Air Canada and three of its unions hammered out a tentative deal on Monday for a 21-month moratorium on pension funding, reports the Globe and Mail. The International Association of Machinists and Aerospace Workers, the Canadian Auto Workers and the Canadian Airline Dispatchers Association are on board with the plan, which will also give employees […]
The Canada Pension Plan Investment Board’s (CPPIB) unique approach to investing comes down to alpha, beta and something they like to call “better beta.” In a case study for the Rotman International Journal of Pension Management, Don Raymond, senior vice-president of public market investments with the CPPIB, explains how the fund finds the sweet spot […]
The Office of the Superintendent of Financial Institutions (OSFI) has provided an update regarding solvency funding relief for administrators of defined benefit pension plans registered under the Pension Benefits Standards Act, 1985 (PBSA). Should the Solvency Funding Relief Regulations, 2009 (pre-published in April) come into force, pension plans registered under the PBSA will be able […]
Facing criticism over the Canada Pension Plan Investment Board’s (CPPIB) compensation structure, Federal Finance Minister Jim Flaherty has asked all government-owned companies to review their compensation practices. As part of the Group of Twenty (G-20) countries that recently agreed on executive compensation principles, set out by the Financial Stability Forum, Canada’s adherence to the rules […]
Employee engagement is holding up under the pressure of the global recession, but with many workers beginning to question their leaders’ competency and direction. Employers who take the current state of affairs for granted do so at their peril, a recent survey reveals. According to Towers Perrin’s Workplace Watch survey of more than 650,000 participants, […]
GM has negotiated a restructuring plan with the U.S., Canadian and Ontario governments, but the extent to which Canadian taxpayers will be on the hook for the automaker’s legacy costs—including pensions—remains unclear. Senior government officials told reporters today that a US$59 billion deal has been reached, which will hopefully see the world’s former No. 1 […]
When the title of the annual report for the largest pension plan in the country begins with “Let us explain,” it’s clear that something has gone very wrong. The investment industry has watched in horror—with plan sponsors looking over its shoulder—as the global economy staggered from the subprime debacle to the credit crunch and, ultimately, […]
The predicament that Canada’s pension system currently finds itself in has all the makings of an election issue, save for one: an individual to grab it and run for the goal line, says Ontario Teachers’ Pension Plan CEO Jim Leech. This yet-to-be-revealed pension champion become the 21st-century Tommy Douglas, who championed universal healthcare in the […]
Executives at the Canada Pension Plan Investment Board are facing uncomfortable questions on bonuses after a year in which they incurred record losses. After announcing a -18.62% loss for the year 2008, it was revealed this week that five top officers at the pension fund are eligible for more than $15 million in bonuses, prompting […]
One can forgive management and staff at General Motors Canada if they seem a little confused regarding the future of the auto maker’s pension plan. Federal Industry Minister Tony Clement reiterated his position yesterday on whether government funds will be allowed to prop up GM’s floundering pension plan. “It won’t,” he said. Meanwhile, Ontario Premier […]