Briefly: “Pension incomes top expectations: survey” and more news

For the most part, Canadians are getting the income they expect from their retirement plans — and they’re satisfied with it — according to a recent survey from Morneau Sobeco.

Many organizations sponsor pension plans that comfortably exceed the expectations of employees.

There were 217 responses, with 60% from the private sector and 40% from the public sector.

When it comes to retirement income, about half (49%) felt the target should be high enough to maintain a decent standard of living, but not necessarily as high as their pre-retirement way of life.

Exactly half (50%) felt that an acceptable retirement income would allow employees to maintain their pre-retirement standard of living.

“In most cases, public sector expectations were significantly lower than what their pension plans actually delivered,” said Fred Vettese, chief actuary for Morneau Sobeco.

There wasn’t much difference between the expectations of workers in the public sector and private sector.

Most employees believed they should reach their target retirement income between the ages of 62-64.

Only 11% said the target should be achievable before age 60.

“It suggests there is no such thing as a normal retirement age any more but rather a range of ages from approximately 60 to beyond 65,” Vettese said.

– Mihira Lakshman

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New manager for TD Private Canadian Strategic Opps

TD Asset Management has announced a portfolio adviser change for its TD Private Canadian Strategic Opportunities Fund.

Effective on or about October 1, 2010, TDAM will assume portfolio adviser responsibilities for the fund, taking over from Highstreet Asset Management Inc. The fund will be managed by Craig Bethune, vice-president, TDAM.

– Steven Lamb

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ATB to terminate money market fund

ATB Investment Management has announced that it will wrap up the ATB Money Market Fund on or about March 31, 2011.

The fund will accept no additional purchases, effective the close of business on or about January 14, 2011. Distributions will continue to be re-invested in additional units of the Fund, except where the unitholder has instructed otherwise.

Units that are not redeemed by the close of business on March 31, 2011 will be redeemed automatically. Unitholders will not be required to pay any charges or fees associated with the termination of the Fund.

– Steven Lamb

(09/17/10)