Defined contribution plan sponsors should consider Canada’s public pension system when designing their plans, according to a panel comparing the Canadian system to the ones in Denmark, the Netherlands and Sweden at Benefits Canada’ s 2019 DC Plan Summit in Banff, Alta. in February.
Canada’s three-pillar system is comprised of old-age security and the guaranteed income supplement; the Canada Pension Plan; and private savings, which includes employer-sponsored plans. While the first and second pillars offer a decent base for retirement, it isn’t enough, said Assia Billig, who was recently named Canada’s chief actuary. She also noted the system wasn’t intended […]
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