August 17 Benefits and Pensions Monitor Daily News Alerts
Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Contributions To Plans Can Stop
Amendments to Manitoba’s pension benefits regulation will allow a pension plan to permit a member that continues to be employed after reaching the normal retirement age to stop contributing to the plan and accruing benefits, says an Aon ‘Radar.’ ‘Bill 8, The Pension Benefits Amendment Act’ has been proclaimed into force (with the exception of provisions related to solvency reserve accounts) effective October 1. Amendments also allow a person who transfers their pension benefit credit to a locked-in retirement account or life income fund to unlock the whole amount after reaching age 65, unlock all or part of the amount on prescribed grounds of hardship at any age, and, after reaching age 55, make a one-time 50 per cent transfer to a prescribed registered retirement income fund. The current requirement to obtain pre-approval from the pension commission has been removed. Consistent with other jurisdictions, the changes also allow specified multi-employer plans and greater flexibility in dividing pension assets after a relationship breakdown. It means parties can split pension assets up to 50 per cent based on their individual circumstances, rather than choose between the currently mandated 50-50 split or no division.
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CPP Assets Grow
The Canada Pension Plan Investment Board (CPP Investments) ended its first quarter of fiscal 2022 on?June 30 with net assets of?$519.6 billion, compared to?$497.2 billion?at the end of fiscal 2021 on?March 31. The?$22.4 billion?increase in net assets for the quarter consisted of?$17.7 billion?in net income after all costs and?$4.7 billion?in net contributions. John Graham, president and chief executive officer of CPP Investments, says, "Diversification from active management continues to drive long-term performance as strong 10-year returns help bolster the sustainability of the fund." The quarterly results were driven by the ongoing strength in public equity markets, gains across all private equity and real assets programs, and contributions from credit investments. A strong Canadian dollar, boosted by recovering energy prices, partially offset these gains.
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