News Room

A Fresh New Logo

This year is the 30th anniversary of the founding of Penad Pension Services Limited, a leading pension administration and systems specialist. To mark this exceptional milestone (not many companies live to see their 30th birthday!), Penad has commissioned the release of a new logo and a new take on its overall brand identity.

For thirty years, Penad has been at the forefront of HR benefits administration automation in the pension field. In fact, Penad was the very first company in Canada, if not the world, to develop a PC-based pension administration software system, which radically streamlined admin and resulted in much faster processing of year-ends and benefit calculations, greatly increased accuracy, and an order of magnitude improvement in turnaround times. Basically, Penad’s flagship Defined Benefit administration solution dragged pension administration kicking and screaming out of the dark ages.

Building on 30 years of success!

Building on 30 years of success!

Penad has continued this history of innovation to the present day, with the development of PX3000™, a global leader in benefits administration systems. PX3000™ is used by banks, insurance companies, governments, and large corporations for the administration of Defined Benefit, Defined Contribution, Group Life & Health, and Social Security benefit plans.

The new Penad logo has been developed to reflect the vision of Penad entering its fourth decade in business. Only a fraction of 1% of businesses ever make it past the thirty year mark, so Penad has a lot to celebrate as it continues on its course towards a bright future. The new logo has been developed to reflect the optimism and vision we hold for the new decade. Penad’s previous logo, which stood the test of time for thirty years (with some slight modifications along the way) was a statement of strength (the large, bold, upper case font) and a business-like attitude (the royal blue color).

The new logo softens both the color and the typography, going with a lighter blue, a mixed-case font, and a bright green cross stroke on the letter “a”. Taken together, the new look reflects a quiet confidence that we know who we are and why we are in business … to provide the best pension and benefit administration solutions on the planet. The logo also reflects the Penad team — we are approachable, communicative, creative – not a monolith but a group of individuals to whom our clients and peers can relate and with whom they can work.

Penad has been building world-class systems for three decades – in our fourth decade and beyond, we want to let the world know that we are still here, that we have great products, and we can help our clients develop solutions for success!


By |News Room, Uncategorized|Comments Off on A Fresh New Logo

Federal Consultations for Target Benefit Plans

On April 24 the Canadian Federal government announced that it would be seeking consultations with respect to creating a federal framework for Target Benefit Plans. According to the Government, target benefit plans would be a new, voluntary, sustainable and flexible pension option available to federally regulated private sector and Crown corporation plan sponsors, employees and retirees.

The idea of TBP’s has been gaining traction as “Traditional DB pension plans have difficulty adapting to people living longer and to a fragile global economic environment with relatively low interest rates. And DC plans are exposed to financial market volatility,” according to Minister of State for Finance Kevin Sorenson.

Along with the announcement the Federal government has released a consultation paper with requests for comment and consultations with respect to the various target benefit plan elements such as, administration and governance, funding policy, contributions, benefit structure, funding deficit recovery plan, funding surplus utilization plan, disclosure and communications, conversion of pension plans to Target Benefit Plans, portability and locking-in rules, individual termination, plan termination and windup, and application to multi-employer plans.

To see the full release please visit



Penad Pension Services Limited provides third party pension plan administration services, actuarial and pension consulting services. Penad also provides world class pension plan administration software systems for DB, DC, hybrid plans, social security, and civil servant employee pension plans.


By |Legislative Updates (CAN), News Room|Comments Off on Federal Consultations for Target Benefit Plans

Technical Group To Advise On Ontario Pension

Ontario Premier, Kathleen Wynne announced that the Ontario government has assembled a new technical advisory group to advise the government on how to strengthen retirement income security, including an Ontario-based alternative to a Canada Pension Plan (CPP) enhancement for people across the province.

This  Advisory Group will be include six pension experts from the public, private and non-profit sectors: Bill Morneau, Keith Ambachtsheer, David Denison, Susan Eng, Melissa Kennedy and Jim Keohane.

