While 2018 ushered in a number of significant changes to Ontario’s pension legislation, including a major revamping of the funding rules for defined benefit plans, additional pending changes are afoot for 2019. Other provinces, such as British Columbia, Manitoba and Nova Scotia, are also reviewing solvency funding requirements for plans registered in their respective jurisdictions. […]
The Ontario government is moving forward with legislation around variable benefits from defined contribution plans, facilitating mergers into jointly sponsored pension plans and enabling the electronic designation of beneficiaries in pension plans. In its 2018 economic outlook and fiscal review, released on Thursday, the province said it will move forward with the change, which was […]
Ontario’s pension regulatory landscape has seen a number of recent changes, with many of these affecting defined contribution plan sponsors, according to one expert. Speaking at the 2018 Defined Contribution Investment Forum in Toronto in September, Mark Eagles, senior manager for pension policy at the Financial Services Commission of Ontario, took delegates through the changes. The […]
Even as regulators move to expand decumulation options for Canadians in defined contribution pension plans, the degree to which employers will actually adopt the solutions available, including variable benefits, remains an open question. Various factors fuel the conundrum, but exposure to liability and litigation risk loom as perhaps the most daunting obstacles. Proponents of safe […]
Earlier this month, the Pension Investment Association of Canada came out in support of Ontario’s proposed regulations for variable benefits from defined contribution pension plans. The support came with a caveat, however. “PIAC supports the proposal that the provision of variable benefits from DC plans is voluntary for employers,” Brenda King, chair of the association, […]
There has been a lot of talk about variable benefits from defined contribution pension plans recently. Ontario has changes in the works to allow them, while a number of provinces have moved on the issue in recent years. And while it’s not yet common for plan sponsors to offer variable benefits, some organizations have had the […]
Ontario has published a description of its proposed regulations around the payment of variable benefits from defined contribution pension plans one year after announcing its intention to permit the option. The provincial government announced its plans in its 2017 budget. Once passed, Ontario will follow in the footsteps of other jurisdictions allowing the option, including British Columbia, Alberta, Manitoba, […]
The Co-operative Superannuation Society pension plan is one of Canada’s largest defined contribution plans, growing from its Saskatchewan roots in 1939 to include some 351 employers from across the country today. Martin McInnis, executive director of the plan, will speak about the benefits of a multi-employer defined contribution plan and whether they could be the way of the future during a session […]
New DB pension proposals in Quebec, Ontario tackle annuity purchases.