Plan Perspective

Web PageCanada leads in pension systems for public sector workers (June 2016) – What does Canada do better than any other country? Bruce Kennedy,
Executive Director of BC’s College, Public Service, and Teachers’ Pension Plans, explains why Canada rates best in the world at responsibly funding its public sector pension liabilities.
Web Page Public sector pensions fare better in defined benefit model (December 2014) – Bruce Kennedy, co-chair of the Canadian Public Pension
Leadership Council writes that about the real-world experience with public sector pension conversions to defined contribution that has been brought to light in a new report entitled "Shifting Public Sector defined benefit Plans to defined contribution — The Experience So Far and Implications for Canada."
PDFDo We Understand Each Other? (September 2014) – Bruce Kennedy, executive director of the Public Service Pension Plan Board of
Trustees writes in Benefits and Pensions Monitor our different understandings of the meaning of key terms, such as “DB”, and how the resulting linguistic and conceptual confusion impedes Canada’s pension policy debate.
Web PageVictoria Times Colonist response (October 2013) – Executive Director of BC Public Service Pension Plan, BC Teachers’ Pension Plan, and
BC College Pension Plan, Dr. Bruce Kennedy responds to Mark Milke’s article, How not to reform government pensions.
PDFWhy our pension plans are better (December 2011) – Bruce Kennedy, executive director for the Public Service Pension Board of Trustees,
writes in the Vancouver Sun about how the BC public sector pension plans compare to those in other jurisdictions and highlights the challenges being faced by UK public sector workers.

