As the Northern Transportation Co. Ltd. seeks protection from its creditors amid financial difficulties, the Public Service Alliance of Canada and the Union of Canadian Transportation employees have retained a law firm to represent the pension interests of its employee members and retirees as insolvency proceedings move forward. The company, which provides shipping services to […]
A report released by the Office of the Superintendent of Financial Institutions this month projects that the federal government’s plan to cancel the increase in the age of eligibility for old-age security benefits will raise the total program cost by $10.4 billion by 2030. The findings aren’t a surprise, says Aaron Wudrick, federal director of the […]
As consolidation sweeps through the industry, what's next for small players?
Some 28 independent institutional investment firms have exited the industry through amalgamation or shuttered operations since 2012 due to deteriorating earnings performance, poor investment banking revenues and rising costs, according to the Investment Industry Association of Canada. In a letter published recently, Ian Russell, president and chief executive officer of association, wrote that 53 small […]
New workers who are members of the Canadian Postmasters and Assistants Association (CPAA) will be joining a defined contribution pension plan after a labour arbitrator ruled in the company’s favour. The arbitration decision comes as the Canada Post continues to negotiate with a separate group of workers — who are members of the Canadian Union of […]
The Caisse de dépôt et placement du Québec generated a two per cent return in the first half of the year ended June 30, 2016, its strongest half-year return since 2010. “This is a reasonable return,” Michael Sabia, the pension fund’s president and chief executive officer, said in a conference call on Friday morning. “This being […]
More than 1,000 employee and retiree members of Co-op Atlantic’s defined benefit pension plan are to share $7.25 million following a New Brunswick judge’s approval of a plan that signals the final steps of the creditor protection process. The outcome is the “best of a bad situation,” says Ron Pink, a labour and employment lawyer […]
It has been more than a year since Jonathan Zaid won the right to have his medical marijuana prescription covered under his group benefits plan, effectively kicking off a wider conversation about coverage for the drug. For nearly a decade, Zaid, 23, had been suffering from a chronic condition called new daily persistent headaches. He […]
With the third phase of the Client Relationship Model, Phase 2 (CRM2) rules around fee disclosure in Canada now in effect and new regulatory actions in countries such as Britain, Australia and the United States dealing with compensation in the financial services industry, what’s the landscape for transparency around workplace investments in this country? It’s […]
The Client Relationship Model is a regulatory effort designed to help clarify investment performance and costs for investors. Phase 1 What it involves: New disclosure rules for advisors and dealers When: Beginning July 2014 Charges, fees and other costs must be disclosed verbally or in writing prior to any transaction. The advisor or dealer must […]