The Public Sector Pension Investment Board(PSPIB)has completed its offer for Retirement Residences Real Estate Investment Trust. An additional 4.3% of the total issued and outstanding units were tendered during the extension period of the takeover bid, giving PSPIB approximately 93.7% of the units. Since more than 90% of the outstanding units have been tendered to […]
The Caisse de dépôt et placement du Québec and Abitibi-Consolidated are forming a joint venture for the company’s Ontario hydro electric generation facilities. It will own a 25% interested in the joint venture, called ACH Limited Partnership, while Abitibi will own the rest. The Caisse has also provided a commitment to ACH for a 10-year […]
Most American institutional investment plan sponsors experienced double-digit returns last year, according to data in the Northern Trust Universe. Foundation and endowment plans led the way with a yearly median return of 14.3% while corporate and public fund plans posted median returns of 13.7% and 13.5% for the year, respectively. “Plans benefited from their large […]
A claim has been filed by two grocery store retirees and an employee in an Ontario court that seeks class-action status for about 300,000 beneficiaries of the Canadian Commercial Workers Industry Pension Plan(CCWIPP), according to a newspaper report. The plan allegedly lost more than $1 billion because of negligence by trustees, including supermarket chain representatives, […]
The Ironworkers Ontario Pension Fund is asking for court approval to sue certain directors on Research In Motion’s audit committee. A notice of application was filed with the Ontario Superior Court of Justice earlier this week. The action relates to RIM’s historical option granting practices and also makes certain demands with respect to the conduct […]
The financial situation of Canadian pension funds was propped up by two sides last year, according to Mercer Investment Consulting. “Not only was pension fund performance very strong, aided by good Canadian and very strong international equity market returns, but pension fund liabilities generally declined or grew by only a small margin due to higher […]
The Canadian Association of Income Trust Investors(CAITI)claims large pension funds benefit from favourable tax treatment by the federal government. Pension funds have the ability to replicate the ongoing tax-free economics of income trusts through a “carve out,” which allows them to hold private trusts in their private equity portfolios, the organization says. The Public Sector […]
The value of pension assets in 11 countries has more than doubled over the past decade to US$23.2 trillion, according to a study by Watson Wyatt. Pension assets in Canada, the United States, Japan, the United Kingdom, the Netherlands, Australia, Switzerland, Germany, France, Ireland and Hong Kong have grown their pension assets over the last […]
Defined benefit(DB)plans may soon be headed back into surplus territory, according to Ian Markham, senior actuary at Watson Wyatt. Speaking at the 26th annual Watson Wyatt Survey of Economic Expectations forecast in Toronto earlier today, he said: “The typical ratio was 86% funded at the start of the year. Probably by the end of the […]
There is a universal concern about the future of pension plans, but a revolution is needed, says pension advisor Keith Ambachtsheer. In his new book, Pension Revolution: A Solution to the Pensions Crisis, he outlines a new pension design called The Optimal Pension System(TOPS), which offers an integrative solution to the pension crisis. Organized around […]