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The Canada Pension Plan Investment Board (CPPIB) has the mandate to invest the Canada Pension Plan (CPP) fund today for users’ financial security tomorrow. CPP contributors expect the CPPIB to fulfill its task and maximize returns on contributions without undue risk or loss.
As of December 31, 2020, the CPP fund is $475.7 billion. Over the last decade, the annualized rate of return (net nominal) is 10.8%. Meanwhile, enhancements are currently ongoing. Contributions are increasing and have begun in January 2019. Once the phase-in is complete after seven years (2019-2025), the maximum CPP retirement pension will increase by about 50%.
The increase in CPP benefits depends on how much and how long you contributed to the fund. However, the enhancements will affect only those who work and contribute in 2019 or later. CPP benefits of retirees, non-contributors, and the unemployed will not change or increase.
The head of Canada Pension Plan Investment Board, Mark Machin, has stepped down after disclosing he recently traveled to the United Arab Emirates where he arranged to be vaccinated against Covid-19, the country s largest pension fund said on Friday.
CPPIB said on Friday it had accepted Machin s resignation and appointed John Graham as chief executive officer. Canada s Ministry of Finance on Thursday called a media report about Machin traveling to the Middle East and receiving a COVID-19 vaccination very troubling . Machin was not immediately available for comment. Machin, 54, received Pfizer s vaccine shot after arriving in the UAE with his partner this month, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Canada's ministry of finance called a media report that the head of the country's largest pension fund had traveled to the Middle East and received a COVID-19 vaccination "very troubling".
(Bloomberg) Mark Machin quit as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a Covid-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.Machin resigned as chief executive officer after discussions with the board on Thursday evening, the C$476 billion ($377 billion) pension fund said in a statement Friday morning. John Graham, the fund’s global head of credit investments, was named to replace him as CEO.Canada’s largest pension fund was thrown into crisis mode Thursday evening when the Wall Street Journal reported Machin’s travel to Dubai. He earned a rebuke from the office of Finance Minister Chrystia Freeland, who rarely comments on CPPIB matters in order to protect the fund’s political independence.Although leaving the country isn’t illegal, Trudeau and his ministers have repeatedly warned residents not to do it and imposed strict rules to discou
CPPIB chief executive Mark Machin steps down in the wake of COVID-19 vaccination controversy theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.