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An overview of new DC plan decumulation options

mschmit — Fri, 17 Apr 2020 04:39:41 +0000

From plan members to plan sponsors to providers, everyone in the industry is talking about decumulation. Even governments are getting in on the action. But what will be the effect of the new products? “The options will meet the needs of some employers, but we’re not heading for a revolution just yet,” said Marc-Antoine Morin, […]

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A look at how five DC plan members are approaching decumulation

mschmit — Fri, 20 Mar 2020 04:57:24 +0000

Sometimes, the best way to explore the unknown is by following in the footsteps of someone who’s been there first. When it comes to in-plan decumulation options from a defined contribution pension, whether the plan was grandfathered into existing legislation or is registered in a province that allows the option, many employers — and their […]

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High-cost drug strategy, flexible annuities in CLHIA wish list for federal budget

mschmit — Thu, 06 Feb 2020 04:30:58 +0000

The Canadian Life and Health Insurance Association is asking the federal government to develop a strategy for access to high-cost drugs and to make flexible annuity options available for a variety of retirement savings vehicles. In its 2020 budget submission to Finance Minister Bill Morneau, the association called for the federal government to work with provincial and territorial governments and […]

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Decumulation options, OCIO among pension trends for 2020

mschmit — Mon, 30 Dec 2019 03:00:27 +0000

The holiday season is a time to reflect on the events of 2019 and how they may affect trends in the year to come. I predict a couple of trends on the pension landscape in 2020: much needed progress on the expansion of decumulation options and the outsourcing of the chief investment officer function. Expansion of […]

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What pension legislation is expected in 2020?

mschmit — Fri, 20 Dec 2019 04:54:28 +0000

Pension plan stakeholders will see a continued evolution of both short- and long-term reform, with some significant developments expected in 2020. “Hopefully, Ontario will finalize the rules for its target benefit regime — perhaps we’ll see the introduction of single employer target-benefit rules — and there should be some action on variable benefits because the […]

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PIAC concerned draft rules on VPLAs exclude smaller DC pension plans

mschmit — Mon, 30 Sep 2019 05:30:02 +0000

The Pension Investment Association of Canada is concerned draft legislation on variable payment life annuities doesn’t do enough to help small defined contribution pension plans use them. In a letter to Finance Minister Bill Morneau, the PIAC noted VLPAs, which were introduced in the 2019 federal budget, are a solution of great interest to its membership. […]

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A look at the legislative landscape for decumulation options in DC plans

mschmit — Fri, 16 Aug 2019 04:55:58 +0000

On the same day Keith Dixon began working at the University of Victoria, the campus gained another new addition: its combination pension plan. Introduced in July 1968, the plan is fairly unique in the world of Canadian pensions. It operates on a defined contribution basis, with the university and plan members each contributing. But when […]

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A look at DC pension trends in the U.S.

mschmit — Fri, 28 Jun 2019 03:52:48 +0000

Whether operating in Canada or the United States, defined contribution plan sponsors are facing the same challenges around demographics, plan design and their employees’ retirement readiness. On the demographics front, more baby boomers are retiring and taking their pension balances with them. As DC plans lose members, plan sponsors may see a rise in costs […]

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Sounding Board: How will Canadians stretch their retirement savings to age 100?

mschmit — Tue, 21 May 2019 05:00:57 +0000

I was lucky enough to know my great-grandmother. I remember her living to the age of 94 — “incredible,” my family would say. But not as incredible as my great-grandfather. Though I never knew him, he lived to the age of 101. Growing up in the 1980s, I recall that someone living to age 100 […]

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Decumulation, cyber security among initiatives in CAPSA’s latest strategic plan

mschmit — Thu, 25 Apr 2019 05:00:07 +0000

The Canadian Association of Pension Supervisory Authorities has outlined its priorities for April 2019 to March 2022 in its new strategic plan, which included initiatives like focusing on defined contribution plan decumulation and cyber security. Jason Vary, president at Actuarial Solutions Inc., notes while all the identified priorities were worthwhile, some are more important than […]

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