MONTREAL, Dec. 11 2007 – The Standard Life Assurance Company of Canada announced today the launch of the Retirement checkup, an innovative retirement projection tool designed to engage group plan members in taking action in their retirement plans. The new tool is an integral part of the award-winning Plan for life program Standard Life launched in April 2007.
According to a recent survey(1), 52% of group plan members are unsure of how much to contribute today so that they have the money they need at retirement. Standard Life designed the Retirement checkup in response to that requirement and to help members stay on track.
Standard Life’s Retirement checkup provides members with an annual snapshot, included in their annual statements, of their projected retirement income to assist members in determining whether their savings are in line with their retirement goals. Members can get a more accurate picture of their total retirement income by adding in their estimated retirement income from other sources, such as government benefits, other registered accounts or previous employer plans. The Retirement checkup assists members in identifying gaps or surpluses in their annual retirement income so that they can adjust their Plan for life by following the directions provided.
“Standard Life is there to help every step of the way and our Retirement checkup specifically assists members in understanding the value of their current contributions and how this translates into retirement income,” said Teresa Morgan, National Director, Member Services and Marketing Communications, Group Savings and Retirement of Standard Life.
In addition to helping members, the Retirement checkup will assist plan sponsors in meeting CAP governance requirements while reinforcing their commitment to their members’ financial well-being.
“Responding to plan sponsor expectations by developing new holistic solutions is the underlying reason of all of our initiatives,” said Anthony Cardone, Senior Vice-President, Group Savings and Retirement of Standard Life.
About Standard Life
The Standard Life Assurance Company of Canada is a major investment, retirement and financial protection company. Along with its affiliated companies in Canada, it had $37.9 billion in assets under management as of June 30, 2007. It offers a wide range of financial products and services to over 1.31 million individuals, including group insurance and pension plan members. Total premium income and deposits reached $5.17 billion in 2006. Standard Life group has been a prominent player in the Canadian marketplace since 1833. (www.standardlife.ca)
The Standard Life group is a leading provider of financial products and services, with approximately 7 million customers and 1.5 million shareholders worldwide. As of December 31, 2006, its investment management business had $301 billion in assets under management. Founded in Edinburgh (Scotland) in 1825, The Standard Life Assurance Company demutualized in 2006 and a new public company – Standard Life plc – was born. Standard Life plc was listed on the London Stock Exchange (LSE), under the ticker symbol SL., on July 10, 2006. Standard Life plc entered the FTSE 100 on September 18, 2006, after the quarterly review of the index by the FTSE group. In March 2007, Standard Life plc became part of the FTSE4Good Index, which is used to identify companies that meet globally recognized corporate responsibility standards. (www.standardlife.com).Tags: retirement planning & savings, Standard Life