Standard Life Assurance Company of Canada has launched a retirement solution called Pension in a Box, designed to help small- and medium-sized enterprises (SMEs) offer workplace retirement plans to staff.
The majority of employees at SMEs (92%) rank workplace savings as an important factor in remaining with their employer, according to a 2012 Environics Research Group survey.
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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,” says Michel Fortin, senior vice-president of Marketing and Customer Solutions. “And when it comes to group retirement plans, their needs and resources are different from larger organizations.”
“This is why we developed [the program] and tailored [it] specifically for SMEs. It allows [them] to focus on running their day-to-day business, [rather than] worrying about the complexities of managing a pension plan.”
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Pension in a Box is an online retirement solution offering investment options that are currently part of Standard Life’s investment platform. These include:
· 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)
Employers can access tools and services that make administration easier, and advisors can pair with employers who want to offer additional financial advice to employees.
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