The union representing General Motors of Canada Co. employees in Ontario has ratified a new agreement for workers at a plant in Ingersoll that removes changes to a legacy defined benefit plan as part of ongoing pension discussions. The deal, based on the recent three-year agreement with GM for workers in Oshawa, St. Catharines and Woodstock, […]
Saskatchewan’s Public Employees Benefits Agency is finalizing the modernization of its pension administration system. Earlier this month, the province’s Public Employees Pension Plan converted to the PEBA’s new platform which includes the new PLANet system, an online self-serve portal for employees and members of both the PEPP and the Municipal Employees Pension Plan. The MEPP […]
The Pension Investment Association of Canada is calling on the federal government to reform pension solvency rules while supporting legislation to introduce solvency reserve accounts and variable-payment life annuities. In response to a federal consultation paper, the PIAC said while it supports temporary relief measures amid the current economic climate, it cautioned against an approval […]
Alberta’s public sector pension plans are reassuring members their pensions are safe, following a recent ministerial order enacted by the provincial government. The order was enacted in late December by Alberta Finance Minister Travis Toews after 2020 deadlines for investment management agreements between the pensions and the Alberta Investment Management Corp. passed with no result. […]
The Alberta Investment Management Corp. is now managing investments for several pensions in the province, a move facing at least one legal challenge. This change is part of a ministerial order that Alberta Finance Minister Travis Toews enacted upon several Alberta-based pensions in late December, after 2020 deadlines for investment management agreements between the pensions […]
With private-sector defined benefit pension coverage declining over the past two decades, the federal government should take more steps to prioritize coverage and benefit adequacy, according to a new consultation paper from the Association of Canadian Pension Management. The paper said solvency funding relief should be a key priority, with options based on factors including […]
The Office of the Superintendent of Financial Institutions is launching a three-month consultation on risks arising from climate change that can affect the safety and soundness of federally-regulated pension plans and financial institutions. Along with a discussion paper, the consultation’s objective is to understand how plans and institutions identify, measure and build resilience to climate […]
An environmental coalition is appealing to Ontario teachers to pressure their pension fund to divest from companies that develop or transport fossil fuel products. In a four-minute YouTube video, a group of students from across Ontario read a letter to their teachers, asking them to push the Ontario Teachers’ Pension Plan to stop investing their […]
The aggregate funded ratio for Canadian pension plans in the S&P/TSX composite index increased from 90.8 per cent to 91.2 per cent during the past 12 months, according to Aon’s pension risk tracker. Aon found the funded status deficit decreased by $200 million, which was driven by asset increases of $18.7 billion and offset by […]
A rally on the stock market in the fourth quarter helped boost the strength of Canadian defined benefit pension plans to end 2020, according to a new report by Mercer Canada. The consulting firm said its pension health index, which represents the solvency ratio of a hypothetical DB plan, rose to 114 per cent at […]