TORONTO, April 9, 2003 – The Canada Life Assurance Company (Canada Life(TM)) today launched a new interactive software learning package designed to help members of defined contribution plans manage their retirement savings. More than 700,000 members of group savings plans supported by Canada Life have access to the software through the companies and organizations they work for.
The self-teaching software CD, entitled Smart Investing, provides members with practical skills and information on how to reach their personal financial goals, and demonstrates how their company plans fit into their financial picture.
“Smart Investing software supports our plan sponsors who either offer or plan to offer, defined contribution programs” said Alex Harvey, Vice-President, Group and Payout Annuities for Canada Life. “It enables them to assist employees who must assume responsibility for managing their retirement
The software equips sponsors to conform to the education and support principles developed to help members of defined contribution programs take on the personal financial management responsibilities involved. It covers a range of topics including concepts for beginning and advanced investors as well as
information on debt management, estate planning and other related subjects.
Other features include a calculator that helps members determine their retirement income based on current savings and any other income they expect to receive at retirement. They can also use the calculator to develop and evaluate different savings or investment scenarios that could help make up any
retirement income shortfalls identified.
An interactive section can be used to determine individual investment risk tolerances, and to construct a personal asset mix based on information about the investments in a specific plan.
The software is customized to match the investments offered in each client company’s plan. Updates reflecting the performance and asset holdings of these funds become available for downloading at six-month intervals.
“Defined contribution plans are becoming more popular. And Smart Investing software is a good example of the type of tool sponsors can offer to help members upgrade their financial management skills,” added Harvey.
The Canada Life Assurance Company, Canada’s first domestic life insurance company founded in 1847, has total assets under administration in excess of $68 billion. Headquartered in Toronto, the Company operates in Canada, the
United States, the Republic of Ireland, the United Kingdom, Brazil, Germany, Hong Kong and the Caribbean.