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					                Law 343 - Pension Law and Policy in an Age of Privatization

                                        Spring 2007
                              Syllabus (Revised 30March 2007)

Professor: Freya Kodar
Office:    Fraser Building, Room 210 (telephone: 721-8190; e-mail:
Course Website:

Required course materials and abbreviations

Kaplan   Ari N. Kaplan, Pension Law (Toronto: Irwin Law, 2006).
SM       Supplementary judicial decisions and readings available on the course website.
L        A link to the material can be found on Course Website.
R        Reserve items available in the library.
CH       Class Handout.

Week 1: Introduction

Jan. 4   Course Overview

Week 2: Overview and History of Canadian Pension System

Jan. 9   Canadian Pension System

         Kaplan, pp. 1-34; 94-103.

         Employee Benefits in Canada (Excerpts) (R)

Jan. 11 Historical Perspectives

         Kaplan, pp. 35-44; 84-93

         Stafford, "The Class Struggle and the Rise of Private Pensions, 1900 – 1950” (R)

         Blackburn, “The Baroque and the Puritan: A Short History of Pensions and Pension
         Funds” in Banking on Death (R)
Week 3: Pressures on the System

Jan. 16 Demographics

       Gee, "Population and Politics: Voodoo Demography, Population Aging, and Canadian
       Social Policy” in The Overselling of Population Aging (Chapter 1) (R)

       Prince, "Apocalyptic, Opportunistic, and Realistic Demographic Discourse" in The
       Overselling of Population Aging (Chapter 6) (R)

       Auditor General of Canada 1998, “Population Aging and Information for Parliament:
       Understanding the Choices” (SM)

Jan. 18 Mandatory Retirement

       Kaplan, pp. 272-86

       Townson, “Raising the Age of Retirement” in Growing Older, Working Longer
       (Chapter 4) (R)

       Russell, "Freedom 85" (CH)

       Myles, "From Pension Policy to Retirement Policy: Towards a New Social Agenda?" in
       New Frontiers of Research on Retirement (Chapter 5) (L)

Week 4: Analytical Frameworks

Jan. 25 Risk

       Kaplan, pp. 103-109

       Anthony Giddens, “Risk and Responsibility” 62:1 Modern Law Review 1-10. (SM)

       Ericson and Haggerty, Policing the Risk Society (On Reserve)
       Chapter 4 – Risk Discourse (pp. 83-99)
       Chapter 5 – Risk Institutions (pp. 100-110)


       Cossman & Fudge, "Introduction: Privatization, Law, and the Challenge to Feminism"

       Townson, “The Push for Privatization as the Answer to an Aging Population” in
       Pensions Under Attack, (Chapter 2) (R)
Week 5: Coverage

Feb. 1   Changing Employment Relationship

         Vosko, Zukewich & Cranford, "Precarious Jobs: A New Typology of Employment"

         Townson, "The Impact of Precarious Employment on Financial Security in Retirement"
         in New Frontiers of Research on Retirement (Chapter 19) (L)

         Nouroz & Stone, "The Distinctive Patterns of Work-to-Retirement Transition Among
         the Self-Employed" in New Frontiers of Research on Retirement (Chapter 15) (L)

         Spouses and Dependants

         Kaplan, pp. 286-315

         Young, “Spousal Status, Pension Benefits and Tax: Rosenberg v. Canada (AG)” (On

         Lessard, “Charter Gridlock: Equality Formalism and Marriage Fundamentalism”
         (Excerpt – On Reserve)

         Supplementary (Not Required):
         DeBortoli, “Pension Plans and the Challenge of Family Law” (Excerpt – On Reserve)

Week 6: Coverage (Continued) & Public Pensions

Feb. 8   Women

         McDonald, "Gendered Retirement: The Welfare of Women and the "New" Retirement"
         in New Frontiers of Research on Retirement (Chapter 10) (L)

         Deschenes & Stone, "The Probability of Reaching the State of Retirement - a
         Longitudinal Analysis of Variations Between Men and Women" in New Frontiers of
         Research on Retirement (Chapter 13) (L)

         Kodar, "Pension (In)Securities: Unpaid work, Precarious Employment and the Canadian
         Pension System” (SM)

        Townson, “Replacing the Canada Pension Plan with individual accounts” in Pensions
        Under Attack (Chapter 6) (R)

        Condon, "Privatizing Pension Risk: Gender, Law, and Financial Markets" in
        Privatization, Law, and the Challenge of Feminism (Excerpt) (R)

        Myles and Pierson, “The Comparative Political Economy of Pension Reform” in The
        New Politics of the Welfare State (Chapter 10) (R)

Week 7: Private Pensions I

Feb. 15 Minimum Standards

        Kaplan, pp. 209-72


        384-398; 404-20

                          Reading Week: February 19 – February 23

Week 8: Private Pensions II

Mar. 1 Minimum Standards cont.

