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The Association of Canadian Pension Management’s top priority in 2023 is convincing Canada’s senate to amend or block the passage of Bill C-228, according to Ric Marrero, the association’s president and chief executive officer. “Our first priority is to keep monitoring Bill C-228, which is now in the senate. Our members think it would cause […] ....
Company pension plans will soon get super-priority in bankruptcy and insolvency matters. But the new rules could impact the lending environment in Canada, critics warn ....
Court of appeal decision highlights importance of clear pension communications benefitscanada.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benefitscanada.com Daily Mail and Mail on Sunday newspapers.
Julius Melnitzer Tucked away in the federal budget are proposals that will lighten the load for defined contribution pension plan administrators confronted with historical under and over contributions. “These errors are usually inadvertent system or software issues or new regulatory guidance or rulings that have retroactive effect,” says Mark Firman, a pensions and benefits lawyer with Stikeman Elliott LLP. “The budget proposals should make it easier for administrators to deal with these issues.” Currently, the Income Tax Act doesn’t contemplate these issues or provide remedies to correct them. “As things stand, the cost of fixing these mistakes can often exceed the amount of the mistake itself,” says Andrea Boctor, the chair of Osler, Hoskin & Harcourt LLP’s pension and benefits group. ....
Feedback from stakeholders is favourable, for the most part. “On the whole, pension regulators have been sensible and reasonable,” says Gavin Benjamin, partner in Morneau Shepell Ltd.’s retirement solutions business. They’ve been responsive as well, which could help account for the positive reviews. “Regulators have been very engaged in consultations with stakeholders,” says Andrea Boctor, a pension partner at Osler, Hoskin & Harcourt LLP. Hindsight (on 2020) is 20/20 Indeed, experts recognized the unfairness of using hindsight to evaluate decisions taken in uncertain times and fluid conditions. Still, opinions vary somewhat depending on the performance of individual regulators and regional sensitivities. ....