Pension legislation – Benefits Canada.com

Editorial: Discussing decumulation, slow pace of change in Canada’s pension industry

Jennifer Paterson — Fri, 19 Nov 2021 13:00:57 +0000

If I’ve learned one thing about the Canadian pension industry over the past six years, it’s that change comes at a snail’s pace. When I joined Benefits Canada in 2015, my Canadian pension knowledge was a blank slate, so I spent several weeks speaking to pension experts. The key message that came across was this: […]

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A look at the Co-operators Group’s new decumulation offering

mdunne — Fri, 19 Nov 2021 13:58:31 +0000

One, as Harry Nillson crooned in his classic breakup song, can feel like the loneliest number. At the end of working life, many retirees with defined contribution pension plans can be left feeling alone and confused — cut off from their plan sponsors and pension administrators and sent out with their savings accounts into the […]

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ACPM urging Retraite Québec to address recovery measures timing in draft pension amendment

bwolfe — Tue, 16 Nov 2021 20:00:17 +0000

The Association of Canadian Pension Management is calling on Retraite Québec to review its draft amendment of a regulation governing supplemental pension plans. In a letter to the pension plan administrator, the ACPM said that a section of the amendment — stating that recovery measures in the event of insufficient contributions to a target-benefit pension […]

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Dynamic pension pools a viable decumulation option for Canadians: report

bwolfe — Tue, 16 Nov 2021 14:00:45 +0000

With 10 million Canadian baby boomers entering retirement, dynamic pension pools could help seniors turn their accumulated savings into low-cost lifetime pension income, according to a new report by Ryerson University’s National Institute on Ageing and the Global Risk Institute. According to the report, dynamic pension pools can help Canadians optimize their expected lifetime retirement […]

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FSRA releases final guidance on impact of marriage breakdown on pension benefits

bwolfe — Fri, 12 Nov 2021 20:00:01 +0000

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 […]

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Automatic features in DC pension plans may benefit members: FSRA

mdunne — Fri, 12 Nov 2021 14:00:52 +0000

The Financial Services Regulatory Authority of Ontario is encouraging defined contribution pension plan sponsors and administrators to evaluate the use of automatic features within the context of their plans. New guidance posted to the FSRA’s website affirms that the Pension Benefits Act and its regulations don’t prohibit the use of automatic features in defined contribution pension […]

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CPP maximum pensionable earnings rising to $64,900 in 2022

mdunne — Tue, 02 Nov 2021 13:00:56 +0000

The maximum pensionable earnings under the Canada Pension Plan for 2022 is increasing to $64,900 from $61,600 in 2021. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $64,900 in 2022 […]

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U.S. proposing ESG investing rules for plan sponsor fiduciaries

Gideon Scanlon — Tue, 19 Oct 2021 15:00:22 +0000

The U.S. Department of Labor is proposing new rules that would give pension plan fiduciaries the ability to make investment decisions based on environmental, social and governance factors. If adopted, the rules would amend the Employee Retirement Income Security Act of 1974. In its summary of the proposed changes, the Department of Labor said they’d […]

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Expert panel: Climate change putting spotlight on ESG issues for pension plans

mdunne — Tue, 19 Oct 2021 13:00:27 +0000

The images of floods, forest fires and heat waves over the past few years is putting climate change front of mind for many, including pension plan sponsors and administrators. It’s become increasingly clear that environmental, social and governance factors are emerging as an important area of concern for pension plan administrators and, by extension, the […]

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Solvency reserve accounts missing from Manitoba’s new pension amendments

mdunne — Wed, 29 Sep 2021 13:00:53 +0000

Although Manitoba’s Pension Amendments Act takes effect on Oct. 1, pension plan sponsors are disappointed that the provisions allowing them to use reserve accounts to fund solvency deficiencies have been excluded from the proclamation. “The government has not indicated when the reserve account provisions will come into effect and sponsors are anxious because they would […]

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