With former Sears Canada Inc.’ employees set to see a 30 per cent reduction in their pension benefits beginning Aug. 1, Benefits Canada looks back at the saga. June 2017 — Sears Canada announces it’s seeking protection under the Companies’ Creditors Arrangement Act as it faces a $308.6-million deficit related to its retirement benefit obligations. Read: Sears […]
Many Canadians are challenged to overcome barriers to retirement planning, such as the perception that the process is too lengthy, complicated and overwhelming. But if these barriers can be effectively removed, the financial security of Canadians would be improved. As part of its seniors strategy, the Ontario Securities Commission studied and analyzed barriers to retirement planning […]
As the average income replacement rate for capital accumulation plans continues to trend downwards, can employers mitigate this movement with the Canada Pension Plan’s incoming enhancements? According to a new report by Eckler Ltd., CAP replacement rates fell to a new low at March 31, 2018, settling at 58 per cent for men and 56 per cent for women. These […]
Since 2011, Norway’s national pension provider has been calculating the life expectancy of those turning 61 as part of pension reforms introduced at that time. It then factors the calculation into the pension benefits people in that cohort will receive. The National Insurance Scheme, which is the standard public pension Norwegians pay into during their […]
Some 61 per cent of Ontarians said they have or anticipate having low liquid retirement assets, according to new research by the Canadian Institute of Actuaries. Its research, prepared by Saisai Zhang, Mary Hardy and David Saunders of the University of Waterloo’s department of statistics and actuarial science, looked at the anticipated concerns of those between the ages […]
The Ontario Human Rights Tribunal’s recent ruling that it’s unconstitutional for plan sponsors to discontinue benefits for employees after the age of 65 represents a fundamental shift for employers, according to one labour and employment lawyer. “Previously, the Human Rights Tribunal would not enforce any discrimination issues if employers were to cut off benefits at […]
When Ontario abolished mandatory retirement in 2006, employers could still terminate benefits for workers who turned 65. But in May, the province’s Human Rights Tribunal determined the provision in the Human Rights Code that allowed employers to do so was unconstitutional. Previously, employers often offered benefits to older workers to encourage them to stay and […]
Almost a third (32 per cent) of Canadian millennials cited the lack of a pension plan as one of the concerns of working in the gig economy, according to a new survey by TD Insurance. The survey, which queried more than 6,000 Canadians over the age of 18, also found millennials are concerned about the gig economy’s […]
Hub International Ltd. has acquired yet another benefits brokerage: Quebec-based Les Avantages Sociaux Delta Inc. Based in the Montreal area, Delta provides support and actuarial services for group insurance and retirement plans, as well as human resources and disability management. With the acquisition, Delta will join Hub’s Quebec business. Delta’s founder and chairman, Roger d’Eschambault, […]
A suite of additional features planned for the Canada Pension Plan will mean an extra $900 million in costs by 2050, Canada’s chief actuary is estimating. Earlier this week, chief actuary Jean-Claude Ménard released a new report on the state of the Canada Pension Plan in light of additions agreed to by Canada’s finance ministers […]