If there was a Hall of Fame for catastrophic years, 2020 would be a certainty for admission, with Canada among many nations around the globe struggling through a sickening cycle of coronavirus pandemic waves, interrupted only by economic and societal lockdowns. But take a look at the Colleges of Applied Arts and Technology pension plan’s […]
A defined benefit pension plan leader rarely gets to work with a “blank canvas,” but Chuck Bruce has taken that unique opportunity and drawn a new way forward for more than 56,000 DB plan members in Newfoundland and Labrador. In late 2014, the province and its five largest unions established Provident10 to administer and oversee […]
Alberta Premier Jason Kenney says his government will make a decision this spring on whether to pursue pulling Alberta out of the Canada Pension Plan. But Kenney says even if the United Conservative government proceeds, Albertans will have the final say through a referendum on whether to create an Alberta Pension Plan. Treasury Department officials […]
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 […]
Provincial finance ministers have been quietly prodding Finance Minister Chrystia Freeland to pause planned increases in the premiums employers and employees pay into the Canada Pension Plan. The planned increase on Jan. 1, 2021 is part of a multi-year plan approved by provinces and the federal government four years ago to boost retirement benefits through the public plan by […]
A new advisory board tasked with creating a benchmark for transparency throughout global pension investment systems will include two Canadian members. The board was jointly established by Top1000funds.com and CEM Benchmarking Inc. to foster more transparency in pension investments, with the aim of improving outcomes for plan members. According to a press release, the benchmark ratings will examine […]
The Office of the Superintendent of Financial Institutions and the Financial Services Regulatory Association of Ontario have selected members for their new joint advisory committee on defined contribution pension plans. The committee will review the regulators’ approaches to supervising DC plans and, where possible, enhance regulatory efficiency and effectiveness by finding opportunities for harmonization. Read: […]
The Canadian Federation of Independent Business is asking the federal government to hold Canada Pension Plan premiums at current levels next year when they’re scheduled to rise, as employers and employees struggle with the ongoing coronavirus pandemic. According to the organization, approximately one third of small businesses are currently losing money and higher payroll taxes […]
Defined benefit plan sponsors can’t predict the future — but with a provision for adverse deviation, they can at least plan for it. “Given the work that actuaries do, where it’s all about quantifying risks and all these unknowns, it’s always best to be conservative,” says Andrew Gillies, partner and consultant at Robertson, Eadie & […]
The federal government is publishing a consultation paper on potential solvency funding relief options for 2021 and measures to further strengthen the framework for federally regulated pension plans. The announcement follows the government’s commitment in its 2019 budget to enhance the security of workplace pension in the event of corporate insolvency. The budget proposed the following measures: Requiring […]