Miracle342a

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Volume 13 Issue 342 Shawaal *2, 1434 AH / August 9, 2013 - $1

Happy Eid ul Fitr to all our readers from the Miracle team and Advertisers. May Allah (SWT) accept our fasting and good deeds during the month of Ramadan and shower. His blessings on all. (Ameen)

from the Miracle team, advertisers to all Pakistani & Indo Canadians on August 14 and 15

MIRACLE’S EID & INDEPENDENCE DAY EDITION

Hon. Tom Muclair MP (Leader of the NDP Party of Canada) MP Jinny and MP Jasbir attended Iftar and met with Muslim Scholars and Community at the BCMA Surrey Jamea Masjid in Surrey, BC on August 3.

THE PENSION DOWNSIDE OF LIVING LONGER Canadians are living longer than ever before. Most of us would consider that good news. But longer lives could pose new funding risks for many pension plans and their members. The Canadian Institute of Actuaries has just released a new draft set of mortality tables that suggests that the average Canadian wom-

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an at age 60 can now look forward to another 29.4 years of life — an increase of 2.7 years over the old mortality tables. The average 60-year-old man can now expect an additional 2.9 years of life — up to an extra 27.3 years. According to Towers Watson, a major pension consulting firm, that creates a potential prob-

lem for the sponsors of defined benefit pension plans, which guarantee predetermined pension benefits for their members. If their plan members are now living longer, as the new mortality study suggests, then pension accounting liabilities could grow, forcing existing members to come up with

larger pension contributions. Towers Watson estimates that if the proposed new mortality tables are widely adopted, pension accounting liabilities for many plans could jump “immediately’ by five to 10 per cent. “This study highlights the risk that increasing life expectancy

Continued on pg 4

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