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Business needs to make the case for adequate retirement income

Business needs to make the case for adequate retirement income The retired couple contacted his office about a stark choice confronting them: food or heat. They didn’t have enough money for both. A growing number of reports and anecdotal evidence suggests they aren’t alone, as people across Canada struggle with inadequate retirement income, suggesting that the oft-discussed retirement crisis is now at the doorstep of many ...more

Retirees take aim at feds’ target benefit plans

Retirees take aim at feds’ target benefit plans Getting on the bad side of retired Canadians is never a good idea, a lesson one might have thought today’s generation of politicians would have learned from Brian Mulroney when he tried to de-index pensions back in 1986. After incurring the wrath of seniors, particular one irate elderly woman who told him during a protest on ...more

Voluntary ‘doesn’t work’ as a retirement model: Don Ezra

Voluntary ‘doesn’t work’ as a retirement model: Don Ezra In a perfect world Canadians would be saving enough of their working income to provide for a comfortable and secure retirement. But there’s lots of evidence to conclude that when it comes to retirement planning, it’s far from a perfect world. There is plenty of information to suggest that left to their own devices Canadians can’t ...more

Overall lack of pensions narrows retirement income gap between men and women

Overall lack of pensions narrows retirement income gap between men and women As today’s women shatter glass ceiling after glass ceiling they are narrowing the gap with men in all walks of life. However, when it comes to retirement income, the lack of adequate pension provision for both sexes is becoming an unfortunate equalizer. The absence of workplace pension plans has resulted in a kind of race to ...more

Quebec’s VRSP model aims at workers without a pension plan

Quebec’s VRSP model aims at workers without a pension plan Whether it’s NEST in the United Kingdom, Australia’s superannuation system, the KiwiSaver in New Zealand, or the new VRSP in Quebec, all have one thing in common: a realization that people need some sort of nudge to help them save for retirement. The DC-type plans have some key differences, but a core element is a requirement ...more

Mandatory aspect of ORPP a bold initiative, says Jo-Ann Hannah of Unifor

Mandatory aspect of ORPP a bold initiative, says Jo-Ann Hannah of Unifor Retirement anxiety is a real and tangible concern for millions of Canadians. More than 60 per cent don’t have an occupational pension plan, and for them the traditional notion of the ‘golden years’ is fast becoming unattainable. Efforts are being made to solve the riddle of inadequate retirement income, with solutions including the promised Ontario Retirement ...more

Stay focused on market volatility, says AIMCo’s Leo de Bever

Stay focused on market volatility, says AIMCo’s Leo de Bever As Canadian pension plans surge back towards surplus on the strength of stellar 2013 investment returns, cooler heads realize the good times won’t last forever and that funds need to continue to manage risk to keep the pension benefits flowing to retirees. Leo de Bever seems to fit comfortably into this group of cautious managers. The ...more

Anxious workers would trade pay for pension benefits

Anxious workers would trade pay for pension benefits Canadians are becoming increasingly anxious that their retirement years may not be as golden as once imagined, and they are willing to bargain with employers to achieve greater retirement security. A report by Towers Watson, the Global Benefits Attitude Survey, reveals Canadians are so concerned about their retirement readiness, they are willing to trade wages for ...more

Saskatchewan Healthcare Employees’ Pension Plan Applauds the Appointment of New CEO Alison McKay

Saskatchewan Healthcare Employees’ Pension Plan Applauds the Appointment of New CEO Alison McKay The Saskatchewan Healthcare Employees’ Pension Plan (SHEPP) is pleased to announce the appointment of Alison McKay as Chief Executive Officer (CEO). Alison was selected to replace former CEO Brad Garvey who left the organisation in April, 2013 due to a sudden and unexpected illness. “I’m looking forward to the challenges ahead as SHEPP builds on recent ...more

ARIA exclusive: Adequate retirement income good for people and economy: Murray Gold

