WATERLOO, ON – August 14, 2003 – Equitable Life of Canada (Equitable Life) and Penad Pension Services Limited (Penad) announced today that Equitable Life will license Penad’s defined contribution (DC) software platform for Equitable Life’s group pension business in Canada. Penad’s leading-edge pension record-keeping system will be integrated with Equitable Life’s related information systems to further Equitable Life’s goal of being a service leader in every aspect of its operation. By utilizing Penad’s Enterprise Automation software and e-Pensions module, Equitable Life will enable its pension plan members and participating employers to take full advantage of the Internet for access to important account information as well as to streamline every aspect of the pension record-keeping process.
“This project is far more than a software purchase,” said Penad President, Frank Price. “Penad has developed a comprehensive pension administration methodology over a twenty year period specifically designed for administering entire books of group pension business. All stakeholders in the Equitable Life book will benefit as Equitable applies this proven methodology to its group pension business.”
“Equitable Life’s decision to use Penad’s PX3000 defined contribution software to administer our Group Savings and Retirement business demonstrates our commitment to this line of business,” said Mark Courtepatte, Vice-President, Group and Individual Operations, Equitable Life of Canada. “The software’s flexibility, scalability and user-friendly attributes combined with Penad’s ability to customize it, meet our market needs and will help support our commitment to superior service as we re-enter into this line of business.”
ABOUT EQUITABLE LIFE OF CANADA
Equitable Life of Canada is an independent mutual life insurance company founded in 1920 in Waterloo, Ontario. It offers its customers a wide selection of quality financial products, including individual life and health insurance; group life and health insurance; and group and individual savings and retirement products. Equitable Life employs more than 400 staff members at its head office in Waterloo and in its regional offices across Canada. The Company is represented by more than 7,000 independent producers from British Columbia to Ontario, and in the Atlantic provinces.
ABOUT PENAD PENSION SERVICES LIMITED
Penad Pension Services Limited was founded in 1983 with the mission to help pension plan sponsors streamline pension administration, reduce costs, and improve plan member communications while also reducing turnaround times. The Company filled a niche in the Canadian pension market and quickly signed up over 100 pension plans for third-party administration (TPA) service contracts. The Company invested heavily in computer technology from Day One and sold its proprietary pension administration system to pension plan sponsors throughout Canada. In the 1990’s, the Company opened offices in the Caribbean region, with resulting TPA contracts, large consulting projects, and system sales. Today, the Company continues to serve Canadian and international pension plan sponsors with TPA services and administration software systems. Penad is the only company in Canada to provide a comprehensive TPA service as well as developing leading-edge Web-ready pension administration applications for larger pension plan sponsors who elect to administer their pension plans in-house. Penad’s client-base includes Fortune 500 companies as well as unions, multi-employer organizations, associations, banks, insurance companies, and government organizations.