Quebec has passed its bill eliminating disparities in pension and supplementary group benefits plans. The bill was passed on Tuesday with a number of additions to the province’s labour standards, including the following paragraph: “Any distinction made solely on the basis of a hiring date, in relation to pension plans or other employee benefits, that affects employees performing […]
Canadian group annuity sales reached an estimated $1 billion in the first quarter of 2018, according to Willis Towers Watson’s quarterly update. The significant volume of activity is largely due to a single large transaction. Recently, Alcoa Corp. completed an annuity buyout worth more than $700 million for about 2,100 pension plan members across Canada. […]
The reduction in government benefits (38 per cent), life expectancy (27 per cent) and volatility in financial markets (24 per cent) are the most frequently cited trends affecting people’s plans for retirement around the world, according to Aegon’s latest annual retirement readiness survey. The findings are based on the responses of 14,400 workers and 1,600 […]
In comparing the Canada Pension Plan to private pensions, a new study finds the latter face more regulatory hurdles, are more complex and face higher costs as a result. The study by the Fraser Institute reviewed the different regulations governing the CPP in comparison to other plans, including private and public sector pensions, registered retirement […]
A new report by the C.D. Howe Institute says taxpayers are on the hook for the unfunded liability of pension plans for federal employees. In the report, authors William Robson and Alexandre Laurin argue that official figures for federal pension obligations understate future costs and leave many plans seriously underfunded. “The federal government in particular presents […]
Despite not yet announcing its election platform, Ontario’s Progressive Conservative Party may have the greatest potential for affecting pensions and benefits in Ontario. “The Conservatives’ broad focus on balancing the budget, which may result in their rationalizing OHIP and delisting some services, represents the real impact potential in this election,” says Anneliesje Warner, a health […]
If re-elected, the Ontario Liberals are promising to expand access to workplace pension plans in the private sector, improve portability and create options for the self-employed and other workers to opt into. With just three weeks to go before Ontarians head to the polls, the party also said it would help ensure that pensioners receive greater priority […]
With the aging of Canada’s population, the move to defined contribution pension plans in the private sector and increases in life expectancy, the issue of decumulation is growing in importance. Decumulation deals with converting retirees’ savings into periodic income that must last for the rest of their lifetime. That can be a challenge for Canadians who […]
Sears Canada Inc. pension plan members are facing bleak prospects for getting their full pension payouts, according to a Toronto bankruptcy lawyer. “They won’t be made whole, regardless of how we look at this,” says Lou Brzezinski, a partner at Blaney McMurty LLP. The comments follow the filing of a recent affidavit by Philip Mohtadi, […]
There has been a lot of talk about variable benefits from defined contribution pension plans recently. Ontario has changes in the works to allow them, while a number of provinces have moved on the issue in recent years. And while it’s not yet common for plan sponsors to offer variable benefits, some organizations have had the […]