Veterans Affairs is being accused of avoiding consultations with veterans after introducing details of its Pensions for Life program. The new pension plan, taking effect April 2019, will save the government money in the short term, and reduce the compensation awarded to many disabled soldiers. During the first four years of the plan, Ottawa will pay […]
As 2018 draws to a close, professionals in the pension, investment, benefits and human resources industries have a number of dates to add to their calendars for the year ahead. Jan. 1: The Canada Pension Plan and Quebec Pension Plan enhancements take effect. In the first stage, employees and employers will see their CPP contribution rates climb from the current […]
While 2018 ushered in a number of significant changes to Ontario’s pension legislation, including a major revamping of the funding rules for defined benefit plans, additional pending changes are afoot for 2019. Other provinces, such as British Columbia, Manitoba and Nova Scotia, are also reviewing solvency funding requirements for plans registered in their respective jurisdictions. […]
Readers were focused on the Canada Pension Plan and old-age security in 2018, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension and retirement stories of the year: 1. New CPP, OAS benefit amounts take effect for 2018 2. Increase to OAS benefits takes effect July 1 3. Why aren’t Canada’s public […]
Although it’s somewhat late in the making, Alberta’s new pension legislation proposing a joint governance structure for three of the province’s largest pension plans appears to have kept up with the times. “The legislation is a made-in-Alberta plan that takes into account that almost 25 years have passed since we first saw this type of […]
The federal government is asking Canadians to weigh in on a consultation paper that tackles issues related to pension underfunding and bankruptcy and insolvency laws. The topics open for comment include that dividend payments, share redemptions and executive compensation packages could be restricted under the Canada Business Corporations Act if a company has a large […]
In 2016, the Government of Canada reached an agreement with the provinces that provides for significant enhancements to the Canada Pension Plan, with an announcement of similar changes to the Quebec Pension Plan following in 2017. When the changes were announced, employers took note of the pending increases in the target benefit and contribution rates under the […]
The federal government is launching national consultations on enhancing the retirement security of Canadians, including potential actions on pension regulations and bankruptcy and insolvency laws. Previously announced in the 2018 budget and reiterated on Wednesday in the fall economic statement, the consultation includes measures to help ensure employers maintain well-funded pension plans, better aligning corporate decision-making with […]
With just about a month to go until the federal government’s long-awaited Canada Pension Plan enhancements kick in on Jan. 1, 2019, Scott Perkin is relaxed about the prospect. Although the changes have been billed as one of the biggest shakeups to the CPP since its introduction in the mid-1960s, Perkin, the director of pension […]
The proposed financial sustainability provisions of the enhanced Canada Pension Plan destabilize Canadians’ understanding and expectation of the CPP, and create challenges around communicating the benefit to contributors and beneficiaries, according to the Canadian Labour Congress. “Given the significance of these changes, in our view, the manner in which the regulations have been developed and communicated […]