CANADA - An employee association has called on the Ontario Expert Commission on Pensions to examine how strictly legislation was being implemented claiming employees were ‘being seriously adversely affected'.
The Association of Management, Administrative and Professional Crown Employees of Ontario (AMAPCEO) was the bargaining agent representing over 10,000 professional and supervisory employees working for the Government of Ontario in all ministries and in a number of agencies, boards and commissions.
Gary Gannage, president and CEO, AMAPCEO, presented the brief and endorsed some of the core principles announced when the commission was established by Finance Minister Greg Sorbara in November 2006.
These included maintaining and encouraging the system of defined benefit pension (DB) plans in Ontario, maintaining the affordability of DB plans for both members and sponsors, a competitive economy, safeguarding the security of pension benefits; and the need to balance the rights and obligations of employers, plan members and pensioners.
However, Gannage said the focus of the brief was on pension asset transfers involving groups of employees, in particular employees transferring between various employers within the broader public sector.
Gannage believed the terms of Section 80 were currently being interpreted and applied very narrowly by the Ontario Superintendent of Financial Services resulting in the pensions of divested employees being “seriously adversely affected”.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.