Mercer has completed the previously announced acquisition of Pavilion Financial Corp.’s investment consulting, alternatives consulting and wealth management operations. “We’re thrilled to be welcoming Pavilion to the Mercer family,” said Jean-Philippe Provost, senior partner and wealth business leader at Mercer Canada, in a press release. The deal will expand Mercer’s tools, research and investment programs, he said. ”Adding [Pavilion’s] strengths […]
While Canadians aged 18 to 34 are the most likely age group to believe their standard of living will increase in retirement, they’re also the least likely to have started saving for it, according to a study by the Ontario Securities Commission. The study, which polled 2,259 Canadians aged 18 and older, found 39 per cent of all […]
It’s been 40 years since Ted Benna, then a 36-year-old U.S.-based benefits consultant, noticed a new Internal Revenue Service section that had potential implications for cash-deferred savings plans. The section, 401(k), meant that employees in these plans would have to leave their money in them until just shy of their 60th birthday if they wanted to […]
While defined contribution plan design features such as auto-enrolment and auto-escalation aim to combat plan members’ poor behavioural tendencies, they could be leading to certain unintended consequences, according to a new report by BlackRock Inc. For example, if a plan is using both auto-enrolment and auto-escalation tools, there’s a chance that more members could opt out of additional savings, unless the […]
In 2016, the Government of Canada reached an agreement with the provinces that provides for significant enhancements to the Canada Pension Plan, with an announcement of similar changes to the Quebec Pension Plan following in 2017. When the changes were announced, employers took note of the pending increases in the target benefit and contribution rates under the […]
The federal government is launching national consultations on enhancing the retirement security of Canadians, including potential actions on pension regulations and bankruptcy and insolvency laws. Previously announced in the 2018 budget and reiterated on Wednesday in the fall economic statement, the consultation includes measures to help ensure employers maintain well-funded pension plans, better aligning corporate decision-making with […]
With many demands on employees’ money, could helping them build an emergency fund alongside their retirement savings make them more financially secure in the long run? Last week, Britain’s National Employment Savings Trust Insight began piloting its new sidecar savings program, which aims to optimize pension savings while helping workers maintain a reasonable amount of liquid savings […]
In my formative school years, it was mandatory for all students to learn cooking, carpentry and typing, among other non-academic pursuits. While I’m certainly grateful to have those life skills, as I get older I wonder why we weren’t taught to invest in the stock market, save for retirement or do our taxes. Generationally, I […]
In helping employees save for their future, the Royal Bank of Canada recognizes the importance of meeting its staff where they are on their financial journeys. Over the past few years, the bank noticed employees weren’t saving enough into its pension plans. In particular, new hires and younger workers who were invited to join the […]
Currently in their 50s, 60s and 70s, baby boomers cover a wide age range — and their workplace pension plans are equally diverse. So determining what retirement looks like for this generation and helping them prepare is a significant challenge for employers. A good starting point is examining the pension world in which boomers currently […]