Pension Summit 2014: Time for Action
Sheraton Centre Toronto Hotel •
Full Agenda Available!
The full agenda for this event is now available.
Partner, Retirement Practice
Benefits and Pensions Monitor
Bruce R. Kennedy
BC Teachers' Pension Plan
President and Chief Executive Officer
Ontario Teachers' Pension Plan
McKinsey & Company
Canadian Life and Health Insurance Association
Recent headlines highlight a renewed focus on pensions by governments, businesses, and employees across Canada. While they paint a bleak picture of the state of pensions, they also suggest renewed recognition by all that reform is necessary.
“Canada’s pensions need reform or face crisis, top fund manager warns”
—The Globe and Mail, October 2013
How is your organization responding to the latest changes in the pension environment? A recent survey of pension plans in Canada by consulting firm Aon Hewitt showed 71 per cent of public sector plan administrators are considering requiring higher member contributions, and about one-third are considering reducing discretionary benefits or inflation indexation.
Meanwhile in the private sector, 75% of plans run by public companies had closed at least one of their plans to new members.
Many sponsors are also trying to manage risk through targeted benefit plans, hybrid plans, and by adjusting their investment strategy to balance assets and liabilities. Others are resorting to letters of credit to conserve cash.
“Canadian workplace pensions are under threat. Can we save them?”
—The Globe and Mail, October 2013
Action is needed to tackle underfunding and slow growth, and plan for the aging workforce. The greatest challenges may be for organizations trying to deal with pension fund shortfalls in today’s volatile and low growth world economy.
Governments need to change policies, regulations, and legislation to ease the burden on employers, while protecting employees.
Pensions must address plan risk and future sustainability, find ways to stand by the promises made to plan members, and adjust to the needs of an aging workforce.
Individual employees and their unions must adjust their expectations and, in many cases, take greater responsibility for retirement income.
Benefit from the experiences of the experts and your public and private sector counterparts.
This event attracts leading public and private sector advisors, chief executive and chief financial officers, chief actuaries, ministers and deputy ministers, and international experts to share their thinking and discuss common issues and potential solutions.
“Pension shift puts decades of progress at risk”
The Globe and Mail, October 2013
Time is running out to make necessary changes. In the words of Ontario Premier Kathleen Wynne “People are not saving enough for retirement and if we let this go unchecked we're going to face a huge economic crisis.”
Governments, employers, and employees need to work together to solve this crisis. Among the challenges we must all address are:
Longevity—pension plans simply weren’t designed for a world where the average Canadian retires at 63 and lives to be nearly 80.
Investment Risk—with universally low interest rates, pension funds have concentrated investment in stocks, exposing them to greater risk.
Unrealistic Projections—too many funds rely on outdated mortality tables and rosy projections of future returns.
Generational Inequality—the accelerating retirement of baby boomers will skew the ratio of retirees to workers. Many fear the next generation will bear too heavy a burden, supporting their elders who failed to plan for retirement.
Lack of Flexibility—defined benefit plans have failed to adapt, or lack flexibility to cope with these challenges.
Lack of Coverage—too many retirees are unprepared and will face a dramatic loss of income.
This event will bring together a diverse group of leaders to talk frankly about what has to happen and what each must do to begin to fix these problems. Canada’s future prosperity and competitiveness may well depend on how these issues are addressed.
Building on success.
The Conference Board is Canada’s most respected independent research and conference development organization. Conference Board events attract top private and public sector thought leaders and provide an insightful and enlightening learning experience for participants.
We’d like to thank our generous sponsor for their contribution to this event.
The details of this event are subject to change. Please revisit this page periodically for updated information.