A new white paper published by the Canadian Institute of Actuaries is proposing new rules during defined benefit plan windups, requiring higher solvency ratios for members who are retired and lower ones for those at earlier stages in their careers. “This paper suggests that retiree pensions would be better protected if the solvency funding regime framework […]
As part of the federal Conservative Party’s platform for the coming election, Leader Erin O’Toole is proposing a plan to secure pensions for Canadian workers. “Canadian workers who have paid into a pension plan on every paycheque should be able to rely on it being there when they retire,” he said in a press release. […]
Pension plan members have super-priority when it comes to normal costs but not to special costs owed to bankrupted plans, the Supreme Court of Newfoundland and Labrador finds in a recent ruling. In the case, Anthony Capital Corporation (Re), between the trustees of the defunct Anthony Capital Corp.’s executive pension plan and representatives for the […]
There could be “unintended consequences” if a bill conferring preferred creditor status to defined benefit pension plan members during bankruptcies passes through Canada’s House of Commons, according to an open letter from the Pension Investment Association of Canada. In an open letter, to Michael MacPherson, clerk of the standing committee on industry, science and technology, from Natasha Trainor, […]
The Association of Canadian Pension Management is urging parliamentarians to vote down the final version of a new bankruptcy and insolvency bill. If passed, Bill C-253, also titled the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans), would force super priority on Canadian pension plan members in […]
“It was the best of times, it was the worst of times…” The above quote from Charles Dickens aptly describes the current environment for the legal industry. Currently, the world economy and the legal profession are under tremendous financial pressure due to the impact of the novel coronavirus. This has already resulted in layoffs, reduced […]