The Standard Life Assurance Company of Canada has launched the Retirement checkup, a retirement projection tool designed to engage group plan members in taking action in their retirement plans.

The new tool is an integral part of the Plan for life program the company launched in April 2007.

The Retirement checkup provides members with an annual snapshot, included in their annual statements, of their projected retirement income to assist members in determining whether their savings are in line with their retirement goals.

Members can get a more accurate picture of their total retirement income by adding in their estimated retirement income from other sources, such as government benefits, other registered accounts or previous employer plans.

In addition to helping members, the Retirement checkup will assist plan sponsors in meeting CAP governance requirements while reinforcing their commitment to their members’ financial well-being.

“Responding to plan sponsor expectations by developing new holistic solutions is the underlying reason of all of our initiatives,” says Anthony Cardone, Standard Life’s senior vice-president, group savings and retirement.

To comment on this story, email craig.sebastiano@rci.rogers.com.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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