The latest news articles and legislative updates on retirement reform
Pension plans are a priority on society’s fix-it list.
Plan sponsors in Canada are finding it increasingly difficult to fund defined benefit (DB) pension plans, which rely on employer contributions to provide promised benefits to participants. As the population ages and investment performance slips, additional contributions are needed to adequately fund DB plans, but economic volatility makes finding the extra cash problematic.
As DB plans struggle, attention has shifted to capital accumulation plans. Both sponsors and participants contribute money to capital accumulation plans, which is often then left to the mercy of the markets. Some wonder whether capital accumulation plans will provide adequate retirement income—will participants have enough money to last the rest of their lives?
Federal, provincial and local governments are legislating temporary and permanent funding/solvency relief for DB plans. Governments and industry experts are also analyzing the possibilities of retirement income security for their aging populations. Are lifetime income distribution options plausible? Should retirement saving be mandatory? Are participants receiving the information and education they need to plan for retirement and make wise investment decisions? These are just some of the issues to watch in the continuing debate.
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B.C.’s DB pension solvency changes to take effect Dec. 31, Benefits Canada, December 23, 2019
- What pension legislation is expected in 2020? Benefits Canada, December 20, 2019
- Lower interest rates inflating federal pension costs: Morneau, Benefits Canada, December 17, 2019
- Proposed Manitoba pension rule changes would permit creation of solvency reserve accounts, Benefits Canada, December 9, 2019
- The Alberta Pension Plan is no slam dunk: memo, Benefits Canada, December 4, 2019
- Alberta launches panel to examine involvement in CPP, national pharmacare, Benefits Canada, November 12, 2019
- Quebec to introduce bill allowing target-benefit pension plans, Benefits Canada, November 11, 2019
- Ontario pension bill includes changes to e-communications, missing members, Benefits Canada, November 6, 2019
- Maximum pensionable earnings under CPP to rise in 2020, Benefits Canada, November 4, 2019
- FSRA prioritizing pension plan flexibility in consultation, Benefits Canada, October 28, 2019
- Liberals’ election win implications for pharmacare, pension legislation, Benefits Canada, October 22, 2019
- Canadian DB plans increasingly focused on long-term goals, monitoring pension risk, Benefits Canada, October 18, 2019
- FSRA forming pension advisory committees, Investment Executive, October 11, 2019
- Pension plan sponsor appetite strong for new innovative design options, Benefits Canada, October 7, 2019
- FSRA Announces “One-Time Opportunity” for Outstanding Pension Plan Filings, Blakes, September 26, 2019
- New report explores policy implications for new ‘contingent’ pension plans, Benefits Canada, September 26, 2019
- British Columbia pension funding reform proposals, Morneau Shepell, September 25, 2019
- Feds to amend insolvency legislation to protect pensions, Benefits Canada, September 5, 2019
- A look at the landscape for pension solvency funding reform across Canada, Benefits Canada, August 21, 2019
- Canadian DB pension solvency on the rise but volatility ahead, Benefits Canada, July 4, 2019
- Ontario Clarifies DB Funding Reforms under the Pension Benefits Act, Hicks Morley, June 12, 2019
- N.S. moving forward with new DB pension solvency regime, Benefits Canada, May 28, 2019
- Pension model of future must find common ground between DB, DC: report, Benefits Canada, May 24, 2019
- Pension industry welcomes clarity around electronic communications, Benefits Canada, May 22, 2019
- CPP fund reaches $392 billion at 2019 fiscal year-end, Benefits Canada, May 16, 2019
- Roll out of higher CPP costs expected to affect HR budgets for wages, benefits, Financial Post, May 12, 2019
- Ontario amends pension legislation to address electronic beneficiary designations, Osler, Hoskin & Harcourt, May 6, 2019
- 2019 Ontario Budget includes pension and benefits related matters, Morneau Shepell, May 2019
- Québec amends the funding rules for defined benefit multi-jurisdictional pension plans, Willis Towers Watson, April 23, 2019
- Expanding the benchmarks for pension funding status, Benefits Canada, April 17, 2019
- Can CPP have a provincial bias? Benefits Canada, April 17, 2019
- Ontario removes red tape for pension plans joining JSPPs, Benefits Canada, April 9, 2019
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What do pension benefits guarantee fund changes mean for plan sponsors? Benefits Canada, March 26, 2019
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Budget 2019: Proposed changes to pension legislation, annuities, CPP, Benefits Canada, March 20, 2019
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What do OSFI’s new rules for assessing pensions mean for plan sponsors? Benefits Canada, March 19, 2019
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Nova Scotia proposes measures to bolster defined-benefit pension plans, CBC, March 12, 2019
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CAPSA Sets New Guidelines, Benefits and Pensions Monitor, March 11, 2019
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Temporary solvency relief for defined benefit plans registered in British Columbia, Willis Towers Watson, March 8, 2019
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DB Pensions best option for Canadian employers, economy: report, Benefits Canada, February 12, 2019
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Canadian pensions end 2018 with solvency decline, Benefits Canada, January 4, 2019
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CPP contributions rise this week, Investment Executive, January 2, 2019
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A look ahead at pension legislative changes for 2019, Benefits Canada, December 28, 2018
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CAPSA issues draft revised electronic communications guideline for pension plans, Morneau Shepell, December 13, 2018
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A look at Alberta's incoming joint pension governance structure, Benefits Canada, December 3, 2018
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A primer on the incoming CPP/QPP enhancements, Benefits Canada, November 27, 2018
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Considerations for employers around the incoming CPP enhancements, Benefits Canada, November 23, 2018
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Ontario to move forward with variable benefits from DC pensions, Benefits Canada, November 16, 2018
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Ontario funding reform update: Ontario requires amendments to Statements of Investment Policies and Procedures and plan texts, Morneau Shepell, November 15, 2018
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BC issues consultation paper on solvency funding reform, Morneau Shepell, November 14, 2018