A pension crisis looms in Canada. Today’s young couples are facing privation in their 70s—and, likely, 80s and 90s, as our lifespans expand dramatically. Compulsory saving regimens may be necessary to save us from ourselves.
Prince Edward Island plans to make changes to its public sector pensions, including eliminating guaranteed cost-of-living adjustment increases.
Recently, the Quebec Committee on Public Finance held consultations and offered proposals on the D’Amours report, a government-mandated study that examines Quebec’s retirement system and offers solutions. The proposals of the committee are disappointing, according to a newly released Mercer communiqué.
Longevity risks affect all plan sponsors, healthcare costs set to rise, market value of pension funds rises, Alberta proposes cuts to public sector pensions, This month in Numbers and Market Watch.
The St. John’s Board of Trade wants the Government of Newfoundland and Labrador to take immediate action and a set clear timeline to implement pension reform.
Public sector retirees in New Brunswick are meeting this week and next to discuss the province’s decision to implement a shared-risk pension plan.
The Canadian Union of Public Employees says the analysis used in a recent Fraser Institute report about provincial public sector DB plans is flawed.
The Government of Alberta has proposed a number of changes to public sector pensions such as no benefit improvements until 2021 and a reduction in cost-of-living adjustments.
The DB pension plans received by most Canadian employees in the public sector are draining the finances of provincial governments and taxpayers, so these plans need to be converted to DC arrangements, a new report argues.
After five years of piecemeal changes, Ontario’s pension system now requires substantial reform in order to resolve serious issues such as the scarcity of workplace pension plans in the private sector.