As you’ll read in this issue’s cover story, our 2020 CAP Member Survey was fielded at the end of March and early April, targeting respondents as they were beginning to face the financial impacts of the coronavirus pandemic. While we still asked our annual questions about capital accumulation plan members’ retirement readiness, we also wanted […]
As if preparing for retirement wasn’t already a steep challenge, along comes the coronavirus pandemic and its impact on the global economy, throwing up even more obstacles for capital accumulation plan members to maneuver. This year’s annual CAP Member Survey, supported by Actuarial Solutions Inc. and Morneau Shepell Ltd., fielded its questions between March 30 […]
Defined contribution pension plan sponsors may face workforce planning challenges coming out of the coronavirus pandemic as older plan members whose account balances were hard hit by this year’s market volatility delay their retirements. “We saw a lot of presenteeism coming out of the [global financial crisis] — are we going to see that again?” asks […]
The majority of Canadian capital accumulation plan members said they’re confident in their understanding of how to optimize their income in retirement, according to Benefits Canada‘s 2019 CAP Member Survey. Across all survey respondents, 63 per cent said they’re confident on this topic. When the answers were broken down by generations, the survey found baby boomers (69 per cent) […]
Though more than half of Canadian capital accumulation plan members feel financially prepared for retirement, there’s a distinct difference across generations. Given their proximity to retirement, it’s no surprise baby boomers (69 per cent) are the age cohort most likely to agree they feel prepared, compared to 59 per cent of generation X and 41 […]
For capital accumulation plan (CAP) members, it’s tough trying to save money for retirement. How much should I save? How much is actually enough for a decent retirement income? Will I run out of money in retirement? These are questions plan members ask themselves and try desperately, with the help of plan sponsors, to answer. […]
Employers that provide capital accumulation plans (CAPs) to help employees save for retirement may want to double check on their plan members’ perceptions of retirement readiness. This year’s CAP Member Survey—which, for the first time, included questions for plan sponsors—found a significant gap between sponsors’ and members’ beliefs and expectations.
CAP sponsors may be encouraged to see that member satisfaction levels remain high, both with their plans (88%) and with the performance of the plans’ investments (87%). But some of the other findings of the 2014 CAP Member Survey should raise eyebrows about the potential risks related to sponsors’ and members’ different views on each other’s responsibilities.
The 2014 CAP Member Survey highlights—once again—that employee engagement remains a challenge for plan sponsors. And, with plan sponsors included in the survey this year, the results reveal a significant gap between how employees and sponsors view various aspects of their retirement savings plans.
Plan sponsors may think they have enough worry just getting employees to save for retirement, but, based on results of this year’s CAP Member Survey, it’s likely that many plan members will also need help turning their retirement savings into retirement income.