Pension plans

On November 7, the Quebec government introduced Bill 80 to the National Assembly in order to implement provisions announced in the Budget Speech delivered on March 12, 2024. This bill reaffirms Quebec’s leadership in decumulation by specifying the legislative framework for the implementation of dynamic pension funds, also known as variable payment life annuities (VPLAs).

In Q3 2024, the average pension plan’s going concern financial position remained stable. Solvency remained stable for the Previous component but deteriorated for the New component.

In Q3 2024, the average pension plan’s going concern and solvency financial positions remained stable.

On September 9, 2024, the Canadian Association of Pension Supervisory Authorities (CAPSA) released two new guidelines for pension and group savings plan administrators and sponsors: Guideline No. 10 for risk management for plan administrators and Guideline No. 3 for capital accumulation plans . As a reminder, CAPSA is an association of pension regulators for provincial and federal plans whose mission is to promote the establishment of an efficient and effective pension regulatory system in Canada.

On September 9, 2024, the Canadian Association of Pension Supervisory Authorities (CAPSA) released an updated version of Guideline No. 3 for pension and group savings plan administrators and sponsors, as well as Guideline No. 10 on risk management for plan administrators. Although CAPSA reviews Guideline No. 3 every five years, the 2024 version is the first major update in 20 years.

On September 14, the Department of Finance published a draft regulation to amend the Pension Benefits Standards Regulations, 1985 (the Regulations) applicable to federally regulated defined benefit pension plans. The proposed amendments are designed to allow the establishment of solvency reserve accounts and to ease solvency funding requirements for multi-employer pension plans.

Montréal, Québec – July 16, 2024 – Normandin Beaudry, a leader in actuarial and total rewards consulting services, is pleased to announce the appointment of Sonia Gélinas as the organization’s newest partner with the Pension team. An experienced actuary with a proven track record in consulting to large plans under Québec’s municipal and university regulation, Ms. Gélinas is set to elevate Normandin Beaudry’s service offerings.

The average funded ratio and solvency ratio of pension plans improved slightly in Q2 2024.

The average funded ratio of pension plans remained stable in Q2 2024, while the solvency ratio improved slightly.

On June 19, the Quebec government adopted the Regulation amending the Regulation respecting supplemental pension plans (Regulation), intended to offer greater flexibility in the use of retirement savings as of age 55.

Normandin Beaudry, a leader in actuarial and total rewards consulting services, today issued Canadian insights following MBWL International’s release of its 2024 Global Benefits Forecast survey.

The Financial Services Regulatory Authority of Ontario (FSRA) has recently issued guidance on the following topics, which directly affect Ontario pension plans and their management. This bulletin summarizes the content and outlines of these guidelines.