BMM Daily

In the dynamic world of Canadian pensions, the Canadian Institute of Actuaries (CIA) is gearing up for a transformative year ahead, according to insights shared by Simon Nelson, the chair of the pension practice committee at the CIA and a principal at Eckler Ltd. Let's delve into the key focus areas that will shape the pension landscape in 2024. Climate Change's Ripple Effect on Pension Plans Nelson underscores the profound impact of climate change on actuarial assumptions and scenario testing for pension plan sponsors. Beyond its influence on economic assumptions and asset returns, climate change plays a pivotal role in shaping demographic assumptions. This is particularly evident in the evolving area of mortality, where significant work is underway to adapt to changing realities. Rethinking Gender and Longevity Risk In a noteworthy move, the CIA is exploring how gender identity contributes to gauging longevity risk. Traditionally, pension benefit calculations predominantly r...

In the vast landscape of alternative energy sources, hydrogen has emerged as a compelling yet often underexplored player. This analytical opinion scrutinizes an unconventional hydrogen venture in Prince George, British Columbia, shedding light on its unique features, environmental implications, and economic viability. The Local Landscape: Situated approximately 500 kilometers from the ocean, Prince George stands as a remote city with a population of around 76,000. Despite its geographic isolation, the city boasts a diverse economic profile, including healthcare, education, pulp and paper production, a refinery, and chemical plants. Notably, its demographic, with an average age of 40, reflects a youthful and dynamic population, a testament to the city's ability to attract and retain younger residents. The Unexpected Source of Hydrogen: The focal point of this unconventional hydrogen story is the Chemtrade chemical plant in Prince George. Specializing in the production of sodium chlo...

The recent injection of funding into British Columbia's manufacturing sector is not just about dollars and cents; it's about fortifying communities, supporting families, and steering the province towards a more sustainable future. The BC Manufacturing Jobs Fund (BCMJF) has earmarked substantial investments for six wood-product manufacturers and two fabricated-metal manufacturers, with a goal to create and safeguard hundreds of jobs in the resource sector. Premier David Eby emphasizes the profound impact on families across the province, especially in smaller and rural communities. "By helping companies get more jobs per tree through manufacturing here at home, we're supporting a brighter future for forest workers," he notes. The strategic allocation of funds through the BCMJF aims to propel the value-added wood sector, stimulate local economies, and lay the foundation for long-term sustainability. Minister of Jobs, Economic Development and Innovation, Brenda Baile...

In a groundbreaking announcement at the B.C. Natural Resources Forum, Premier David Eby unveiled an ambitious plan that signals a transformative decade ahead for British Columbia. BC Hydro, the province's electricity provider, is set to embark on an unprecedented construction spree over the next ten years. This massive endeavor aims to fortify the region's power infrastructure, fostering a cleaner economy, creating jobs, and sustaining communities. A $36 Billion Investment in Our Future Premier Eby announced a whopping $36 billion investment earmarked for community and regional infrastructure projects during the 2024-25 to 2033-34 period. This allocation marks a significant 50% increase over BC Hydro's previous capital plan. The substantial boost includes a noteworthy surge in investments for electrification and emissions-reduction projects, reaching nearly $10 billion, a substantial leap from the previous $1 billion commitment. The comprehensive plan, titled Power Pathway:...