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. […]
New draft regulations published in Quebec this summer address policies around annuity purchases for defined benefit pension plans for the first time. Industry stakeholders have been expecting the province’s regulations, which are currently under consultation, since Jan. 1, 2016, when Quebec implemented legislative changes that replaced its solvency regime with enhanced going-concern funding rules and required […]
Among those with the most to worry about when a company as big as Sears Canada Inc. enters restructuring proceedings are the members of the pension plan. In the case of Sears employees, the company has a significant shortfall in its defined benefit pension plan despite closing it to new entrants in 2008. According to […]
The Ontario government’s announcement in its April budget that it will be addressing the regulatory framework related to defined contribution pension plans has done little to quell the debate about whether modernization and expansion of the existing rules is necessary or desirable. Those in favour say that, as defined contribution plans continue to grow in […]
Montreal police officers have voted in favour of a new contract that puts an end to a long-running dispute over pension reforms. The city’s police union, the Montreal Police Brotherhood, says 95.3 per cent of officers who voted approved the new agreement, which is retroactive to Jan. 1, 2015, and extends until Dec. 31, 2021. […]