RRSP – Benefits Canada.com

CAAT pension plan’s optional savings account allowing members to consolidate retirement savings

bwolfe — Thu, 24 Oct 2024 13:00:59 +0000

A new retirement savings vehicle could benefit members of the Colleges of Applied Arts and Technology’s pension plan by streamlining investment choice and maximizing their personal retirement savings, says Jason Vary, president of Actuarial Solutions Inc. This month, the CAAT pension plan launched an optional savings account that allows plan members to transfer in their […]

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Nova Scotia offers retirement fund top-ups to attract, retain physicians

bwolfe — Thu, 17 Oct 2024 19:00:22 +0000

The Nova Scotia government is offering to pay up to $15,000 a year into a new retirement benefits program for doctors in hopes the public money will keep more physicians in the province. Premier Tim Houston announced the new program Wednesday, saying the annual contributions will be available to Nova Scotia’s roughly 3,000 doctors at […]

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Canadians with rent, mortgage payments delaying retirement savings amid rising cost of living: survey

Sadie Janes — Fri, 15 Mar 2024 13:00:05 +0000

Canadian employees who rent or who have mortgage payments are managing economic pressures — like high interest rates and the rising cost of living — by putting off saving for retirement, according to a new survey by Co‑operators Financial Services Ltd. The survey, which polled 1,500 Canadian employees, found 77 per cent of renters said they […]

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U.K. CAP reforms could reduce pension quality, create administrative challenges: expert

Sadie Janes — Wed, 20 Dec 2023 14:00:01 +0000

A recent development in the U.K. pension market to give British workers a ‘pot for life’ could reduce the quality of retirement plans that are already in place and create administrative challenges, says Adam Bexson, senior corporate pension consultant at Verlingue Ltd. Currently, plan members are automatically enrolled into a retirement plan chosen by their employer, […]

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Saskatchewan Pension Plan expanding variable benefits to all members

bwolfe — Wed, 25 Oct 2023 19:00:15 +0000

The Saskatchewan Pension Plan is expanding its variable benefit option to all retiring plan members across Canada. The option, which was previously only available to Saskatchewan-based plan members, allows for continued investment choice and income flexibility, according to a press release, which noted members who opt for the variable benefit can consolidate funds by transferring […]

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Getting to know Shannan Corey and the Saskatchewan Pension Plan

Sadie Janes — Fri, 15 Sep 2023 12:56:06 +0000

Working in the pension industry has always been aligned with Shannan Corey’s personal interests and values. Her father was an actuary so she was exposed to the pension industry from a very young age. After earning her mathematics degree at the University of Saskatchewan, she became an associate actuary, spending a few years in consulting […]

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Is the single-employer DB pension plan dead or merely modernizing for the future?

Jennifer Paterson — Thu, 13 Jul 2023 13:00:01 +0000

Predictions of the demise of defined benefit pension plans are premature. The reality is DB is still alive and well in the public sector, with a growing number of multi-employer plans making the promise of financial certainty in retirement provided by DB pensions available to private sector employers of all sizes. What’s under threat is […]

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ACPM urging feds to retain definition of DB provision, expand PRPP access

bwolfe — Mon, 26 Jun 2023 13:00:51 +0000

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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Mandatory RRIF drawdowns negatively impacting retirement savings: report

bwolfe — Tue, 18 Apr 2023 13:00:44 +0000

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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Saskatchewan Pension Plan removing annual contribution, transfer-in limits

Jennifer Paterson — Mon, 17 Apr 2023 19:00:36 +0000

The Saskatchewan Pension Plan is removing its annual contribution and transfer-in limits. Starting on April 13, 2023, as long as plan members have room in their registered retirement savings plans, they can contribute as much as they want to the SPP, within RRSP limits. In addition, if they have other unlocked investments they’d like to […]

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