Environics survey shows small and medium-sized businesses underrate the
value of workplace retirement plans to their employees
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 and satisfaction.
In a 2012 Environics Research Group survey1 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
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
Employees can plan for retirement with user-friendly online tools.
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
Advisors can develop and build long-term partnerships with employers by
offering group benefits, and become a key provider of financial advice
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
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
1 Survey conducted for Standard Life by Environics Research Group with
400 SME officers and 600 SME employees in fall 2012.
SOURCE: STANDARD LIFE
For further information:
514-499-7999, ext. 8150