ARIA exclusive: Adequate retirement income good for people and economy: Murray Gold Even though analysis shows that an expanded Canada Pension (CPP) would benefit younger Canadians more than it would boomers at or near retirement’s door, some opponents of higher contributions to pay for better benefits insist younger Canadians would be footing the bill for an older generation that hasn’t saved enough. It would take decades for higher ...more

Increased longevity fuels retirement-income anxiety

Increased longevity fuels retirement-income anxiety The good news is that Canadians are indeed living longer and generally healthier lives. The bad news is that where there is life there is expense and Canadians, notably those not in a defined benefit pension plan, have to come up with the money to fund those extra years. And as Ian Markham, Retirement Innovation Leader ...more

Data shows pension coverage a problem for the private sector

Data shows pension coverage a problem for the private sector Pension experts across the developed world agree that a retirement crisis driven by the lack of adequate retirement income will have serious consequences for individuals and economies. The range of dire outcomes from not having enough retirement income include an increase in the rates of senior poverty, people simply not having enough income to ever fully ...more

Savings program designed to get workers in the habit of preparing for retirement

Savings program designed to get workers in the habit of preparing for retirement It’s not a pension plan, but it does have at least one important component of one: payroll deduction. And one of the hopes for it is that it will at least get low-income people without much in the way of potential retirement money to begin saving. The myIRA concept Barrack Obama announced in his State of ...more

NB retirees continue to fight for their pensions

NB retirees continue to fight for their pensions Politicians have learned to tread lightly when it comes to retirees and their pensions. Former Prime Minister Brian Mulroney will likely attest to that, remembering his encounter with a senior citizen during a 1986 protest in Ottawa. Mulroney had made a decision to partly de-index pensions, a move that earned the ire of protester Solange Denis, ...more

Lack of CPP reform unfair to younger Canadians: Mathyssen

Lack of CPP reform unfair to younger Canadians: Mathyssen Intergenerational fairness is a term often used in the context of pension reform, with opponents of measures to improve retirement security often asking whether younger Canadians should be on the hook for boomers who haven’t been able to accumulate sufficient retirement income. The chatter is most often heard in relation to proposals to beef up Canada ...more

Time to deal with retirement insecurity: Rankin

Time to deal with retirement insecurity: Rankin As Murray Rankin moves across the country meeting with ordinary Canadians “of a certain age” about pressing issues of today and tomorrow, including the provision of adequate retirement income, he wishes he could see some younger faces in the crowds. Particularly on retirement issues, which many experts and observers predict will impact younger Canadians as much ...more

We’re All Invested – DB plans “part of the solution” in addressing retirement income crisis

We’re All Invested – DB plans “part of the solution” in addressing retirement income crisis A retirement income crisis awaits us if action is not taken on expanding workplace pension coverage in Ontario and across the country. That was one of the key messages delivered at “We’re All Invested,” an information session held March 17 at the MaRS Centre in Toronto. The event was sponsored by the Healthcare of Ontario Pension ...more

Alberta pension plans set to return to surplus without any changes: McGowan of the AFL

Alberta pension plans set to return to surplus without any changes: McGowan of the AFL Public sector pension plans are the cornerstone of retirement security for more than 300,000 Albertans, and if changes need to be made to them, the reasons should be justified and transparent, says Gil McGowan, president of the Alberta Federation of Labour. However, the changes to the province’s pension plans being pushed by the Alberta government are ...more

Collective approach needed for DC to work: Baldwin

Collective approach needed for DC to work: Baldwin A conversation with noted pension authority Bob Baldwin is not a this-or-that exercise. Rather, when discussing the provision of adequate retirement income, the dialogue is more of a nuanced exploration of issues, challenges and solutions. If it’s absolutes you seek when it comes to retirement and pension questions, Baldwin offers a broader perspective. For instance, he ...more

DC retirement shifts planning burden onto individual’s shoulders

DC retirement shifts planning burden onto individual’s shoulders For a member of a traditional pension plan, the defined-benefit model, transitioning into retirement is a relatively simple process: you let your employer know you are moving on, sign some papers and wait for the pension to arrive, probably through direct deposit into your bank account. However, for the more than 60 per cent of Canadians ...more

