Jana Steele

The Globe & Mail, March 19, 2016Online

URL: https://www.osler.com/en/resources/regulations/2016/we-wanted-pension-changes-but-oas-age-wasn-t-one

Prime Minister Justin Trudeau said this week that the upcoming federal budget will reverse the previous government’s decision to gradually increase the eligibility age for Old Age Security to 67 from 65 by 2029. In our view, the eligibility age for OAS should increase beyond 65.

Benefits Canada Magazine, September 1, 2016Online

URL: http://www.benefitscanada.com/news/a-look-at-the-latest-trends-in-dc-pension-governance-86507

In a recent Benefits Canada article, managing editor Jennifer Paterson explores the changing defined contribution plan landscape and the fact that governance is becoming a growing concern for plan sponsors. Jana Steele, a partner in Osler’s pensions and benefits group in Toronto, offers her insight on a number of these trends, including decumulation – a “major buzzword” since it appeared in the Canadian Association of Pension Supervisory Authorities’ 2014 guidelines.

The Globe & Mail, May 25, 2015Online

URL: http://www.theglobeandmail.com/report-on-business/rob-commentary/when-it-comes-to-public-sector-pensions-alberta-should-stay-on-the-reform-path/article24583477/

Historically, governments have been reluctant to implement significant pension reforms, preferring instead to kick the pension can down the road. Because pensions have such a long life, it may have been perceived as more expedient to tackle other priorities and leave pension issues for future generations to deal with.

The Globe & Mail, December 4, 2015Online

URL: http://www.theglobeandmail.com/report-on-business/rob-commentary/tax-benefits-of-differing-retirement-plans-should-be-equitable/article27583082/

Part of the social contract of living in a country such as Canada involves the payment of personal income taxes – fairly high income taxes, in some cases – in exchange for health care, schools, infrastructure and social services. As we all know, the tax system is complex; it sets out, at a high level, what deductions can be made or credits taken. The credits we take and deductions ultimately reduce our overall taxes payable.

The Globe & Mail, December 4, 2015Online

URL: https://www.osler.com/en/about-us/press-room/2015/tax-treatment-inequitable-for-canada-s-two-primary

There are two primary retirement savings vehicles in Canada – defined-contribution (DC) pension plans (or group or individual RSP savings plans) – and defined-benefit (DB) pension plans writes Jana Steele, partner, Pensions & Benefits in this article from The Globe and Mail.

Canadian Lawyer InHouse Magazine, December 29, 2015Online

URL: https://www.osler.com/en/about-us/press-room/2015/rhetoric-shifts-but-pension-plans-stay-on-course

According to Stefan Dubowski of Canadian Lawyer InHouse, one of the big questions arising from the change in government is what will happen with the Ontario Registered Pension Plan (ORPP), which arose out of concern when the federal government wouldn’t consider improving the Canada Pension Plan (CPP) even though approximately 35% of Ontario workers did not have workplace pensions.

Benefits Canada Magazine, March 31, 2016Online

URL: https://www.osler.com/en/about-us/press-room/2016/ottawa-says-target-benefits-still-a-priority-despi

Although target-benefit pension plans were notably absent from the 2016 federal budget, in a recent Benefits Canada article by Yaldaz Sadakova, the Department of Finance maintains that target-benefit plans continue to be a priority for the government. The article presents experts’ views on the pros and cons of the government introducing the alternative pension plan structure and includes commentary from Jana Steele, a partner in Osler’s Pensions and Benefits Group and a proponent of target-benefit plans.

Benefits Canada Magazine, November 17, 2016Online

URL: http://www.benefitscanada.com/news/federal-target-benefit-bill-denounced-as-unconscionable-betrayal-90422?utm_source=EmailMarketing&utm_medium=email&utm_campaign=Daily_Newsletter

The Canadian Labour Congress has denounced a federal target benefit bill as a “betrayal,” but Osler partner Jana Steele argues Bill C-27 is a better option, according to an article by Sara Tatelman in Benefits Canada.

Benefits Canada Magazine, April 25, 2016Online

URL: https://www.osler.com/en/about-us/press-room/2016/dc-sponsors-face-bigger-legal-risks-than-they-beli

The legal risks that come with defined contribution pension plans are often missed by plan sponsors. Anna Sharrat of Benefits Canada writes that there must be a level of diligence when overseeing these plans. Jana Steele, a partner in Osler’s Pensions and Benefits Practice Group, said at Benefits Canada’s Benefits and Pensions Summit, “Arguably, the administrator should be applying the same level of diligence in their DC investments as they would in their [defined benefit] investments. They have to provide the appropriate [investment] options for their demographic and their plan members, taking action to replace underperforming options.”

Benefits Canada Magazine, December 14, 2016Online

URL: http://www.benefitscanada.com/pensions/db/committee-report-says-government-must-deal-with-canada-posts-pension-solvency-91655

According to a recent article in Benefits Canada, a House of Commons committee is recommending that the federal government examine ways to deal with the solvency of Canada Post’s defined benefit pension plan, which was at the core of its contract negotiations with the Canadian Union of Postal Workers this summer. Writer Jennifer Paterson turns to Jana Steele, a partner in Osler’s Pensions and Benefits Practice Group, for insight regarding suggestions made in the committee’s recently published report, which recommends the government and Canada Post “take steps to modernize the pension plan so it can operate on a going-concern basis and is no longer subject to solvency funding requirements.”

Benefits Canada Magazine, June 30, 2016Online

URL: https://www.osler.com/en/about-us/press-room/2016/2016-top-100-pension-funds-report-solvency-reform

According to a recent article by freelance writer Michael McKiernan in Benefits Canada, review and reform of the solvency funding framework for defined benefit pension plans will be front and centre through the remainder of 2016. Existing solvency funding rules dictate that sponsors must keep their defined benefit plans in the black – a requirement they often find onerous. The provincial governments in Québec, British Columbia and Alberta have started revising their solvency funding rules, and it appears that Ontario is getting ready to follow suit. However, it isn’t clear what approach Ontario will take. In the article, Jana Steele, Osler partner and pensions lawyer, suggests that Ontario adopt Alberta and British Columbia’s strategy of creating solvency reserve accounts to receive deficit payments that can then be withdrawn if the money is no longer needed to fund the deficit.