Jacqueline Louie
To successfully transition a member to retirement from a DC plan requires four pillars: people, platform, product and price. Any transition should make people a priority.
Jennifer Gregory, national vice-president, strategic & distribution alliances, group benefits & retirement solutions, Manulife (formerly Standard Life), shared the best ideas from the topic discussed at the 2015 DC Plan Summit.
Key takeaways for employers:
- Create a strategy to help prepare members for the long term. Focus on financial skills, including financial literacy, managing debt, creating a plan and setting retirement goals.
- If you don’t have all of the resources necessary to provide pre-retirement counselling to employees, consider outsourcing. Can you look to your service provider to assist with this? Work with your plan provider to support members more effectively as a win-win for everyone.
- Marketing the plan is important. Take advantage of internal resources, including retirees who can speak with pre-retirees about what they found helpful as they made the transition into retirement—and what they could have done better.
View more videos from the 2015 DC Plan Summit.
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