RRIF – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Thu, 21 Nov 2024 16:25:03 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 2024 DC Investment Forum: New decumulation product combining income predictability with capital availability https://www.benefitscanada.com/events/conference-coverage/2024-dc-investment-forum-new-decumulation-product-combining-income-predictability-with-capital-availability/ Wed, 06 Nov 2024 12:54:37 +0000 https://www.benefitscanada.com/?p=162026 Pension plan members’ primary concerns about their golden years are whether they’ve saved enough money to live their dream retirement, whether those funds will last and whether they’ll be able to leave a legacy for their family. But numerous surveys of Canadians indicate many don’t feel financially literate enough to address those concerns, according to […]

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]]> Head to head: Is it time to retire the term ‘retirement?’ https://www.benefitscanada.com/archives_/benefits-canada-archive/head-to-head-is-it-time-to-retire-the-term-retirement/ Fri, 09 Aug 2024 12:59:04 +0000 https://www.benefitscanada.com/?p=158571 One actuary says social and technological factors are changing the concept of retirement, while another notes the fundamentals remain the same. Michel St-Germain, retired actuary, fellow and past president of the Canadian Institute of Actuaries Yogi Berra once said: “The future ain’t what it used to be.” Millennials will be retiring in 25 years, but not […]

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]]> Halifax Port ILA/HEA assessing past, future of DB pension plans https://www.benefitscanada.com/archives_/benefits-canada-archive/halifax-port-ila-hea-assessing-past-future-of-db-pension-plans/ Fri, 09 Feb 2024 13:55:44 +0000 https://www.benefitscanada.com/?p=151622 While Blair Richards understands why the industry is moving away from defined benefit pension plans, he worries about what may be lost in the process. When Richards — the chief investment officer at the Halifax Port ILA/HEA pension plan — joined the institutional investor 40 years ago, DB plans were an attractive hiring and retention […]

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]]> Half of Canadian retirees receiving less than $50K per year from employer-sponsored pension plan: survey https://www.benefitscanada.com/pensions/retirement/half-of-canadian-retirees-receiving-less-than-50k-per-year-from-employer-sponsored-pension-plan-survey/ Tue, 16 Jan 2024 20:00:48 +0000 https://www.benefitscanada.com/?p=150635 More than half (53 per cent) of Canadian retirees say they’re receiving, or will receive, less than $50,000 in annual retirement income from their employer-sponsored pension plan, according to a survey by the Ontario Securities Commission. It found just 19 per cent of retirees with employer-sponsored pension plans said they expect to receive between $50,000 […]

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]]> Back to basics on decumulation https://www.benefitscanada.com/archives_/benefits-canada-archive/back-to-basics-on-decumulation/ Fri, 17 Nov 2023 13:52:15 +0000 https://www.benefitscanada.com/?p=146672 While the term decumulation may sound very technical and often leads to confusion among pension plan members, it’s actually quite simple — effectively, it’s the opposite of accumulation. These two terms make up the typical retirement savings journey — the accumulation phase is the working years when capital accumulation plan members put away their nest […]

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]]> ACPM urging feds to retain definition of DB provision, expand PRPP access https://www.benefitscanada.com/pensions/governance-law/acpm-urging-feds-to-retain-definition-of-db-provision-expand-prpp-access/ Mon, 26 Jun 2023 13:00:51 +0000 https://www.benefitscanada.com/?p=140270 The Association of Canadian Pension Management is asking the federal government to consider changes in proposed amendments to the Pension Benefits Standards Act and Pooled Registered Pension Plans Act, including retaining the definition of defined benefit provision and expanding access to pooled registered pension plans. In an open letter, the ACPM noted the government’s proposed […]

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]]> 2023 DC Plan Summit: A look at McGill University’s search for a comprehensive decumulation solution https://www.benefitscanada.com/events/conference-coverage/2023-dc-plan-summit-a-look-at-mcgill-universitys-search-for-a-comprehensive-decumulation-solution/ Fri, 12 May 2023 12:48:31 +0000 https://www.benefitscanada.com/?p=137336 While McGill University has factored decumulation into its pension plan for decades, the plan sponsor is continually fine tuning these strategies for members, said John D’Agata, the university’s director of pension and benefits, during a session at Benefits Canada‘s 2023 DC Plan Summit. McGill’s pension plan has more than $1.5 billion in assets and more than 9,500 […]

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]]> 2023 DC Plan Summit: Mitigating longevity risk key to ensuring income for life for DC plan members https://www.benefitscanada.com/events/conference-coverage/2023-dc-plan-summit-mitigating-longevity-risk-key-to-ensuring-income-for-life-for-dc-plan-members/ Fri, 12 May 2023 12:43:04 +0000 https://www.benefitscanada.com/?p=137370 Mitigating longevity risk is key to solving the decumulation challenge, said Pat Leo, Purpose Investments Inc.’s vice-president of longevity retirement solutions, during a session at Benefits Canada‘s 2023 DC Plan Summit. Referring to a recent survey, he noted defined contribution pension plan members were most concerned about market and sequence risks, while underestimating the impact of longevity risk. […]

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]]> Mandatory RRIF drawdowns negatively impacting retirement savings: report https://www.benefitscanada.com/pensions/governance-law/mandatory-rrif-drawdowns-negatively-impacting-retirement-savings-report/ Tue, 18 Apr 2023 13:00:44 +0000 https://www.benefitscanada.com/?p=136664 The rules governing registered retirement income funds and similar retirement vehicles are stuck in the past and need revamping or removal, according to a new report by the C.D. Howe Institute. With the current rules, the purchasing power of minimum RRIF withdrawals could fall to half their initial value by the time a retiree reaches […]

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]]> DC pension plan providers, advisors agree employers should offer, support in-plan decumulation options: survey https://www.benefitscanada.com/pensions/cap/dc-pension-plan-providers-advisors-agree-employers-should-offer-support-in-plan-decumulation-options-survey/ Mon, 06 Mar 2023 14:00:26 +0000 https://www.benefitscanada.com/?p=134656 Defined contribution pension plan providers and advisors say plan sponsors should offer and support in-plan decumulation options, according to a new survey by PIMCO Canada Corp. The survey, which polled 12 DC plan providers and advisors, found more than half (53 per cent) of respondents said their plan sponsor clients haven’t considered implementing in-plan decumulation options, […]

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