Alberta Premier Rachel Notley says the NDP government will introduce new pension legislation soon after the legislature resumes Monday. Speaking to the United Nurses of Alberta, Notley said the previous government didn’t fight for working people. She reminded nurses about Bill 9 and Bill 10 — proposed legislation that attempted to change public sector pension plans. Read: Assets in […]
Tension between pension adequacy and sustainability is growing across the world, according to the annual Melbourne Mercer Global Pension Index. The Netherlands and Denmark have the best global pension systems, with scores of 80.3 and 80.2, respectively, and both achieving A grades. They scored highly on adequacy and sustainability, while other European countries, such as Austria, […]
The Canadian Association of Retired Persons is calling out the federal government, saying it’s unfair the pensions of Sears Holding Corp.’s American employees will be protected by the U.S.’s Pension Benefit Guaranty Corp. while Canadian employees will see benefits cuts. The Canadian operation has been under court-ordered liquidation since June 2017, and Ontario’s superintendent of financial services ordered […]
Ontario’s pension regulatory landscape has seen a number of recent changes, with many of these affecting defined contribution plan sponsors, according to one expert. Speaking at the 2018 Defined Contribution Investment Forum in Toronto in September, Mark Eagles, senior manager for pension policy at the Financial Services Commission of Ontario, took delegates through the changes. The […]
Seven major pension stakeholders are urging the federal government to make longevity risk-pooling arrangements available to Canadians. The group includes the Association of Canadian Pension Management, the Canadian Life and Health Insurance Association, the Canadian Institute of Actuaries, the Canadian Association of Retired Persons, Common Wealth, the National Institute of Aging and the Pension Investment Association […]
The Association of Canadian Pension Management is weighing in on the Canadian Association of Pension Supervisory Authorities’ consultation on its defined contribution pension plan guideline. In a letter to the CAPSA, the association said it’s concerned about the requirements related to decision-making tools and requiring plan administrators to provide annual estimates of member account values […]
Longer living Canadians should have the option of pure longevity insurance and the government should facilitate Canadian insurers’ ability to offer it, according to a new report from the C.D. Howe Institute. As baby boomers are hurtling towards retirement, and many have been saving in capital accumulation plans, government policies should focus on how to effectively draw down those […]
While the Canadian Life and Health Insurance Association generally supports the Canadian Association of Pension Supervisory Authorities’ proposed guideline on defined contribution pension plans, certain areas require further clarification. “We recognize that some service providers may require substantial lead time to enhance administrative systems to incorporate functionality, such as capturing and reporting indirect fees, that may not currently exist,” […]
Canada rose two spots to No. 9 among 43 countries in Natixis Investment Managers’ 2018 global retirement index. The modest rise in Canada’s ranking is attributed to improving economic conditions and environmental factors, according to the report, which also points to several factors — low interest rates, growing levels of public debt, aging populations and […]
In response to its new defined benefit pension funding regime, the Financial Services Commission of Ontario has developed a chart illustrating the rules applicable in five scenarios, based on valuation and filing dates. The new regime, which took effect on May 1, 2018, includes: shortening the amortization period to 10 years from 15 years for funding a […]