One year since the federal government unveiled its target-benefit bill, the issue is still attracting divisive opinions from the industry. On one hand, there’s continued opposition from Canada’s labour unions, while many others in the industry believe the bill is heading in the right direction. Unifor, which has taken credit for forcing the government “to […]
The idea of taxing employee discounts appears to be on hold for now, but the government may reintroduce it at a later date. If it does, the Canada Revenue Agency may want to consider the implications a little more carefully. Employee discounts are already taxable when they’re substantial in nature. If an automobile company employee gets […]
One year after the federal government unveiled legislation that would allow federally regulated employers to offer target-benefit pension plans, the proposal has stalled in the House of Commons but it’s apparently still very much alive. “The gist of Bill C-27 is to permit target-benefit plans to operate as a design option alongside defined benefit plans […]
The Netherlands has long had a reputation for having a strong two-pillar retirement system that provides retirees with an income replacement rate of at least 80 per cent from the country’s national and occupational pension schemes. And until relatively recently, Dutch workers were equally as confident about their occupational plans as they were about the […]
The Global Risk Institute in Financial Services is creating a national pension hub that will be a Canadian centre for pension knowledge and research. It will provide research into pensions and income security that it hopes will lead the way to new solutions to plan design, governance and investment challenges, according to a release. “The […]
Rules around funding and asset allocation for multijurisdictional pension plans should adhere to those set out by the majority regulator, according to stakeholder submissions to the Canadian Association of Pension Supervisory Authorities’ latest proposal on the topic. CAPSA’s consultation paper, which was published in July, aims to build an agreement that would clarify how each […]
The Canadian Institute of Actuaries is consulting with its members on the development of a public statement for policy-makers about what’s next for Canada’s retirement age. The consultation covers two main issues: whether Canadians should plan to work longer and what measures to employ to encourage that behaviour; and whether to raise the pensionable ages […]
The federal New Democratic Party is proposing changes to federal bankruptcy laws to protect employees and retirees when their employer files for bankruptcy. Its End Pension Theft campaign focuses on ensuring workers’ pensions and health benefits have the same consideration as secured creditors. “Pensions earned by workers are deferred wages, plain and simple. Diverting, withholding or […]
Nova Scotia is following in the footsteps of a number of other provinces by looking into its funding framework for defined benefit pension plans. Like most jurisdictions in Canada, Nova Scotia requires defined benefit plans to be valued and funded on both a going-concern and a solvency basis. Under the review, the province is considering […]
Legislation requires a defined benefit pension plan to provide members leaving active service with the option of transferring out the lump-sum commuted value of their accrued account, instead of receiving a monthly lifetime pension at retirement. However, this portability option isn’t a requirement if members are eligible for retirement at the time they leave employment. […]