Squeezed by onerous funding requirements and overarching fiduciary duties, defined benefit plan sponsors are increasingly willing to embrace alternative structures — such as multi-employer pension plans, jointly sponsored pension plans and pooled registered pension plans — to relieve some of the pressure. “Most employers simply shouldn’t be in the business of running a pension plan, […]
Canadian workers don’t think they’ll have enough savings for their retirement, according to two new surveys. While 68 per cent of respondents said they’re currently saving for retirement, 70 per cent are worried they aren’t saving enough, according to a Scotiabank survey. Of the 32 per cent who aren’t saving for retirement, almost half (45 per […]
The Canada Pension Plan enhancements are a strong start but the country needs to do more to help people prepare for retirement, according to a new report from Ryerson University’s National Institute on Ageing. The paper — authored by Keith Ambachtsheer, director emeritus of the International Centre for Pension Management, and Michael Nicin, executive director of […]
A Scotiabank retirement survey says more than half of respondents are concerned that financial pressure will force them to re-enter the workplace after they retire. The poll found that the average Canadian respondent expects to retire at 64 years old, while six per cent don’t plan to ever retire. Fear about losing their financial independence […]
While Canadians said they plan to retire, on average, at age 62, 59 per cent said they can’t estimate how much money they’ll need to enjoy a comfortable retirement, according to a new survey by BMO Financial Group. The survey of 1,500 Canadians also found only half of respondents are hopeful they’ll have enough money […]
Life expectancy at age 65 has marginally increased for Canadian men while remaining stable for Canadian women, according to new data from Statistics Canada. It found life expectancy for Canadian men at age 65 increased to 19.4 years in 2018, up from 19.3 in 2017. In comparison, for Canadian women at age 65, life expectancy […]
The Canadian Life and Health Insurance Association is asking the federal government to develop a strategy for access to high-cost drugs and to make flexible annuity options available for a variety of retirement savings vehicles. In its 2020 budget submission to Finance Minister Bill Morneau, the association called for the federal government to work with provincial and territorial governments and […]
Hub International Ltd. is acquiring Edmonton-based employee benefits and retirement consulting firm Benefex Consulting Inc. Benefex specializes in group insurance programs, retirement, wellness solutions and special risk coverage. It serves clients in British Columbia, Yukon, Alberta, Northwest Territories, Saskatchewan and Ontario. Read: Hub names Canadian benefits leadership team, areas of service “We are excited to add another […]
The Canadian Life and Health Insurance Association is highlighting new retirement savings options and access to cheaper drugs in its priorities for the Quebec and Newfoundland and Labrador provincial budgets. In its submission to Newfoundland’s finance minister, the CLHIA called for the government to make pooled registered pension plans available in the province. Citing Statistics Canada data that […]
The union representing 3,700 public sector employees in Newfoundland and Labrador are rejecting a proposed collective agreement from the provincial government, saying it includes unacceptable pension concessions. While the deal would provide workers with a wage increase of two per cent annually for two years, the Canadian Union of Public Employees Newfoundland and Labrador — […]