In The Headlines
Feds say new rules would improve DC plans – ARIA post

(Sept. 19, 2014) The federal government is proposing new regulations that it says will strengthen defined contribution plans. “The proposed amendments to the Pension Benefits Standards Regulations, 1985 (PBSR), would … (improve) the framework for defined contribution plans, enhancing disclosure and protection for plan members and beneficiaries, and modernizing the pension investment rules,” a release states. The ...more

Fund managers worry bubble burst could take savings down – ARIA post

(Sept. 19, 2014) Rules enacted by the Iceland government in the wake of the Great Recession have pension officials concerned they are imperiling the country’s retirement savings, reports Pension 360. The rules were put in place in 2009 after major banks failed, and are designed to drive Iceland’s economy, a strategy that has worked as the ...more

Alberta kills controversial pension bills – ARIA post

(Sept. 19, 2014) When the Alberta legislature was prorogued Thursday, two controversial pension bills ended with it, and it doesn’t look like they will be coming back when the government returns Nov. 17, reports CBC News. As the government prepares for two by-elections, the pension bills – 9 and 10 – will die on the order paper, ...more

CPPIB looks to ‘stand pat’ on Alibaba holdings – ARIA post

(Sept. 18, 2014) In what seems to be a case of liking what it has, the Canada Pension Plan Investment Board is holding onto its Alibaba Group Holding Ltd. stock, but isn’t bulking up on more, reports the Globe and Mail. The board, according to a spokesperson, has put $160-million (U.S.) into Alibaba, but isn’t saying much else ...more

Financial literacy programs earn their keep – ARIA post

(Sept. 17, 2014) It’s becoming increasingly obvious that the state of financial literacy among Canadians is fairly dismal, and that workplace financial education programs can make a difference, reports Benefits Canada. Financial literacy programs can make a significant difference in terms of employee savings and productivity, according to a survey commissioned by FinFit, reports Benefits Canada. Through  a ...more

Longevity is changing face of retirement – ARIA post

(Sept. 17, 2014) Writing in the Financial Post Magazine, Robert Thompson says Bernard Dussault, former chief actuary of the Canada Pension Plan, is typical of Canadians of retirement age: at 72 old enough to retire, but not quite ready to hit the links full-time. Rather, Dussault continues to work as a consultant to The Professional Institute of ...more

Teachers’ adds airport to infrastructure assets – ARIA post

(Sept. 17, 2014) The Ontario Teachers’ Pension Plan (OTPP) is taking off with a purchase of 50 per cent of the UK’s Bristol Airport, giving it complete control of the facility, reports the Globe and Mail. Teachers’ is purchasing its airport partner’s 50 per cent share, giving it total control of the UK’s ninth largest airport. The ...more

Bill 3 protestors ‘remind’ premier of opposition – ARIA post

(Sept. 16, 2014) Quebec Premier Philippe Couillard is finding it difficult to avoid reminders of the vocal opposition to Bill 3, his government’s proposed municipal pension reform legislation, reports the Huffington Post. The premier “got a noisy welcome” from protestors when he addressed a Liberal Party symposium at College Champlain in the Montreal suburb of St-Lambert, reports The ...more

CalPERS exits hedge funds – ARIA post

(Sept. 16, 2014) In a drive to simplify its investment portfolio and reduce costs, the California Public Employees’ Retirement System (CalPERS), the largest fund in the United States with about US$300 billion in assets, is divesting itself of its hedge fund program, reports Benefits Canada. The value of the hedge funds it is exiting is about US$4 billion. “Hedge ...more

Opponents of Phoenix ballot say it will end survivor and disability benefits – ARIA post

(Sept. 16, 2014) Opposition to a ballot initiative to terminate Phoenix’s employee pension system is heating up with claims that it will deny benefits to injured city employees and survivors of deceased police officers and firefighters, reports the Arizona Republic. That position is being challenged by proponents of Proposition 487, but city officials are suggesting “there ...more

