The total number of active members in registered pension plans rose steadily between 2005 and 2015, from 5.7 million to 6.3 million, an increase of 10 per cent, according to new data from the Office of the Superintendent of Financial Institutions. However, the proportion of employees covered by a registered pension plan has declined very […]
Two-thirds of households are setting aside money for retirement, taking advantage of either a registered pension plan, a registered retirement savings plan or a tax-free savings account, Statistics Canada said Wednesday as it released the latest batch of numbers from the 2016 census. Of 14 million households, 65.2 per cent made a contribution in 2015 […]
The Canadian Life and Health Insurance Association is recommending a number of ways the federal government can help ensure Canadians’ retirement income security in its submission for the 2018 federal budget. With more Canadians moving into capital accumulation plans, people need to have better options available to help secure their retirement, wrote the organization, noting there’s […]
Sun Life Financial has created a tool to allow members of its group benefits plans to directly deposit reimbursements for paramedical and certain other medical claims into a group registered retirement savings plan. “I thought I had seen it all. This is definitely a new one,” says Frank Wiginton, a financial wellness expert and chief executive […]
KPMG LLP has run its first series of retirement education sessions through in-person workshops, one-on-one meetings and a version on Skype for employees at its smaller locations. The firm introduced the sessions in May after a 2015 pilot program with a small group of employees found people wanted to receive more education about their retirement savings. […]
It’s never easy telling employees their pension benefits are getting worse, whether that’s because of a merger, a sale or simply a cost-savings measure. But when it happens, employers should consider several tactics to minimize both employee distress and the possibility of a lawsuit. “They need to be aware of potential constructive dismissal [litigation] that could occur if […]
As the registered retirement savings plan turns 60 this year and the annual contribution deadline looms ahead, two new pieces of research show a shift in the participation rates and employer provision of the savings vehicle. A new study by Statistics Canada shows fewer and fewer Canadians aged 25-54 used registered retirement savings plans between […]
Target-date funds easier, simpler and secure: CAP Benchmark Report
Fewer Canadians plan to contribute to registered retirement savings plans this year compared to last year (46 per cent versus 50 per cent), though the average contribution has increased to $5,088 from $3,984, reveals a BMO study. Canadians’ reasons for contributing are no surprise, but reasons for not contributing raise more questions than they answer. […]
Many employees look forward to this time of year as they await their bonuses for the previous year. Many employers plan to pay them out before the end of February, in part so employees can use the funds to make registered retirement savings plan contributions against the previous year’s income. Often, employers will go further by […]