Pension Legislative Update (Canada)
The latest news articles and legislative updates for retirement plans.
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.
- Ontario continues work on infrastructure bank, target-benefit pension plan framework, Benefits Canada, March 27, 2024
- Clear, flexible regulations needed for target-benefit plans: report, Benefits Canada, March 19, 2024
- Pension funds end Q4 2023 with positive results driven by equities, fixed income: report, Benefits Canada, March 5, 2024
- Pension funds improving modestly on climate but more work to be done: report, Benefits Canada, February 28, 2024
- Canada Entered Last Phase of CPP Enhancements on January 1, 2024, Littler, January 29, 2024
- Canadian DB pension plans ended 2023 stronger than they started it, Wealth Professional, January 4, 2024
- Changes to CPP, QPP deductions taking effect this month, Benefits Canada, January 2, 2024
- Alberta government rejects amendments to CPP exit legislation, Benefits Canada, December 11, 2023
- Changes coming to Canada Pension Plan in 2024, CTV News, December 11, 2023
- Alberta legislature wraps up fall sitting, passes Canada Pension Plan exit legislation, Global News, December 7, 2023
- Ontario DB pension plans’ average solvency ratio increased to 117% in Q3 2023: FSRA, Benefits Canada, November 24, 2023
- Bill 33 – British Columbia amends Pension Benefits Standards Act, Eckler, November 23, 2023
- N.S. legislation allowing private employers to transfer pensions into PSSP, Benefits Canada, November 23, 2023
- Removal of ‘30% rule’ could boost investment, reduce private equity fees for Canadian pension funds, Benefits Canada, November 23, 2023
- Average Canadian DB pension plan returns -4% in Q3 2023: reports, Benefits Canada, November 2, 2023
- What is the CPP anyway? And why is Alberta leaving it different from Quebec?, CBC, November 2, 2023
- Finance ministers to meet on Alberta’s proposal to leave Canada Pension Plan, Benefits Canada, October 27, 2023
- Alberta deserves more than half CPP assets if it exits program: report, Benefits Canada, September 22, 2023
- Ontario Pension Plan Update: Ongoing Consultations of Interest, Hicks Morley, September 15, 2023
- New Ontario target benefit funding framework a welcomed principles-based approach, Eckler, September 7, 2023
- Updates to FSRA pension administration guidance will strengthen language around legal risks: expert, Benefits Canada, August 22, 2023
- Alternatives are keeping Canadian pension plans in a winning position, Wealth Professional, August 8, 2023
- Bill C-228: Expanded pension protection receives royal assent, Borden Ladner Gervais, July 10, 2023
- Median solvency ratio of Canadian DB pensions up in Q2: reports, Benefits Canada, July 6, 2023
- Feds release draft changes to pension rules for “unlocatable” members, Investment Executive, June 27, 2023
- Saskatchewan’s pension and benefits administrator transitioning to not-for-profit model, Benefits Canada, June 12, 2023
- Amendment to Manitoba pension legislation providing flexibility for beneficiary designation, Benefits Canada, June 8, 2023
- Manitoba, NL formally join multi-jurisdictional pension plan agreement, Benefits Canada, May 16, 2023
- New Pension Priorities in Bankruptcy and Insolvency Are Now Reality, Bennett Jones, May 2, 2023
- Controversial super-priority pension bill receives royal assent, Benefits Canada, May 2, 2023
- Canadian DB pension plans see median return of 4% in Q1 2023: report, Benefits Canada, May 1, 2023
- How will crypto disclosure rules impact federally regulated pension plans? Benefits Canada, April 20, 2023
- Business owners brace for second stage of CPP expansion, Investment Executive, April 11, 2023
- Manitoba, NL to sign onto agreement for multi-jurisdictional pension plans, Benefits Canada, March 30, 2023