While the rollout of vaccines has the world cautiously optimistic about an economic recovery, a Scotiabank survey shows the coronavirus pandemic has Canadians concerned about their retirement future. According to the survey, 72 per cent of Canadians said they’re worried they’re not saving enough for retirement, while one-third (32 per cent) said they won’t be able to […]
The Canada Life Assurance Co. is absorbing the Toronto-Dominion Bank’s TD Future Builders retirement savings plan program members as of March 19. “We believe Canada Life will deliver a strong group retirement and savings experience that supports the needs of TD Future Builder business customers and their employees, while allowing [Toronto-Dominion Asset Management Inc.] to […]
Many employees in the non-profit sector dedicate their lives to helping others. In 2008, a new pension plan was launched to help provide them with a lifetime benefit upon retirement. Michel Lizée, now an independent trustee and pension committee secretary for the Régime de retraite des groupes communautaires et de femmes — or the Community […]
The average Canadian taking Canada/Quebec Pension Plan benefits at age 60 instead of waiting until 70 can expect to lose more than $100,000 of secure lifetime income, according to a new research paper by Ryerson University’s National Institute on Ageing and the FP Canada Research Foundation. The paper found a $1,000-monthly benefit in today’s dollars at […]
In Monday’s fall economic statement, the federal government proposed changes to employee stock option rules and offered additional support for essential workers. The statement provided an overview of the government’s approach to combating the ongoing coronavirus pandemic, while offering details on additional measures moving forward. The changes to employee stock option tax rules include an annual […]
Provincial finance ministers have been quietly prodding Finance Minister Chrystia Freeland to pause planned increases in the premiums employers and employees pay into the Canada Pension Plan. The planned increase on Jan. 1, 2021 is part of a multi-year plan approved by provinces and the federal government four years ago to boost retirement benefits through the public plan by […]
Morneau Shepell Ltd. is appointing Gavin Benjamin as partner in its retirement solutions business. With more than 30 years of experience in the pension industry, he was most recently senior director of retirement and actuary at Willis Towers Watson. As a consulting actuary, he advises plan sponsors on all aspects of pension plan management, including design, […]
With the ongoing coronavirus pandemic raising economic concerns, the Arthritis Society is taking a responsive approach with its Financial Literacy Month initiatives during the month of November. “We’re reading the pulse,” says Cheryl McClellan, the organization’s chief operating officer. “We haven’t seen a lot of people stressed directly in our organization, but generally, we understand […]
The Global Risk Institute is bringing together experts from various institutions to build a roadmap for implementing variable payment life annuities to achieve lifetime income for retirees in response to growing concerns of outliving retirement savings. Canadians are living longer, but with this longevity, they’re also watching their workplace pension coverage decline, noted a press […]
On the heels of winning re-election in British Columbia, the New Democratic Party’s work is just beginning, particularly in delivering on its promise to extend pensions and benefits to precarious workers across the province. In its re-election platform, the party pledged to develop a government-backed, collective benefit fund for independent contractors, self-employed and part-time workers, […]