Blue Pier is introducing a new customized, fully outsourced workplace pension plan to encourage all employers to offer retirement savings programs to their employees.
The product allows employers to choose the plan design, including defined benefit, defined contribution, target benefit and hybrid options. They then enrol staff and make contributions, while Blue Pier will manage the plan, including risk pooling among employers where it makes sense, according to a press release.
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“For most people, workplace pension participation is essential for retirement income security,” said James Pierlot, the company’s founder and chief executive officer. “Yet 12 million Canadian workers — more than 70 per cent of the workforce — have no pension.
“At Blue Pier, our mission is to reverse that trend and make it possible for everyone to retire in dignity and financial security.”