Canadian Institute of Actuaries. L’Institut canadien des actuaires. 2006 General Meeting Assemblée générale 2006 Chicago, Illinois. There are problems with the private pension system…. Pension coverage is decreasing Complex regulatory framework Lack of flexibility in pension rules
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2006 General Meeting
Assemblée générale 2006
Difficulty understanding nuances of some options
Invest more conservatively (individual vs. collective risk)
Members tend not to adjust their asset mix over time
Members tend to buy/sell funds at wrong time
Members may not be fully aware of quality of investment performance
Plan sponsors may not replace poorly performing products
Members cannot obtain as much “fund” disclosure as plan sponsor
Investment advisors may have potential bias/conflict if a commission structure is used to pay them
Potential outcome of move to DC
-- Term Deposits
-- Money Market
(1) Based on information from 8 major Canadian record keepers as at December 31, 2004. Averages are weighted by number of members.