The Financial Services Regulatory Authority of Ontario is clarifying its guidance on the administration of pension benefits upon marriage breakdown. The final guidance, which came into effect on Nov. 9, 2021, clarifies the FSRA’s position on issues relating to valuation, payment and division and survivor benefits. It stated pension assets are to be valued based on […]
The Pension Investment Association of Canada is commenting on a consultation from the Canadian Institute of Actuaries’ actuarial standards board, providing feedback on benefit security, stress testing and windup valuations. In a letter, the PIAC said the meaning and mandated disclosures of benefit security are public policy issues for lawmakers and regulators. “While the views of the [actuarial standards […]
Morneau Shepell Ltd. is appointing Gavin Benjamin as partner in its retirement solutions business. With more than 30 years of experience in the pension industry, he was most recently senior director of retirement and actuary at Willis Towers Watson. As a consulting actuary, he advises plan sponsors on all aspects of pension plan management, including design, […]
Guardian Capital is forming a collaboration with Moshe Milevsky, a professor of finance at York University’s Schulich School of Business, that focuses on retirement finance. As an academic, Milevsky is currently working on research on the intersections of financial engineering, actuarial science, insurance contingent claims and wealth management, according to a press release. “There is an acute need for innovation […]
Morneau Shepell Ltd. is appointing Glen Oikawa as a client relationship partner, retirement solutions partner and Calgary office leader. In the new role, he’ll focus on delivering innovation, thought leadership and dedicated service to several of the organization’s largest plan sponsor clients across Western Canada. With more than 20 years of experience in financial well-being, […]
Financial hardship is hitting employers across Canada and they’re starting to make difficult choices around cost-cutting measures within their businesses. “Some plan sponsors may be considering changes to their plan design to address these cost concerns during these turbulent times,” said Jana Steele, partner and department chair of the pension and benefits team at Osler, Hoskin […]
The Ontario Teachers’ Pension Plan is appointing Cindy Forbes to its board, effective immediately. Currently, Forbes is global chief analytics officer at Manulife Financial Corp. and held an interim role as its global chief marketing officer for the past 10 months. She also spent six years as the company’s chief actuary. In addition, during more than 35 […]
Heading into 2020 and beyond, the outlook for interest rates is impacting the federal government’s projected pension obligations and its budgetary balance. In its 2019 fall economic update on Monday, the government reduced the projected budgetary balance by $4.2 billion in 2019/20 and $11.6 billion in 2024/25. While the balance projections aren’t entirely related to pension obligations, […]
Morneau Shepell Ltd. has appointed Mazen Shakeel as vice-president and practice leader for asset and risk management, effective July 2019. In the new role, he’ll assist plan sponsors with investment, outsourced chief investment officer, risk management and transfer-related needs. Read: Morneau Shepell to acquire some of Mercer’s U.S. health, DB plan administration business As an actuary with […]
The Canadian Institute of Actuaries is recommending that any future national pharmacare system includes an actuary to oversee its revenue, expenses and funding status. “Canada’s actuaries — with public interest in mind — advise that any national pharmacare program should be based on sound risk management, financing and insurance principles,” noted the CIA in a press release. The […]