LONDON, ON, May 24, 2007 – Group Retirement Services, a division of The Great-West Life Assurance Company and its subsidiaries, London Life Insurance Company and The Canada Life Assurance Company, now provides its group plan members with ‘Smart messages’ on their mailed member statements.
‘Smart messages’ are unique in the industry because they are based on characteristics of a member’s portfolio rather than general demographic trends.
According to a 2006 industry survey, group retirement plan members are looking for more guidance on how to invest their retirement savings and a better explanation of the information they receive on their statements.
(Source: Benefits Canada, DC Forum, September 2006)
“‘Smart messages’ do that,” explains Michael Campbell, Vice-President, Group Retirement Services Marketing. “By providing customized information that speaks directly to members about their individual accounts, ‘Smart messages’ help members make more informed decisions about their retirement savings plans.”
‘Smart messages’ are based on three categories – financial, demographic and general information – and offer details about such things as key stages for investing, portfolio diversification and tax receipt mailings. ‘Smart messages’ help support group retirement plan sponsors in addressing their plan governance responsibilities and for compliance with Capital Accumulation Plan guidelines targeting information specifically to members.
“‘Smart messages’ are a risk-management tool that can help members understand how their investments are performing and increase awareness about specific aspects of the member’s plan that may require action,” Campbell says.
About Group Retirement Services
Group Retirement Services – a division of The Great-West Life Assurance Company and its subsidiaries, London Life Insurance Company and The Canada Life Assurance Company – is a leading provider of capital accumulation plans and offers plan sponsors the support of Canada’s largest network of group retirement specialists. Group Retirement Services administers over 17,000 plans, serves 1.3 million plan members and has more than $37 billion in invested assets in the pension and group savings marketplace in Canada.(*)
(*) as at Dec. 31, 2006
Together, Great-West Life and its subsidiaries serve the financial security needs of more than 12 million people across Canada and have over $170 billion in assets under administration. Great-West Life is a wholly-owned subsidiary of Great-West Lifeco Inc., a member of the Power Financial Corporation group of companies.