For most of the decade since I joined Benefits Canada, it feels like the pension industry has been moving at a snail’s pace.

Don’t get me wrong — I have witnessed many substantial (dare I say, exciting) developments in the industry, each one touted as a potential solution to Canadians’ retirement readiness concerns and increasingly uncertain savings journeys. But I also think there’s a long way to go.

Through the lens of looking back and ahead, the DC Plan Summit celebrated its 25th anniversary at the end of February, making it very clear that a quarter century of DC plans also means these solutions are more essential than ever.

Read full coverage of the 2025 DC Plan Summit.

I was just finishing high school when Benefits Canada’s hosted its first DC Plan Summit, but clearly, many DC plan sponsors were there, ready to tackle the challenges of the year 2000. Twenty-five years later, these plans are likely reaching maturity, with members retiring — or preparing to retire — and sponsors looking for solutions to facilitate this process.

Indeed, several sessions at this year’s conference touched on the very important — and much more complex — decumulation phase, including innovation in investment products, the latest legislative framework around variable payment life annuities and a case study from Bell Canada, which introduced in-plan variable benefits back in 2019.

Another trend that has skyrocketed in recent years is the use of technology — and specifically, artificial intelligence — in pension communications, which was a hot topic at the DC Plan Summit, particularly in terms of engagement with members and financial guidance. The leading record-keepers have been leveraging technology for decades, from retirement calculators to mobile apps to personalized access points for members. With the fast-moving adoption of AI, this area will be an interesting area to watch.

Read: Panel: Personalized, holistic approach biggest benefit in 25 years of DC plan changes

But for me, the biggest development I’ve noticed is the move to focus on plan members’ differing financial priorities and the impact on the savings options provided by plan sponsors. A panel featuring pension veterans from the Halifax ILA/HEA, Loblaw Companies Ltd. and Sobeys Inc. discussed how pension plans are evolving from retirement tools to more flexible savings models that prioritize financial wellness.

This broader, holistic approach was also on display in Bell Canada’s session, where Robert Marchessault, director of pension and benefits, shared the organization’s journey to expand where employees put their savings dollars, including a group tax-free savings account and a first-time homebuyers account in addition to a DC plan. Members can put their contributions into any of these plans with the company’s match going into the DC plan.

“The way we were working before was by silo, so what’s in the [registered pension plan] stays in the [registered pension plan], but the employees don’t think like that.”

Read: How Bell Canada incorporated plan sponsor guidance into DC plan design

For an industry that has focused for so long on very traditional retirement savings vehicles and timelines, this development marks another substantial shift. And with younger generations facing serious cost-of-living issues not experienced by their older peers, it’s more essential than ever for employers and the rest of the industry to pay attention.

It’s the main reason Benefits Canada rebranded its long-running retirement readiness survey. For years, it was called the Capital Accumulation Plan Member Survey, but it will be the Employee Savings Survey going forward. This rebrand reflects the shift in employees’ savings priorities and will aim to capture their perspectives on different financial landmarks, including taking a pulse on the uptake of other savings vehicles and the state of financial wellness.

We’re looking forward to sharing the results of this survey in a virtual event on June 16. Register for the free Employee Savings Summit here.

Jennifer Paterson is the editor of Benefits Canada and the Canadian Investment Review.