Ontario’s defined benefit pension plans will have to fund themselves on a solvency basis only if their funded status falls below 85 per cent, the government announced this morning. That was one of the key elements of the provincial government’s long-awaited reforms to pension funding requirements. The highlights of the changes include: Requiring funding on an […]
Defined benefit pension plans regulated by the Financial Services Commission of Ontario are continuing the trend towards improved solvency ratios. The median solvency ratio rose to 93 per cent as of March 31, 2017, the regulator noted in its update on the first quarter of the year. That was up from 91 per cent on […]
While the going-concern funding levels of Ontario’s defined benefit pension plans have improved slightly, the solvency picture remains stagnant, according to the Financial Services Commission of Ontario. In its 2016 report on the funding of 1,333 defined benefit pension plans, the regulator found the median funded ratio on a going-concern basis had climbed slightly to […]
The median solvency ratio of Canadian defined benefit pension plans hit its highest level since before the 2007 financial crisis, according to the latest quarterly pension plan solvency survey by Aon Hewitt. On April 1, 2017, median solvency stood at 96.7 per cent, up nearly two percentage points since the beginning of the year. In […]
The solvency position of Canadian defined benefit pension plans remained level through the first quarter of 2017, according to Mercer’s latest pension health index. The index, which represents the median solvency ratio of a hypothetical plan, held steady at 102 per cent as of Mar. 30, 2017, and the median solvency ratio of Mercer’s clients’ plans […]
Despite a challenging start to 2016, the Healthcare of Ontario Pension Plan improved its investment return to 10.4 per cent by the end of the year. The number was up from 5.1 per cent in 2015. The fund’s net assets reached $70.4 billion, up from $63.9 billion in 2015. Its investment income for 2016 was also […]
The College of Applied Arts and Technology pension plan was 113.3 per cent funded on a going-reserve basis as of Jan. 1, 2017, according to its latest actuarial valuation, representing a 2.6 per cent increase from last year’s funded status. The valuation assumes members who are currently retiring will live to age 89. The […]
The financial health of Canadian defined benefit pension plans improved again in February as buoyant stock markets offset the impact of moderating bond yields, according to Aon Hewitt’s monthly pension plan solvency survey. The survey, which is based on the results of defined benefit pension plans administered by the organization, found median solvency stood at […]
Manitoba should initiate an overall pension funding reform review similar to other provinces rather than continuing to rely on temporary solvency relief measures, according to Kevin Fahey, chair of the Pension Investment Association of Canada. In a letter to Linda Buchanan, acting superintendent of pensions at the province’s pension commission, Fahey’s comments and recommendations stem […]
Like most 19-year-olds, Gary Howe didn’t pay a great deal of attention to his pension entitlements when he signed up with Stelco Inc. as an apprentice industrial mechanic at its landmark plant in Hamilton, Ont. “At that age, I was more interested in my wages and how much cash I would have in my pocket,” […]