Authorities has published an updated version of its guideline No. 8 for defined contribution plans, focusing on three main areas: the payout phase, plan sponsor/administrator responsibilities and advice. Introduced in March 2014, Guideline No. 8 aims to spell out the rights and responsibilities of DC plan administrators, providers and members. It […]
The Office of the Superintendent of Financial Institutions’ office of the chief actuary has appointed Assia Billig as chief actuary, effective April 15, 2019. She will succeed Jean-Claude Ménard, who will retire in mid-April after 20 years as chief actuary. Billig has worked in the office of the chief actuary for more than a decade, specializing in actuarial […]
In Ontario’s new defined benefit plan funding rules, the provisions for adverse deviation should be based on the plan’s asset mix, and a riskier asset mix should naturally require a higher PfAD, according to the Association of Canadian Pension Management’s submission to the provincial Ministry of Finance. “Using that logic and an understanding that fixed-income […]
The Trudeau government faced fresh fire over its treatment of disabled veterans last week after a new analysis by Parliament’s budgetary watchdog found an incoming system of benefits will shortchange some of the most severely injured former service members. The report by parliamentary budget officer Yves Giroux also appeared to confirm what many within the veterans’ community […]
The Actuarial Standards Board is consulting on changes to key components of how the commuted value for a pension plan is calculated. The commuted-value standard is used to determine how much to pay a terminating plan member who chooses to take their pension payment as a lump sum. It’s also a key part of calculating […]
A recent decision from the Ontario Court of Appeal could significantly change the landscape for employers and pensioners involved in bankruptcy proceedings that engage pension plan deficits. The decision, Guarantee Company of North America v. Royal Bank of Canada, released in January, is a construction lien case that makes no mention of pensions. But the […]