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.
- Manitoba amends the Pension Benefits Act and a related regulation, Willis Towers Watson, September 1, 2021
- Important changes to Manitoba’s pension legislation, Manulife, August 23, 2021
- Newfoundland and Labrador granting MEPPs permanent solvency funding exemption, Benefits Canada, August 12, 2021
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George Hull Centre joining CAAT’s DBplus pension, Benefits Canada, August 5, 2021
- CAPSA developing multi-jurisdictional VPLA framework for DC pension plans, Benefits Canada, August 4, 2021
- FSRA issuing guidance on pension plan administrator responsibilities, Benefits Canada, July 30, 2021
- CAAT DBPlus pension welcoming more members of Canadian legal community, Benefits Canada, July 20, 2021
- Pension membership on the rise in Canada: StatsCan, Benefits Canada, July 7, 2021
- Colleges and Institutes Canada joining CAAT’s DBplus pension, Benefits Canada, July 6, 2021
- Three employers joining CAAT’s DBplus pension, Benefits Canada, June 24, 2021
- Saskatchewan proposes defined benefit pension funding reform, Morneau Shepell, April 2021
- Proposed New PBGF Disclosure Requirements, Hicks Morley, April 19, 2021
- St. John Ambulance joining CAAT’s DBplus pension, Benefits Canada, March 18, 2021
- Alberta looking at next steps to pull out of the CPP: Kenney, Benefits Canada, March 12, 2021
- Funding status down, alternative investments up among DB pension plans: survey, Benefits Canada, March 5, 2021
- OSFI revises pension directives to remove temporary COVID-19 related measures, Morneau Shepell, March 2021
- Newfoundland and Labrador residents can now unlock pension benefits, Benefits Canada, March 3, 2021
- Sanofi joining CAAT’s DBplus pension, Benefits Canada, February 12, 2021
- Funded Ratio for Canadian Pension Plans Improves in 2020, Chief Investment Officer, January 8, 2021
- Canadian DB pension plans entering 2021 in good financial shape, Benefits Canada, January 6, 2021
- An Early Christmas Present for Target Benefit Pension Plans in BC, PBI Actuarial, January, 2021
- Target Benefit Pension Plans: A New Option for Quebec Employers and Employees, Blakes, December 21, 2020
- Québec draft legislation to allow target benefit pension plans, Willis Towers Watson, November 30, 2020
- Feds releasing consultation on pension solvency relief measures, VPLAs, Benefits Canada, November 10, 2020
- FSRA speeding up consent process for DB pension asset transfers, Canadian Investment Review, October 27, 2020
- Quebec Moves Forward with New Supplemental Pension Plan, Blakes, October 23, 2020
- Median DB pension solvency up in 2019, FSRA monitors coronavirus impact, Benefits Canada, October 20, 2020
- A look at the 2020 agreement for multi-jurisdictional pension plans, Benefits Canada, October 16, 2020
- New Pension Holiday-Makers May Suffer Hangover, McCarthy Tetrault, October 16, 2020
- Two B.C. employers join CAAT’s DBplus pension, Benefits Canada, October 16, 2020
- Alberta government asking for proposals to study feasibility of provincial pension plan, Global News, September 16, 2020
- FSRA seeking input on draft guidance for DB pension transfers, Benefits Canada, September 15, 2020
- OSFI lifting freeze on DB pension portability transfers, annuity purchases, Benefits Canada, September 1, 2020