Nova Scotia is allowing residents to apply directly to their financial institution to access their retirement savings when facing financial challenges. Under amendments to provincial pension legislation effective July 1, a person may be approved to access part of a locked-in retirement account or life income fund if they expect less than $41,067 in income […]
Aon is selling its U.S. retirement business to Aquiline Capital Partners and its retiree health exchange business to Alight Solutions for a total of US$1.4 billion. The sales are intended to address questions raised by the U.S. Department of Justice ahead of the pending merger of Aon and Willis Towers Watson, according to a press […]
Purpose Investments Inc. is introducing a new longevity pension fund, which invests 50 per cent in equities and 50 per cent in fixed income. It can be incorporated into a defined contribution plan to provide plan members with an in-plan decumulation option, says Pat Leo, vice-president of retirement solutions at Purpose Investments, noting investors can redeem […]
Canadians are becoming more confident about their financial situations and are setting more personal financial goals, according to a new survey by BMO Financial Group. It found 37 per cent of survey respondents said they believe their finances have improved recently, with Montreal residents the most likely to express financial optimism (42 per cent), ahead […]
Canadians’ current retirement savings aren’t likely to withstand the costs of long-term health care later in life, according to a new survey by Edward D. Jones & Co. It found 23 per cent of respondents said they believe their retirement savings will last them less than 10 years, including 21 per cent of those age […]
Language and communication can impact the retirement decisions of defined contribution plan members, according to a new survey by Invesco Ltd. The survey found 60 per cent of all respondents — as well as 50 per cent of millennials and 59 per cent of gen-Xers — would rather achieve retirement “income” than retirement “savings.” Nearly […]
The Canadian National Railway Co. is amending its pension policy after awarding benefits to a widower who was initially denied because of an outdated rule regarding same-sex couples. On Monday, the Canadian Broadcasting Corp. reported Newfoundland resident Ken Haire was in a years-long battle with CN Rail over access to spouse Gerry Schwarz’s pension benefits. […]
Canadian employers are making ongoing changes to their pension and benefits offerings as the coronavirus pandemic drags on, according to a new survey by the International Foundation of Employee Benefit Plans. The survey found almost one in five (18 per cent) employers offering prescription drug coverage have extended the time allowed under prior authorization periods, […]
As the world and Canada enters year two of the coronavirus pandemic, it’s continuing to have an uneven impact on Canadians’ finances, according to a new poll by the Angus Reid Institute. The poll found 34 per cent of Canadians were worse off now than they were 12 months ago, with 45 per cent of […]
Men and women are unevenly participating in equity compensation plans among private employers, according to new research conducted in the U.S. by Morgan Stanley. The investment bank and financial service company found only 41 per cent of women participated in these plans, compared to 52 per cent of men. And of those individuals who were […]