A group of non-unionized retirees—including some former executives—have filed a lawsuit against Labatt, claiming the company broke a promise to provide almost unlimited health benefits. The plaintiffs accuse the beer maker of conspiracy and breach of contract by capping retiree benefits, according to a statement of claim filed in Ontario Superior Court. “This unilateral change […]
Many multinational companies are re-examining global investment policies and risk management strategies related to their retirement plans, a survey has found. The Watson Wyatt survey found that 31% are considering moving toward a more consistent global investment policy for retirement plans. An additional 9% plan to implement such a policy in the next three years. […]
RBC Dexia Investor Services has been selected by Swiss Re’s UK Admin Re(R)operation to provide custody and net asset valuation for a $3.75 billion portfolio of funds. “We were impressed by the scope of RBC Dexia’s capabilities, as well as our experience of their flexibility and excellent client service,” said Nick Hayter, Chief Financial Officer […]
UBS Global Asset Management has formed a defined contribution and retirement solutions group based out of Chicago. Last year’s Pension Protection Act opened the door for broader use of target date funds as qualified default investment alternatives and has led to a surge in demand for these diversified, all-in-one solutions that provide plan participants with […]
International equity remained the most popular product category among its clients last year, according to Mercer Investment Consulting. U.S. equity was the second most popular category. “The total number of searches conducted has remained broadly stable over recent years,” says Andy Barber, global and European head of research for Mercer IC. “What has changed has […]
A week after announcing it would begin discussions with BCE about a possible combination, Telus has decided it won’t make a bid for its rival. “The inadequacies of BCE’s bid process did not make it possible for Telus to submit an offer,” says a press release issued by the company. The Caisse de dépôt et […]
The Canadian Institute of Actuaries’ president has called for bold public policy measures and strong leadership by plan sponsors and members to stop the decline in defined benefit(DB)pension plans. In a speech to the Economic Club of Toronto earlier today, Norman Gendron said there is a steady decline of private sector DB plans. “If this […]
The Caisse de dépôt et placement du Québec has acquired a 25% interest in Interconnector(UK)Limited for $352.3 million dollars from BG Group. Interconnector is a natural gas transporter based in the United Kingdom, which owns and operates a pipeline between the U.K. and Belgium. “This transaction perfectly meets the Caisse’s private equity group’s investment criteria. […]
The Ontario Expert Commission on Pensions(OECP)has assigned 17 research projects as part of its research program. Some of the projects include: describing the coverage of occupational pension plans in Ontario, examining the performance of the Pension Benefit Guarantee Fund and compare its performance to similar schemes in other jurisdictions, mapping coverage and funding of occupational […]
Membership in Canada’s 15,130 active registered pension plans(RPPs)remained virtually unchanged in 2005, says a report from Statistics Canada. “As of January 1, 2006, active RPPs covered just under 5.7 million members, up only 0.4%, or about 20,000 from the year before,” the report states. “This pace of growth was substantially slower than the annual rates […]