The National Pension Hub is awarding funding to three research projects, focusing on themes like portfolio construction and plan design. The hub, which the Global Risk Institute in Financial Services created in October 2017, is a Canadian centre for pension knowledge and research. One research project, which will be led by Stephen Bonnar, a post-doctoral fellow, and Douglas […]
Visitors to BenefitsCanada.com who type in a web address for a broken link will find a page with a lighthearted reply that reads: “Like a newly launched defined benefit plan, this page also does not exist.” It doesn’t seem like a wild claim to make, but one employee at a pension plan did, at one […]
Facing a $10.3-million pension deficit in 2016, the Youth Services Bureau of Ottawa had some tough decisions to make. It felt that closing its defined benefit plan, converting to a defined contribution arrangement or cutting benefits were all out of the question. But with the Ontario government having enacted regulations in 2015 to permit the […]
Ken Eady understands the challenges a defined benefit pension plan can present for plan sponsors, particularly when they find themselves in financial difficulty. “Healthy companies aren’t always too crazy about the liability, so it can become a heavy weight to carry when there is trouble maintaining financial status. That’s why they seem to generally be […]
Since 2011, Norway’s national pension provider has been calculating the life expectancy of those turning 61 as part of pension reforms introduced at that time. It then factors the calculation into the pension benefits people in that cohort will receive. The National Insurance Scheme, which is the standard public pension Norwegians pay into during their […]
A new report from the C.D. Howe Institute is recommending a longer deferral period for the Canada Pension Plan and the Quebec Pension Plan, suggesting that retirement savers would benefit from the greater flexibility and security. The report’s authors propose increasing the deferral period by five years, to age 75 from 70. They also suggest that deferring the […]
The Canadian Association of Pension Supervisory Authorities has published draft guidance for plan administrators and third-party consultants to help them search for missing pension members. The task of locating members and beneficiaries has often placed a significant burden on pension plan administrators. They can’t complete plan windups (including partial terminations) until they’ve distributed all pension […]
The upcoming enhancements to the Canada Pension Plan will increase Canadians’ total CPP benefits by about 44 per cent by 2070, according to a new report by the Canadian Institute of Actuaries and the Society of Actuaries. The study, authored by Bonnie-Jeanne MacDonald, senior research fellow at Ryerson University’s National Institute on Ageing and resident scholar at Eckler Ltd., used […]
The Canada Pension Plan (CPP) was designed in 1965 to replace 25 per cent of a person’s pensionable earnings in retirement, a figure that still holds true today. Enrolment is mandatory, with contributions made by both employees and employers, as well as self-employed workers. The program has evolved over time and receives mixed reviews in […]
Extending people’s working lives could provide a windfall of more than $4.6 trillion across Organisation for Economic Co-operation member countries, according to new report by PricewaterhouseCoopers. The population of those over the age of 55 in the 35 OECD countries is on track to rise by almost 50 per cent to more than 500 million people by 2050, the report […]