The Organisation for Economic Co-operation and Development is urging governments around the world to urgently reform their pension systems to ensure employees in temporary or part-time employment can contribute enough during their working years to receive adequate retirement income. A new report said non-standard employment, including self-employment, temporary or part-time work accounts for more than a third of employment across […]
French Prime Minister Edouard Philippe said the minimum retirement age will remain 62, but employees will have to work until 64 to receive a full pension. In a sweeping speech on Dec. 11, he said the implementation of the pension changes will be delayed. The new pension system will only apply to people born after […]
An important case around an employer’s ability to change its practice in granting consent benefits under a pension plan is winding its way through the courts. The case, Hall et al v Canadian National Railway, involves a dispute by a group of former employees of the Canadian National Railway Co. who resigned, prior to age 55, between the years […]
The Manitoba government has proposed changes to the provincial Pension Benefits Act that will allow the creation of in-plan solvency reserve accounts for defined benefit pension plans registered in the province. The amendments would permit plan sponsors to withdraw funds from the reserve account when the plan is in surplus and would prohibit them from […]
As pension regulators move forward with legislation permitting annuity options for certain capital accumulation plans, the Canadian Life and Health Insurance Association is calling on the federal government to make flexible annuities available for registered retirement savings plans, registered retirement income funds and tax-free savings accounts. In March 2019, the federal budget proposed enabling advanced life deferred annuities for […]
The Alberta Court of Appeal has upheld a $267,017 award to a pensioner for negligent misrepresentation after the Alberta Pensions Services Corp. provided mistaken estimates of the pensioner’s retirement benefits. But the lawyer for Dr. William Calder and his wife says the ruling, which also validated a change in the ASPC’s interpretation of the governing […]
In a new white paper, the Association of Canadian Pension Management is urging the federal government to reform the Income Tax Act rules for registered pension plans. In the ACPM’s view, ITA reforms are required to build on government initiatives aimed at increasing retirement savings by updating the tax rules released in 1992 so they better reflect today’s socioeconomic environment and Canadians’ […]
It’s no surprise that FreshBooks takes its employees’ financial literacy seriously. The Toronto-based accounting software firm regularly holds lunch-and-learn workshops and hosts subject manner experts on a wide range of financial wellness topics, including investing basics and ethical investing, mortgages, building up savings and several aspects of tax preparation during tax season. It also offers […]
I think it’s fair to say that retirement security is top of mind for the majority of Canadians. And politicians are listening: it was constructive to see all the major parties coming up with measures to deal with the issue during the most recent election campaign. In my last editorial, I summarized the various election […]
In the coming decade, the median retirement age could increase from 65 to 68, though the exact timing and extent of this rise can’t be predicted with complete confidence. However, Canadians are staying in the workforce longer, so if Canada continues to pay pension benefits at age 65, it’s certain that a significant and growing […]