It’s often commented that the Canadian defined benefit (DB) pension market is maturing. But what does that mean? For starters, there are few new DB plans being established, instead many are being closed in favour of defined contribution (DC) plans as the main source of retirement savings. The demographic profile of existing DB plans will generally see more retiree liabilities relative to active liabilities, which implies a shorter life cycle; although for most sponsors the ongoing oversight will continue for decades. 

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