In January 2020, the Canadian Institute of Actuaries released final changes to the actuarial standards of practice for calculating commuted values, with the changes scheduled to come into effect on Dec. 1, 2020. The changes will affect the lump-sum amounts paid from many Canadian defined benefit pension plans in situations such as: the termination of employment of […]
Quebec is one step closer to allowing employers to introduce target-benefit pension plans. On Wednesday, Eric Girard, Quebec’s minister of finance, tabled Bill 68, which was initially introduced in November 2019. The bill draws inspiration from a report by the expert panel on the future of the Quebec retirement system, which was published in 2013. “Quebec […]
While target-date funds are now a staple in the Canadian defined contribution pension industry, it wasn’t always so. Some of the first employers to bring target-date funds to Canada were George Weston Ltd. and Loblaw Companies Limited, says Alain Malaket, who is currently chief executive officer of InBenefits, but previously oversaw those organizations’ pension and […]
Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]
When Canadian taxpayers are on the hook for public sector pension plan obligations, these institutions must spell that out clearly in their financial reporting, according to a new paper by the C.D. Howe Institute. “Reporting of pension costs as they accrue and net obligations at a point in time is tricky,” wrote William Robson, the organization’s chief […]
Canada’s pension regulations have been designed to govern defined benefit plans and are a bad fit for target-benefit and multi-employer pension plans, according to a new report by the C.D. Howe Institute. The report, authored by Barry Gros, a retired actuary and chair of the University of British Columbia staff pension plan, argued that the […]
Canadian pension rules and regulations are in need of reform in order to properly address the reality of the 21st century workplace pension landscape, according to a new report by the C.D. Howe Institute. The report, authored by Bob Baldwin, a pension industry veteran and chair of the C.D. Howe’s pension policy council, argued that the […]
Financial hardship is hitting employers across Canada and they’re starting to make difficult choices around cost-cutting measures within their businesses. “Some plan sponsors may be considering changes to their plan design to address these cost concerns during these turbulent times,” said Jana Steele, partner and department chair of the pension and benefits team at Osler, Hoskin […]
While the Pension Investment Association of Canada is applauding proposed changes to Manitoba’s Pension Benefits Act that would allow for in-plan solvency reserve accounts for defined benefit pension plans, it’s calling on the province to make further reforms. In a letter to Manitoba’s Finance Minister Scott Fielding, the PIAC said the suggested amendments, which were introduced in November […]
Jim Flynn, a trustee of the Nursing Homes and Related Industries Pension Plan and a former assistant regional director of the Canadian Union of Public Employees, remembers a time when the industry’s workers — predominantly women in precarious employment with physically demanding jobs — would retire without a pension plan. “The need was great,” he […]