Live retirement to the fullest through ‘health, wealth and self’ – ARIA post

(Sept. 16, 2014) Retirement, says Jo Ann Jenkins, CEO of AARP, should be a time of purpose and meaning, continuing to employ the skills learned during a work life, as well as learning new ones, especially technology, reports USA Today. The organization advocates for about 38 million members, 50 and older. USA Today engaged Jenkins in a Q&A ...more

DB remains model for Thunder Bay workers – ARIA post

(Sept. 15, 2014) Workers at the Bombardier Inc. light-rail plant in Thunder Bay have ratified an agreement which includes the retention of the defined benefit pension model for existing and new employers, reports the Globe and Mail. The plant builds subway cars and streetcars for the Toronto Transit Commission, and passenger cars for GO Transit. According to the union, ...more

Alberta plans need to comply with new rules – ARIA post

(Sept. 15, 2014) New rules require new attention to detail, and Alberta plan sponsors should pay attention to compliance requirements of the new Alberta Employment Pension Plans Act and Employment Pension Plans Regulation, Lesha Van Der Bij and Jana Steele, of Osler, Hoskin & Harcourt LLP, are reported saying by www.bpmmagazine.com. Plans registered in Alberta and those ...more

Feds and four provinces agree to single regulatory system – ARIA post

(Sept. 15, 2014) The federal government and four provinces are teaming up to create a cooperative capital markets regulatory system, reports Pensions & Investments. The development is being praised by pension executives who support “a common regulator that will administer a single set of regulations to maintain efficient capital markets and manage systemic risk,” reports P&I. Ontario, British ...more

Demise of pensions frays bonds of loyalty – ARIA post

(Sept. 15, 2014) Who’s to blame for the lack of occupational pensions? According to a new report, the shareholders are to blame, writes Lauren Weber in the Wall Street Journal. It’s part of a trend of shareholders having more say in a company’s plans, with employees having less, writes Weber, referring to a paper written by Adam ...more

CPPIB adds Edmonton property to portfolio – ARIA post

(Sept. 12, 2014) The Canada Pension Plan Investment Board (CPPIB) has increased its real estate holdings with a $200 million stake in an Edmonton industrial development, reports the Western Investor. The plan, which has $226.8 billion in assets, is heavily invested in real estate, accounting for nearly a fifth of total assets, reports The Investor. The Edmonton ...more

Over-50 set worry about health in retirement – ARIA post

(Sept. 12, 2014) Concerns about health in retirement are keeping Americans over 50 up at night, writes Nanci Hellmich in USA Today. A new survey by Merrill Lynch in partnership with Age Wave, a research think-tank on aging issues, finds that even though the over-50 set worries about their health in retirement, only 15 per cent have ...more

ORPP design answers needed before 2017 launch – ARIA post

(Sept. 11, 2014) The Ontario Retirement Pension Plan (ORPP) is still in its inception stage and design questions will have to be answered in short order if it is to have a successful launch in 2017, www.bpmmagazine.com reports noted pension expert Keith Ambachtsheer saying. Ambachtsheer, of the Rotman International Centre for Pension Management, described the Ontario ...more

Cyber risk should be on radar of fund managers – ARIA post

(Sept. 11, 2014) Pension fund managers are familiar with well known risks, including longevity and and contribution levels. However, they may be less familiar with another type of risk, writes Alyssa Holder in Canadian Investment Review. At the 2014 Risk Management Conference, writes Holder, Alec Ross, former senior innovation advisor, Secretary of State Hillary Clinton and keynote ...more

Canadians see retirement hopes drift further away – ARIA post

(Sept. 11, 2014) It’s well known that Canadian workers aren’t having an easy time of it these days. But how bad is it for them? According to a new survey from the Canadian Payroll Association, it’s getting harder for Canadian workers, reports the Financial Post. In its sixth annual survey, the CPA found that more workers are ...more