Expert commissions were established in Nova Scotia, Ontario, Alberta and British Columbia to provide a comprehensive review of the pension system in those provinces. Key objectives were to increase pension coverage of employees and, in some cases, self-employed workers and to preserve the use of defined benefit (DB) plans where possible. In addition, consideration of ways to deliver an improved benefit for defined contribution (DC) members was reviewed, particularly in Alberta and British Columbia.
Absenteeism, disability and other health-related matters are costing the average participating organization millions of dollars each year in benefit payouts and lost productivity.
Concerns ease over a perceived crisis in pension plan funding, according to a new survey jointly conducted by The Conference Board of Canada and Watson Wyatt Worldwide. However, deficits remain a serious challenge for more than half of the respondents.
Increasingly, business issues are playing out on a world stage. Global competition, offshore outsourcing and cross-country mergers touch almost every company today.
In September, Watson Wyatt surveyed a cross-section of 84 Canadian capital accumulation plan/defined contribution (CAP/DC) sponsors to understand the major challenges they are facing in todays economic environment. In particular, the survey focused on identifying strategies that can help CAP/DC members achieve better retirement outcomes from their plans.