        Canadian Association of Pension Supervisory Authorities, Guideline No. 4, Pension
        Plan Governance Guidelines and Self-Assessment Questionnaire (pp. 3-9) (SM)

        Defined Contribution Plans/RRSPs

        Employee Benefits in Canada, 3rd Edition, “Section VI – Defined Contribution
        Employee-Directed Pension Plans” (pp. 363-377) (R)

        Joint Forum of Financial Market Regulators, Guidelines for Capital Accumulation
        Plans (SM)

        Zanglein, “Investment Without Education: The Disparate Impact on Women and
        Minorities in Self-Directed Defined Contribution Plans” (R)

        Condon, "Privatizing Pension Risk: Gender, Law, and Financial Markets" in
        Privatization, Law, and the Challenge of Feminism (Excerpt pp. 155-60) (R)
Week 9: Private Pensions III

Mar. 6 Wind-Up

        Kaplan, pp. 502-542 (up to and including subsection c)

Mar. 8 Surplus Ownership

        Kaplan, pp. 552-607
        Schmidt v. Air Products of Canada Ltd. (Summary pp. 1-8) (SM)
        Monsanto v. Ontario (Superintendent of Financial Services) (pp. 1-18) (SM)

Week 10: Pension Funds as Institutional Investors

Mar. 13 Individual Meetings Regarding Research Papers

Mar. 15 Pension Funds as Institutional Investors


        Dodge, "Economic and Financial Efficiency: The Importance of Pension Plans" (L)

        Occupational Pension Funds

        Kaplan, pp. 420-33

        OSFI, Guidelines for the Development of Investment Policies and Procedures for
        Federally Regulated Plans. Available online at:

        British Columbia, Pension Benefits Standards Act, s. 44
        Available online at:

        British Columbia, Pension Benefits Standards Regulations, s. 38
        Available online at:

        Yaron & Kodar, “How to incorporate active trustee practices into pension plan
        investment policies: A resource guide for pension trustees and other fiduciaries” in
        Money on the Line: Workers’ Capital in Canada. (R)

        Carmichael, "A Case Study of Concert Properties" in Pension Power: Unions, Pension
        Funds, and Social Investment in Canada, pp. 111-29. (R)

        Canada Pension Plan

        CPP Investment Board, Policy on Responsible Investing. Available online at:

       CPP Investment Board, Frequently Asked Questions, Questions 8-12. Available online

       EKOS Research Associates Inc., Views of Key Stakeholders on the CPP Investment
       Board's Mandate - Stakeholder Report, "Social Investing & Supporting the Canadian
       Economy" pp. 40 - 44. Available online at:

       Townson, “The Bottom Line on privatization of public pensions in Canada” in Pensions
       Under Attack (Chapter 7) (R)

       Gillespie, “CPP is investing in bombs, tobacco, and corporate criminals”(R)

       Kodar, Corporate Law, Pension Law and The Transformative Potential of Pension
       Fund Investment Activism (Conclusion) (SM)

Week 11: Underfunding/Insolvency (March 22)

       Kaplan, pp. 399-403; 542 (subsection d)) – 551

       British Columbia, Pension Benefits Standards Act, s. 45(1)
       Available online at:

       British Columbia, Pension Benefits Standards Regulations, s. 39
       Available online at:

       CAPSA, Proposed Funding Principles for a Model Pension Law
       Available online at:

       Department of Finance, Solvency Funding Relief Regulations – Regulatory Impact
       Analysis Statement (November 2006)
       Available online at:

       Gold, Current Pension Issues and Trends, Section III – Discussion, pp. 4-9
       Available online at:

       Ron Davis, "After the Fall: Trustees, Receivers, and Employees of Insolvent Businesses
       Under Bill C-55” in Annual Review of Insolvency Law 2005 (R)
Week 12: Pensions in Other Places: United States, England

Mar. 27 Paper Presentations & Discussion

Mar. 29 United States & United Kingdom

         Appendix A, “Comparative Chronology of Retirement Income Arrangements and
         Reform Initiatives, U.K., Canada and U.S.” in Richard Deaton, The Political Economy
         of Pensions: Power, Politics and Social Change in Canada, Britain and the United
         States (1989).

         Fact Sheets – United Kingdom & United States in Edward Whitehouse, Pensions
         Panorama: Retirement Income Systems in 53 Countries (2007)

         United Kingdom

         UK Pension Commission, Pensions: Challenges and Choices. Executive Summary
         (2004) (SM)

         UK Pension Commission, A New Pension Settlement for the Twenty-First Century.
         Executive Summary (2005) (SM)

         Department of Work and Pensions, Security in Retirement: Towards a New Pensions
         System. Summary (2006) (SM)

         Trades Union Congress, TUC Response to DWP White Paper “Personal Accounts: A
         new way to save” – Excerpts (March 2007)

         United States

         Befort, “The Perfect Storm of Retirement Insecurity: Fixing the Three-Legged Stool of
         Social Security, Pensions, and Personal Savings” (November 2006)

         MacDonald, “Britain’s Answer for Future Retirement Income: Possible Lesson for the
         United States” (EBRI Notes, August 2006)

Week 13: Pensions in Other Places: Sweden & Chile

Apr. 5   Sweden

         Sunden, “The Swedish Experience with Pension Reform” (2006) (SM)


         Arenas de Mesa, “The Structural Pension Reform in Chile: Effects, Comparisons with
         Other Latin American Reforms, and Lessons” (2006) (SM)