The Saskatchewan Pension Plan is improving investment choice for members in the accumulation phase and introducing new options to help them through decumulation as well. Leading up to retirement, SPP members are defaulted into a balanced fund, which has been in place since the plan started in 1986. In 2010, it introduced a short-term fund, […]
Rolls Royce Canada Ltd.’s reward and pension manager talks benefits plan costs, Excel spreadsheets and playing soccer with his daughter. Q. What top challenges do you face in your role? A. Before the coronavirus crisis, a challenge I’d been dealing with was promoting awareness of the hidden value in group benefits plans, their escalating cost and who’s […]
A new paper is evaluating how global retirement systems are faring in the wake of the coronavirus pandemic and what reforms will be required to facilitate the retirements of future generations. The paper, ‘Building better retirement systems in the wake of the global pandemic,’ by Olivia Mitchell, a professor and executive director of the pension research council […]
While some defined contribution pension plan members may push their retirement plans back because of market turmoil caused by the coronavirus, others won’t be willing to do so. Those soon-to-be retirees will have to take other measures to ensure they can retire, which will likely include diversifying their potential sources of retirement income, according to […]
Hub International Ltd. is acquiring Usefulideas, an employee benefits and group retirement consultancy based in Toronto. Joanne Rose, the organization’s principal and senior benefits consultant, will join Hub Ontario, reporting into Matt Lievers, its president of employee benefits. “Usefulideas will be a great addition to our growing employee benefits and retirement team in Canada,” said Gregory […]
In the group benefits world, the first rumblings of the effects of the coronavirus pandemic came when plan sponsors started asking, as early as January, about their travel insurance provisions. “Clients were worried about their business travellers and expatriate employees, in China mostly, and afterwards for their employees travelling for their winter vacations,” said Daniel […]
Defined contribution pension plan sponsors may face workforce planning challenges coming out of the coronavirus pandemic as older plan members whose account balances were hard hit by this year’s market volatility delay their retirements. “We saw a lot of presenteeism coming out of the [global financial crisis] — are we going to see that again?” asks […]
A retiree whose retirement savings are primarily in a registered savings plan, such as a life income fund or registered retirement income fund, already faces a number of risks and challenges during their retirement years. But a significant financial market correction highlights one of these challenges — how much income should be withdrawn from the […]
The coronavirus pandemic has prompted U.S. employers to make several changes to their health and retirement offerings, according to a new survey by the International Foundation of Employee Benefit Plans. On the health benefits side, nearly all respondents (98 per cent) said they’re offering virtual health services, up 10 per cent from before the pandemic. And nearly half […]
While many Canadians can’t wait to start drawing down Canada Pension Plan benefits when they turn 65, it’s important to consider whether that’s the right move Bonnie-Jeanne MacDonald, director of financial security research at Ryerson University’s National Institute on Ageing Delaying CPP is the safest, most inexpensive approach to receiving more secure retirement income. Yet […]