Daly News Alerts
Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
To register for Benefits and Pensions Monitor's Daily News Alerts, click here
CAPSA Plan Should Address Decumulation
The Canadian Association of Pension Supervisory Authorities (CAPSA) needs to address Canada’s current decumulation challenges, says the Association of Canadian Pension Management (ACPM). In its comments on the ‘CAPSA Strategic Plan 2023-2026,’ it says addressing the area of decumulation of defined contribution account balances is an area where CAPSA can positively impact the retirement outcomes of hundreds of thousands of Canadian retirees each year. A significant number of Canadians hold their entire workplace pensions in capital accumulation plans and, as these individuals retire, solutions are needed to provide them with adequate and sustainable income for the rest of their lives, it says. There is significant value to the industry for CAPSA to address some of these matters, including, as identified in the ACPM ‘Decumulation 2.0: Converting Retirement Savings to Lifetime Income – A Prescription to Help Canadians Navigate their Retirement Income Needs’ white paper, developing a policy framework for variable payment life annuities. It says CAPSA should consider this a priority initiative of the next strategic plan. It could also include expanding the scope to incorporate all potential decumulation income sources as considering decumulation for other forms of retirement income would be extremely helpful in assisting Canadians with multiple sources of retirement income.
Recommended by LinkedIn
HR Leaders Lack Resources
Canadian HR leaders are lacking resources to address mental health and well-being challenges, says a report from Dialogue Health Technologies Inc. ‘The State of Workplace Health and Wellness in Canada’ identifies staffing as the top issue facing HR leaders in 2023, with 70 per cent identifying difficulties attracting talent, retaining staff, and managing staff shortages as key challenges. As a result, concerns about burnout are top-of-mind, as 61 per cent of respondents cited employee mental health as an important challenge to manage this year. Access to mental health support can have a positive impact on the well-being of employees, but HR leaders in Canada say that workplaces don't have the right resources in place to address increasing demands with 48 per cent sharing that their employee benefits programs do not provide access to a mental health professional. Beyond specific benefits, the issue extends to education and training, as 45 per cent of HR leaders find it difficult to ensure employees are making the most of their benefit plans and 70 per cent have not trained managers or feel managers have insufficient training to help them recognize and support employee mental health needs.
For details on these stories, visit www.bpmmagazine.com