Air Canada and unions representing more than 20,000 employees are reaching an agreement that will wind down a shared pension trust to the benefit of retired workers who are part of the company’s defined benefit plans. The airline was granted relief from pension solvency funding when facing insolvency in 2009. As part of the arrangement, […]
A story looking at dynamic pension pools as a decumulation option took the top spot over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. Dynamic pension pools a viable decumulation option for Canadians: report 2. Employers see retirement benefits as top attraction, retention tool: survey 3. Employers enforcing rules for […]
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: […]
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 […]
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 […]
A growing number of pre-retirees are planning to delay their retirement past age 65, according to a new survey by Fidelity Investments Inc. The survey, which polled more than 1,900 Canadians, found fewer than 38 per cent of respondents said they’re planning to retire by age 65, compared to about 42 per cent who said […]
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 […]
Stories delving into how employers and employees are dealing with returning to the workplace dominated the top stories over the past week on BenefitsCanada.com, with three of the five stories focusing on this timely topic. Here are the five most popular news stories of the week: 1. RBC focusing on mental health as hybrid work model rolls out 2. SAP […]
Three-quarters (75 per cent) of Canadians nearing or in early retirement said the coronavirus pandemic has them more concerned about their family’s financial security and well-being, according to a survey by Ipsos for Ryerson University’s National Institute on Ageing and HomeEquity Bank. Among respondents aged 55 to 69, 77 per cent expressed worry about their […]
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 […]