While a lot of attention has been paid to “the front end of pension plans,” there hasn’t been enough focus on how that translates into retirement income, said Blair Richards, chief executive officer of the Halifax Port ILA/HEA, during a session at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. “We should […]
In determining which savings options to offer employees, a key component is understanding the workforce and its goals, as well as communicating the offering in a way they can understand, according to a panel on engaging workers in defined contribution pensions at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Thak Bhola, […]
In the face of a challenging capital market and its subsequent volatility, defined contribution plan sponsors must consider the affect on plan member behaviour, said Colin Sinclare, managing director of institutional sales for Western Canada at MFS Investment Management. “Volatility affects the compounding of returns in DC plan members savings plans. As well, it has behavioural […]
With different generations in the workplace requiring personalized approaches, the pension industry is reimagining traditional savings plans, said Brady Aarssen, assistant vice-president of business development strategy at Great-West Life Assurance Co., speaking at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Millennials, for instance, are the largest segment of the workforce, they’re […]
Simplifying DC plan enrolment should begin by eliminating the “tyranny of choice,” making it easier for plan members to just get started, according to Tom Reid, senior vice-president of group retirement services at Sun Life Financial. “We’re not saying choice is bad, but at certain moments choice is really not the most welcome thing and […]
As the retirement savings environment evolves, the pension industry must be aware of the changes to move with them, said Zaheed Jiwani, principal at Eckler Ltd., in a session wrapping up the key learnings from Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. These changes include shifting demographics, new offerings and consolidation […]
Employers could play a role in encouraging low-income Canadians to save more for retirement by offering group tax-free savings accounts, according to a report by the Institute for Research on Public Policy. The report found that, since their introduction in 2009, TFSAs have become nearly as popular as registered retirement savings plans, and could even go […]
Workers over the age of 55 could make up more than a quarter of Canada’s labour force by 2036, according to new labour force predictions from Statistics Canada. Despite this trend, the agency predicted the country’s workforce participation rate will continue to decrease from its peak of 68 per cent in 2008 to 63 per […]
The Association of Canadian Pension Management has mixed feelings about the federal government’s proposed methods for enhancing retirement security in the wake of the high-profile Sears Canada Inc. bankruptcy last year. During an ACPM webinar last week, Todd Saulnier, the chair of ACPM’s national policy committee and a principal at Mercer, said some of the federal government’s options […]
The Canadian Labour Congress’ wish list for the upcoming 2019 federal budget includes universal national pharmacare and pensions and retirement security. For pharmacare, the group is calling on the federal government to implement a national plan. “Budget 2019 must outline the federal government’s plan and budget future expenditures to implement a universal, single-payer pharmacare program […]