One, as Harry Nillson crooned in his classic breakup song, can feel like the loneliest number. At the end of working life, many retirees with defined contribution pension plans can be left feeling alone and confused — cut off from their plan sponsors and pension administrators and sent out with their savings accounts into the […]
The maximum pensionable earnings under the Canada Pension Plan for 2022 is increasing to $64,900 from $61,600 in 2021. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $64,900 in 2022 […]
Collective defined contribution pension plans could begin to replace DC plans, just as DC plans have replaced the majority of defined benefit plans in recent decades, according to a new paper from the U.S.-based Brookings Institution. CDC plans, also known as hybrid retirement plans, combine elements of DB and DC plans. They pool contributions from […]
The 17 pension-qualified members of parliament who stood down or were ousted during last week’s federal election will receive $1.4 million per year in payments, according to a new report by the Canadian Taxpayers Federation. The think tank, which tracks government expenditure in Canada, says that, should the MPs each live to 90 years old, […]
Although Manitoba’s Pension Amendments Act takes effect on Oct. 1, pension plan sponsors are disappointed that the provisions allowing them to use reserve accounts to fund solvency deficiencies have been excluded from the proclamation. “The government has not indicated when the reserve account provisions will come into effect and sponsors are anxious because they would […]
As Canadians head to the polls today, Benefits Canada takes a look at how the federal parties’ campaign promises could impact the human resources, benefits and pension industries. Read: Conservatives, NDP pension promises include super-priority for members The Conservative Party is proposing a plan that would put pension plan members first when the company sponsoring […]
As part of the federal Conservative Party’s platform for the coming election, Leader Erin O’Toole is proposing a plan to secure pensions for Canadian workers. “Canadian workers who have paid into a pension plan on every paycheque should be able to rely on it being there when they retire,” he said in a press release. […]
The Canadian Association of Pension Supervisory Authorities is developing a framework for defined contribution pension plans to offer variable payment life annuities. In developing the framework, the CAPSA said it will address topics such as plan design and conversion options, as well as member disclosure, spousal consent, plan termination, investment rules and regulatory oversight for […]
If there was a Hall of Fame for catastrophic years, 2020 would be a certainty for admission, with Canada among many nations around the globe struggling through a sickening cycle of coronavirus pandemic waves, interrupted only by economic and societal lockdowns. But take a look at the Colleges of Applied Arts and Technology pension plan’s […]
A defined benefit pension plan leader rarely gets to work with a “blank canvas,” but Chuck Bruce has taken that unique opportunity and drawn a new way forward for more than 56,000 DB plan members in Newfoundland and Labrador. In late 2014, the province and its five largest unions established Provident10 to administer and oversee […]