As the federal Conservative Party finally introduced its election platform last week, it included a number of provisions around pension plan solvency and retirement security. If elected, the party said it will mandate that all federally regulated companies report on the solvency of their pension funds. “This will give seniors the confidence that their hard-earned […]
While group retirement compliance is a legal requirement in the U.S., Canadian plan sponsors only have a set of guidelines and best practices to follow. These are in place to help plan sponsors maintain fiduciary responsibility by keeping the interest of the plan member at the forefront of decisions regarding their group retirement plan. One […]
Most (80 per cent) Canadians said they’d rather have an improved pension, or any pension, than a higher salary, according to new research by the Healthcare of Ontario Pension Plan. The survey of 2,500 Canadians found more (75 per cent) respondents are worried about being able to save enough for retirement than are primarily concerned over […]
General Electric Co. is freezing its U.S. defined benefit pension plan for about 20,000 employees with salaried benefits, reducing its pension deficit by between US$5 million and US$8 million. The affected employees will cease accruing additional benefits or make employee contributions after Jan. 1, 2021, but benefits accrued until Dec. 31, 2020 will be unaffected. As of the […]
Hub International Ltd. is acquiring ProCorp Financial Inc., an Ottawa-based boutique benefits and retirement consulting firm. Hugh Doyle, president of ProCorp Financial, will join Hub Ontario and report to Matt Lievers, president of employee benefits and retirement at Hub Ontario. “We are thrilled to welcome Hugh and the ProCorp Financial team to Hub,” said Gregory Belton, executive chairman of Hub Ontario. “ProCorp […]
When investing in Brazil, what considerations should institutional investors keep in mind? And how can the market fit into a pension portfolio? One issue to watch is pension reform, said Heather Hagerty, a research analyst at Fidelity Investments, during the Canadian Investment Review‘s podcast “Pension Podcast.” “Brazil is one of only a small number of […]
As Canadians struggle to make ends meet and manage growing debt, they’re increasing putting their future financial plans — including retirement — on the back burner, according to a new survey by BDO Canada. The survey, which polled more than 2,000 Canadians, found more — 39 per cent compared to 31 per cent in 2018 — said […]
The Ontario Medical Association is partnering with Common Wealth to offer its physician members and their spouses access to a retirement plan. The Advantages Retirement Plan, which will be rolled out later this year, is the result of more than two years of research on physician retirement readiness and input from OMA members. A survey conduced […]
Canada has risen one spot, to No. 8, on a list of the countries that provide the best retirement security. The annual list, from Natixis Investment Managers, found Canada ranked higher in the finances and material well-being sub-indexes, decreased in quality of life and held steady in health. The report also identified three global risks weighing on […]
In October 2017, De Beers Canada senior management flew to the company’s remote Victor diamond mine near Attawapiskat, Ont., to tell its employees some tough but not unexpected news: the mine was slated to close in the first quarter of 2019. When the fly-in, fly-out operation opened in 2008, the company forecasted it would last […]