Canadians already receiving CPP benefits as of December 2006 will get a 2.1% increase starting next year. Increases are based on changes in the Consumer Price Index(CPI), the cost-of-living measure used by Statistics Canada, over a 12-month period. The basic Old Age Security(OAS)pension will remain unchanged at $491.93 per month. There has been no increase […]
OMERS Capital Partners has agreed to purchase CCNMatthews and its U.S. subsidiary, Market Wire, from London, England-based the Pims Group for an undisclosed amount. Manulife Capital, the private equity group of Manulife Financial, will assume a minority stake in the newswire as a portfolio investment. “We view CCNMatthews and Market Wire as industry innovators delivering […]
Hank McKinnell, Pfizer’s former chief executive, is expected to receive pension benefits worth US$82.3 million. He will also get $77.9 million in deferred compensation as well as cash and stock exceeding $20.7 million. McKinnell could also receive an additional $18.3 million stock award, which is contingent on Pfizer’s future share performance. The total amount he […]
The Caisse de dépôt et placement du Québec is increasing its investment in Atlantic Power Corporation to 18.8% from 14.2%. It purchased 4,075,000 income participating securities of the company by private placement for an aggregate subscription price of $40,750,000. The transaction was made for investment purposes and the Caisse could increase or decrease its stake […]
Recent changes to solvency requirements for municipal pension plans in Nova Scotia are significant, says Terri Troy, CEO of the Halifax Regional Municipality Pension Plan. Last month, the province changed the rules so that municipal plans will have five years to achieve 85% solvency. The rule change will be in effect for 10 years, beginning […]
It has been a record-breaking year for the capital markets in 2006. The S&P/TSX composite index and the Dow Jones both topped 12,000 for the first time ever, oil’s gone from US$60 a barrel to a record US$78 and back down again, gold hit a 26-year high of US$732 an ounce, and income trusts fell […]
Metro Inc. and 10,000 Ontario workers at A&P, Ultra Food & Drug, and Dominion have reached a three-year agreement that includes improvements for health benefits and wage increases. The grocery store operator will improve the vision care plan and make additional contributions to the employees’ dental, pension, and health and welfare plans. Metro will also […]
A report by Credit Suisse shows that S&P 500 companies’ pensions are better funded in 2006 than they were last year. It estimates that the pension plans could end the year at US$77 billion underfunded(95% funded)compared with $145 billion underfunded(90% funded)at the end of 2005. It’s the fourth consecutive year that the health of defined […]
Institutional investors are more confident this month, according to the State Street Investor Confidence Index. The index increased to 87.4 from November’s revised reading of 82.2. On a regional basis, investor confidence rose strongly in North America to 97.8 from 90.7. The confidence of European investors rose to 99.1 from 90.2, while the confidence of […]
The California Public Employees’ Retirement System(CalPERS)has decided to allow stock purchases in China and other developing countries. Investing in companies in Colombia, Egypt, Morocco, Pakistan, and Venezeuela will also be permitted if they meet the fund’s investment requirements. “We will allow selective investments in good companies in these countries while maintaining our strict standards for […]