Articles

Web Page The Canadian pension model is turning heads (May 2016) – A new study from Boston Consulting Group shows the strength of Canada’s
top 10 pension plans, three of which are among the 20 largest funds worldwide. They have tripled in size since 2003, mostly due to impressive investment returns. Their success is attracting attention.
Web PageComparing Pension Plan Operating Costs: Correcting The Fraser Institute’s Faulty Analysis and Conclusions (March 2016) – Using CEM
Benchmarking databases, the authors show that public pensions achieve significant scale-economies and greater “value-for-money” for plan members.
Web PageThree reasons to stick with a defined benefit pension plan (December 2015) – A financial advisor says ease of management, security
and low fees are good reasons to stay with a DB plan.
Web PageInvestment returns: Defined benefit versus defined contribution plans (December 2015) – A new report published by the Center for Retirement
Research at Boston College offers a historical perspective on retirement plan investment returns by type, and finds DB plans outperform in part because lower fees.
Web PageDon Cayo: Potential problems with expanded CPP can be dealt with (November 2015) – Vancouver Sun columnist says what’s important
is encouraging people to prepare for retirement.
PDF Yes, public pensions are cheaper (October 2015) – Benefits Canada analyzes the costs of the Canada Pension Plan versus mutual funds
and finds the public sector plan runs about 38 per cent cheaper.
Web Page Broad view needed on governance (September 2015) – Benefits and Pensions Monitor reports on a presentation given by Bruce Kennedy,
executive director of the Teachers' Pension Plan, at the Association of Canadian Pension Management’s national conference.
Web PageVaughn Palmer: BC reports surplus while holding fiscal reins tight (July 2015) – BC’s Finance Minister notes the superior performance of the
province’s public sector plans as a factor in a budget surplus (see page 2 of the article).
Web PageCanada's giant pension funds are the new masters of the universe (June 2015) – The Telegraph in the UK says Canadian pension funds’
unique approach to investing could see them challenge Wall Street.
PDFTop 100 Pension Funds Still Got Some Spark (June 2015) – Public sector pension plans in BC rank among the top 10 in Benefits Canada's
annual ranking of the top 100 Canadian plans. In this feature article, the magazine examines the strengths of defined benefit pensions.
Web PageSeven things to know for the CPP debate (June 2015) – Some things to consider in the debate around expanding the Canada Pension
Plan to increase retirement savings.
Web PageFour things we can learn from our best public pension plans (May 2015) – Public pension plans are being recognized for their successful
investment strategies.
Web PageMore RRSPs not TFSAs,   Ramp up CPP,   Don’t cut OAS. Cut the need for it (March 2015) – Globe and Mail Reforming Retirement
editorials. In order to thrive and remain sustainable, BC’s public sector pension plans need to be part of a coherent and sustainable Canadian retirement income system. These three Globe and Mail editorials sketch out some of the challenges currently facing Canada’s retirement income system, and make some coherent suggestions for strengthening the system.
Web Page Employer pensions and the wealth of Canadian families (January 2015) – In this study, Statistics Canada examines employer pensions and
the wealth of Canadian families and finds that in 2012, the average wealth of families with registered pension plan assets was $536,000 compared to $191,000 for families without.
Web Page More women have defined benefit plans (December 2014) – One-third of women and one-quarter of employed men were covered by a
defined benefit plan in 2012, according to a study by Statistics Canada.
Web Page Opinion: Pension reform: First, do no harm (October 2014) – The Vancouver Sun published this opinion piece by Robert Brown and
Craig McInnes which argues that converting public sector pension plans to DC would do more harm than tpp.
Web Page Defined contribution pension plans more costly, study finds (October 2014) – The Globe and Mail reports that: “Converting large public
sector pension plans into defined contribution savings accounts for employees could cost governments up to 77 per cent more to provide the same retirement benefit for workers” following the release of a report called Shifting Public Sector DB Plans to DC.
Web PageWhy shifting from defined benefit to defined contribution pension plans won’t work (October 2014) – The Financial Post published this
opinion piece by Robert Brown and Craig McInnes regarding their report Shifting Public Sector DB Plans to DC.
Web Page A closer look at our public sector pension envy: Mayers (October 2014) – A Toronto Star personal finances editor asks: Critics say public
sector pension plans are unaffordable and unfair and should be wound up. But would it really be cheaper and fairer to do so?
PDFShifting Public Sector DB Plans to DC – The Experience so far and Implications for Canada (October 2014) – A research paper by a
renowned actuary demonstrates that converting large public sector defined benefit (DB) pension plans to defined contribution (DC) arrangements would not serve well the interests of governments, taxpayers, employers or plan members. Because DC plans are less efficient than DB plans, the most likely consequences of converting to DC would be higher administration costs, lower investment returns, and lower retirement incomes. Any existing unfunded liabilities are not addressed by converting to DC, and generally they become harder to manage after the conversion.
Web PageCanadian Defined Benefit plans remain healthy (July 2014) – The health of the country’s defined benefit pension plans reached the highest
median solvency ratio since September 2007.
PDFPensions under attack? (Summer 2014) – Gerry Tiede, chair of the BC Retired Teachers’ Association’s Pension and Benefits Committee
and a former trustee on the Teachers’ Pension Board of Trustees, debunks common pension myths. Reprinted with permission, BCRTA PostScript magazine, summer 2013.
Web PageDouble coincidence of needs: Pension Funds and Financial Stability (May 2014) – Lawrence Schembri, deputy gover nor of the Bank of
Canada, says healthy, well-managed pension funds reduce risk and enhance stability for Canada’s financial system.
PDFDefined Benefit pension plans strengthen the econom y – More evidence that defined benefit pension plans are a cornerstone of Canada’s
economy, and some interesting stats on how small communities reap big economic benefits through residents’ pension earnings.
PDFCanadian pensions look to share risk (March 2014) – Diversifying risk strategy has reaped great rewards for one of Canada's largest
pension funds, the British Columbia Teachers' Pension Plan.
PDFProtect your pension and the “pension promise” (March 2014) – Linda Watson and Chung Yan Ip, two trustees on the Teachers’ Pension
Board of Trustees, discuss teacher pensions in BC. Reprinted with permission, BCTF Teacher Newsmagazine, March 2014.
Web PageHow jointly sponsored pension plans nurture tpp governance (January 2014) – The BC public sector pension plans are jointly sponsored
by employers and employees. This article by Susan Yellin discusses how sharing of sponsorship supports a better understanding of plan priorities and inspires responsible risk management.
Web PageCanadian pensions: should we be forced to save? (October 2013) – CBC News examines whether the federal government should create
mandatory retirement savings plans for all Canadians.
Web PageVictoria News article (October 2013) – Independent financial consultant Peter Dolezal addresses the difference between B.C. public sector
pension plans and other provincial pension plans in Canada. According to Dolezal, B.C. stands out as possibly best-funded in Canada, to the great credit of the B.C. Government, its unions and the Plan’s Trustees.
Web PageVancouver Sun article response (September 2013) – A letter to the editor from the Minister of Finance Michael de Jong in response to a
Vancouver Sun article on BC public sector pensions. De Jong explains how BC public service pension plans are affordable and sustainable, and that Moody’s Investors Services has determined that the public pension system is a source of strength for BC’s triple-A credit rating.
PDFBC's public sector pension plans remain healthy (January 2012) – In part of a pensions series in the Vancouver Sun the unique and positive
features of the BC public sector pension plans are highlighted.
Web PageFraser Institute analysis letter – Response from CUPE National President Paul Moist on the Fraser Institute analysis of BC’s public
sector pension plans. Moist highlights that “defined benefit pensions are not a frivolous perk and portraying them as excessive or ‘gold plated’ ignores the value they have for workers and the overall Canadian economy.”