SMEs underestimate the importance of pension benefits to their employees
-- Environics survey shows small and medium-sized businesses
underrate the value of workplace retirement plans to their
-- Standard Life introduces a simpler pension solution based on
both employees' and employers' needs
MONTREAL, Feb. 20, 2013 /CNW Telbec/ - The Standard Life Assurance Company of
Canada ("Standard Life") today announced a new retirement solution, "Pension
in a Box", designed to help small and medium-sized enterprises ("SMEs") offer
their employees a workplace retirement plan that answers their needs. Pension
in a Box is intended to help the millions of Canadians who work for an SME to
save for the future, and it will also help SMEs in terms of employee retention
In a 2012 Environics Research Group survey(1) conducted for Standard Life,
over nine out of 10 SME employees (92%) rank workplace savings and retirement
plans as an important factor in remaining with their employer, ranking it
among the top three benefits. Yet, the majority of SME executives (69%) rank
workplace savings and retirement plans as only the seventh most important
benefit in motivating and retaining employees.
"SMEs make up the vast majority of businesses in Canada. When it comes to
group retirement plans, their needs and resources are different from larger
organizations. Consequently, workplace savings and retirement plans need to be
adapted to their reality," said Michel Fortin, Senior Vice-President,
Marketing and Customer Solutions. "This is why we developed Pension in a Box,
a simpler retirement solution tailored specifically for SMEs. It allows SME
decision-makers to focus on what they do best, that is running their
day-to-day business, and not worrying about the complexities of managing a
pension plan. They can leave this to us at Standard Life, where our goal is to
share our expertise with our clients, and remain at the forefront in
developing solutions that meet the evolving needs of employers, from the
simplest to the most sophisticated pension offering."
Pension in a Box highlights
Pension in a Box is a simple, flexible and online workplace retirement
solution. It takes into account employees' needs and degrees of investment
knowledge, as well as their comfort level with various financial products.
Pension in a Box offers investment options that are part of Standard Life's
comprehensive and select investment platform. It allows employers to build an
attractive and competitive program using a range of savings and retirement
plans that help employees save for the future, such as:
-- Defined Contribution Registered Pension Plan (DC-RPP)
-- Group Registered Retirement Savings Plan (RRSP)
-- Tax-Free Savings Account (TFSA)
-- Non-Registered Savings Plan (NRSP)
-- Deferred Profit Sharing Plan (DPSP)
Benefits to employees, employers and advisors
Pension in a Box holds benefits for employees, employers and their advisors:
-- Employees can plan for retirement with user-friendly online
-- Employers can access online tools and services that make
administration easy and efficient, as well as Standard Life's
longstanding expertise in terms of governance responsibilities,
such as compliance with laws and regulations.
-- Advisors can develop and build long-term partnerships with
employers by offering group benefits, and become a key provider
of financial advice to employees.
Additional information on Pension in a Box is available on
http://www.standardlife.ca/en/employer/retirement/pensioninabox.html or by
talking to an advisor.
Fact sheets are available at SME Opportunities.
About Standard Life
Standard Life plc is a leading long-term savings and investment company
headquartered in Edinburgh, Scotland. Standard Life has around six million
customers worldwide and operates in the United Kingdom, Europe, North America
and Asia, and globally with Standard Life Investments Ltd.
In Canada, Standard Life has been doing business for 180 years. It operates
under Standard Life Financial Inc., which wholly owns The Standard Life
Assurance Company of Canada and Standard Life Mutual Funds Ltd. It is Standard
Life plc's largest operation outside the UK with about 2,000 employees. It
provides long-term savings, investment and insurance solutions to more than
1.4 million Canadians, including group retirement and insurance plan members.
As of September 30, 2012, Standard Life plc had C$337 billion in assets under
administration, including C$44 billion in Canada through Standard Life
(1) Survey conducted for Standard Life by Environics Research Group with 400
SME officers and 600 SME employees in fall 2012.
Geoffrey King 514-499-7999, ext. 8150 firstname.lastname@example.org
SOURCE: STANDARD LIFE
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-0- Feb/20/2013 14:48 GMT
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