In its fall economic statement, the Ontario government said it will ask stakeholders to provide feedback this winter on a draft framework for target-benefit pension plans. “Implementation of a permanent target-benefit framework would pave the way for more employers to offer workplace pension plans, increasing the opportunities for workers to save for their retirement,” said the […]
Increasingly, defined contribution plan sponsors are grappling with adding environmental, social and governance investing options to their plans as a growing number of members ask for them, but the legal landscape for ESG investing is complicated, according to Kathy Bush, partner at Blake Cassels & Graydon LLP, during Benefits Canada’s 2022 DC Investment Forum in late […]
A resolution passed by the trustees of the Florida State Board of Administration with the approval of Governor Ron DeSantis is barring state pension fund managers from making fiduciary decisions based on environmental, social and governance criteria. “As used in this section, ‘pecuniary factor’ means a factor that the board prudently determines is expected to […]
Proposed amendments to U.K. pension regulations could lead to the extinction of smaller defined benefit plans within 15 years, according to Charles Cowling, chief actuary at Mercer. “The potential impact of these new regulations would be significant and dramatic,” he said in a press release. “The draft proposals would force the sale of £500 billion […]
The Pension Regulator, the U.K. government body that oversees defined benefit pension plans, is calling on plan sponsors to help advance a three-pronged strategy to fight pension fraud. “Over many years, we have worked to prevent savers’ losses and put fraudsters in prison: running large-scale public awareness campaigns, leading a multi-agency response to the threat […]
An Ontario Superior Court judge awarding $210,000 in costs against the Financial Services Regulatory Authority of Ontario was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Ontario court awards $210K in costs against FSRA in Brewers Retail pension case 2. Transition to low carbon economy […]
An Ontario Superior Court judge is awarding Brewers Retail Inc. $210,000 in costs against the Financial Services Regulatory Authority of Ontario. Justice Ed Morgan’s award followed his criticism of the regulator for defying a decision of its predecessor, the Financial Services Commission of Ontario. One veteran pensions litigator — speaking on condition of anonymity as […]
The Alberta government is gathering feedback from stakeholders to help inform potential legislative and policy updates for private sector pension laws. The consultation will focus on the Employment Pension Plans Act and the Employment Pension Plans Regulation, according to a press release, which noted Alberta’s private sector pension legislation hasn’t been significantly updated since 2014. […]
The importance of risk management isn’t new for the majority of defined benefit pension plan sponsors and administrators. The impact of long-term interest rates, market volatility, changing demographics and increasing longevity, inflation concerns, geopolitical events and other large economic, environmental and social factors are all contributing to the need to manage the financial risks associated […]
The Financial Services Regulatory Authority of Ontario is introducing a whistleblower program to more effectively identify misconduct in the pensions and non-securities financial services sectors. The program will apply to any individual or entity who comes forward in good faith with valuable, timely and non-public/insider information related to an alleged or intended contravention in any […]