For more details please click here


By |News Room|Comments Off on Technical Group To Advise On Ontario Pension

23rd Caribbean Actuarial Association

Penad is delighted to be a sponsor and attendee at the 23rd Caribbean Actuarial Association (CAA).



Penad is a leading provider of Pension and Benefits Administration Software and Services. Customers count on Penad’s Solution Ready PX3000 Pension and Benefits Software to deliver efficient management of their pension and benefit plans.


By |News Room|Comments Off on 23rd Caribbean Actuarial Association

2014 YMPE Announced

The Canada Revenue Agency (CRA) recently announced the 2014 limit for yearly maximum pensionable earnings (YMPE).

  • For 2014 the YMPE has been set at $52,500 up from $51,100 in 2013.
  • RRSP Maximum limits were also increased for 2014 to $24,270 compared to the 2013 limit of $23,820.


For more rates  check out our rates section


By |Alerts, Legislative Updates (CAN), News Room|Comments Off on 2014 YMPE Announced

Changes coming to Alberta Public Sector Pension Plans

Doug Horner, president of the Treasury Board and minister of finance for Alberta announced changes to the Alberta Public Sector Pension plan.  According to Mr Horner, there is no crisis today, but rather the longer sustainability of the plan that needs to be addressed.

Reforms will take effect on or after January 2015.  Current pensioners won’t be affected but public sector employees whose retirement dates are after 2015 will be.

Below is a list of some of the proposed changes, to review the full government proposal click hear.

  1. There will be a moratorium on benefit improvements until January 1, 2021.
  2. Cost-of-living adjustments (COLA) on benefi ts earned after 2015 will be “targeted” at 50 per cent of the Alberta inflation rate.
  3. Contributions will be set so that there is a high likelihood that the“target” COLA will be paid, but it will no longer be guaranteed.
  4. All early retirement subsidies will be removed for benefits earned on service after 2015.
  5. MEPP will be closed to new members effective at the end of 2015 but will continue to operate as a closed plan.

The government will be consulting with employee and employer stakeholders until the end of December 2013.


By |Alerts, News Room|Comments Off on Changes coming to Alberta Public Sector Pension Plans

ACPM National Conference

Penad Pension Services was delighted to be a sponsor at this year’s ACPM National conference held in Ottawa, Ontario. We had great time connecting with professionals from all over Canada and the United States. We look forward to seeing everyone again at next year’s ACPM.










Photo Compliments of Robert E Wilson Photography


By |News Room|Comments Off on ACPM National Conference

Signature 30th Anniversary Edition

Penad is pleased to announce the release of our latest issue of our Signature Magazine.   Signature 23 takes a look back at Penad’s 30 years in business and what the next 30 have in store.  To our staff, friends, family and of course our clients, thank you for making it a great 30 years.

To enjoy the digital copy click here.  To download the PDF copy go here.












By |Alerts, News Room|Comments Off on Signature 30th Anniversary Edition

2013 YMPE Announced

The Canada Revenue Agency (CRA) recently announced the 2013 limit for yearly maximum pensionable earnings (YMPE).

  • For 2013 the YMPE has been set at $51,100 up from $50,100 in 2012.
  • RRSP Maximum limits were also increased for 2013 to $23,820 compared to the 2012 limit of $22,970.
  • The basic exemption amount  will remain the same as the 2012 limit for 2013 ($3,500).


For more rates  check out our rates section




By |Alerts, Legislative Updates (CAN), News Room|Comments Off on 2013 YMPE Announced


Over the course of 2012, Penad has been approached by several of its clients on the new FATCA reporting requirements and how PX3000 can be used to assist in reporting required information. Penad is working with its clients to provide functionality in generating required data that will need to be merged with other external financial data.

Click here for a commentary on FACTA and its potential implications in the Caribbean region.


For A Full Description of the Foreign Account Tax Compliance Act (FATCA) please visit