While the Pension Investment Association of Canada is applauding proposed changes to Manitoba’s Pension Benefits Act that would allow for in-plan solvency reserve accounts for defined benefit pension plans, it’s calling on the province to make further reforms. In a letter to Manitoba’s Finance Minister Scott Fielding, the PIAC said the suggested amendments, which were introduced in November […]
Quebec’s closed the door on the idea of forming a pension benefits guarantee fund to protect members in retirement plans sponsored by employers that have declared bankruptcy. Finance Minister Éric Girard said Tuesday that no such measure would be included in the provincial budget set to be released March 10, reported Radio-Canada. In explanation, Girard […]
Western Forest Products and the United Steelworkers union have reached a tentative collective agreement after more than seven months of tensions over pensions and long-term disability benefits. About 3,000 of the Vancouver-based lumber company’s employees walked off the job on July 1, 2019. In November, the company dropped it’s proposal to implement pension plan alternatives to which the union […]
Canadian defined benefit pension plans posted an average return of 14 per cent in 2019, according to RBC Investor and Treasury Services’ universe. The double-digit returns were the second highest for DB plans in the past decade, bolstered by a surge in equity markets both domestically and around the world. “Over the past 10 years, […]
Should I stay or should I go? That’s the question employees are asking regarding their retirement, but they’re getting mixed answers from their employers. In a survey by MetLife Inc., half (55 per cent) of U.S. employers said they’d prefer older workers to retire to make room for the advancement of younger employees. The other 45 […]
West Fraser Timber Co. Ltd. isn’t annuitizing multiple defined benefit plans to get out of the pension business. In fact, the British Columbia-based integrated wood products company is committed to DB. “We believe we get tremendous value out of our DB plans around recruitment and definitely around retention of our employees,” says Elaine Jensen, the […]
Canadian defined benefit pension plans posted a return of 14 per cent in 2019, according to the RBC Investor and Treasury Services’ universe. These double-digit returns were the second highest for DB plans in the past decade, bolstered by a surge in equity markets both domestically and around the world. “Over the past 10 years, […]
The Canada Pension Plan enhancements are a strong start but the country needs to do more to help people prepare for retirement, according to a new report from Ryerson University’s National Institute on Ageing. The paper — authored by Keith Ambachtsheer, director emeritus of the International Centre for Pension Management, and Michael Nicin, executive director of […]
Ontario’s Workplace Safety and Insurance Board is converting its defined benefit pension plan to a jointly sponsored model, making it the first single-employer plan in Canada to make the change. The Financial Services Regulatory Authority of Ontario approved the move on Dec. 5, 2019, and the conversion is expected to take place on July 1, 2020. […]
For the first time, defined contribution plan assets are exceeding defined benefit holdings across the world’s six largest pension markets, according to new report by Willis Towers Watson’s Thinking Ahead Institute. The report also found DC plan assets have grown at a faster rate (8.4 per cent per annum) than DB plans (4.8 per cent per annum) […]