windup – Benefits Canada.com

DB pension plan sponsors facing “bottleneck” in annuities market: expert

bmcgovern — Thu, 21 Nov 2024 16:00:30 +0000

Increased deal-making in the Canadian annuities market is adding pressure to defined benefit plan sponsors seeking to de-risk their plans, says Jason Vary, president of Actuarial Solutions Inc. “[The market is] getting worse,” he says. “This year, I’ve had some experiences where we’re placing some small annuities, under $5 million, and we really struggled to […]

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FSRA’s proposed guidance on retroactive adverse amendments inconsistent with case law, Pension Benefits Act: ACPM

lbailey — Mon, 05 Feb 2024 14:00:12 +0000

The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]

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Expert panel: How interest rates impact DB pension plans

bwolfe — Thu, 07 Dec 2023 14:00:47 +0000

Interest rate levels are critically important to the financial health of defined benefit pension plans. Many DB plans are in their best financial positions in decades, largely due to the dramatic rise in interest rates over the past few years, but decreases in interest rates could pose a major risk for many plans. Changes in […]

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U.K. legislation aims to increase DC pension savings

bwolfe — Mon, 17 Jul 2023 13:00:21 +0000

The U.K. government is introducing legislation that aims to increase defined contribution pension plan savings by more than £1,000 a year in retirement for the average plan member. The legislation will commit nine of the U.K.’s largest DC plan providers to an objective of allocating five per cent of assets in their default funds to […]

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Feds consulting on draft amendments to pension legislation for transfer of missing members’ benefits

lbailey — Fri, 30 Jun 2023 19:00:44 +0000

The federal government is launching a consultation on draft amendments to pension legislation pertaining to the transfer of unclaimed benefits for missing plan members. Under the Pensions Benefits Standards Act, plan administrators can transfer pension assets of missing members to a ‘designated entity.’ The draft amendments specify who qualifies as a missing member or beneficiary, as […]

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Super-priority pension bill may hasten DB plan closures: expert

Gideon Scanlon — Thu, 15 Dec 2022 18:15:19 +0000

A bill currently under consideration by Canada’s senate could hasten the closure of open defined benefit plans, according to Gavin Benjamin, a partner in LifeWorks Inc.’s pension and benefits solutions business. “In our view, this is a potential outcome, particularly with respect to companies for whom the ability to borrow is affected by the bill,” […]

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Super-priority bill a major concern for DB plan sponsors: report

Gideon Scanlon — Tue, 13 Dec 2022 17:45:51 +0000

A bill intended to provide defined benefit pension plan members with super-priority should be a major concern for Canadian DB plan sponsors, according to LifeWorks Inc.’s latest monthly pension indices report. “While the goal of [Bill C-228] is to protect the pensions of members and retirees in the event of a company’s insolvency, it could […]

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Pension super-priority bill passes in House of Commons

lbailey — Mon, 28 Nov 2022 14:00:28 +0000

A bill intended to provide defined benefit pension plan members with super-priority in the event of a plan sponsor’s insolvency passed in the House of Commons last week, furthering division among stakeholders on whether the legislation will cause more harm than good in the long term. The Association of Canadian Pension Management, the Canadian Chamber of […]

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Bank of England intervened in bond market to protect DB pension plans: letter

Gideon Scanlon — Tue, 11 Oct 2022 16:30:14 +0000

The Bank of England’s decision to intervene in the long-dated government bond market protected defined benefit pension plans with liability-driven investment strategies, according to a central bank official. “In practice, the move in [long-term bond] yields last week threatened to exceed the size of the cushion for many LDI funds, requiring them to either sell […]

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Yellow Pages expecting shareholder approval for special payment to DB pension plan

Gideon Scanlon — Thu, 01 Sep 2022 16:00:16 +0000

Yellow Pages Ltd. has secured the support of enough shareholders to approve a plan to bolster its defined benefit pension plan’s coffers. During a virtual meeting scheduled for Sept. 23, 2022, shareholders are expected to vote on a proposal to advance $24 million to the company’s DB plan. “Our board has approved the use of […]

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