MONTREAL, Feb. 10 2011 – The Standard Life Assurance Company of Canada introduces “How to read your group retirement statement, in plain English” on YouTube. This series of three short, action-oriented videos was developed to help people better understand their group retirement statements, and to motivate them to be more involved in their retirement planning.
The videos were designed for Standard Life clients participating in group retirement and savings plans. They may also be useful to anyone who has a group plan with an employer; especially since a recent survey conducted by Ipsos Reid for Standard Life indicated that group retirement statements are not widely understood. It also reveals that most plan members surveyed (72%) believe their statement contains insufficient information upon which to base a change in their retirement planning.
The videos have been designed to avoid financial jargon. They focus on the three key questions that Standard Life believes are fundamental to evaluate one’s financial situation correctly: How am I doing? Am I on track? What could I do to reach my retirement goals?
“For many, reading this kind of financial document may feel like getting a root canal! We believe that armed with a better understanding, members will become more inclined to take hold of planning their retirement,” said Emmanuelle Couillard, Manager, Product Management, Group Savings and Retirement, at Standard Life. “YouTube’s ever increasing popularity is undeniable. That’s why we decided to use this channel to reach out to as many Canadians as possible.”
Providing clarity and actionable recommendations is particularly important for defined contribution plan members who are responsible for their own retirement income planning. Today 3.3 million Canadians or over 40 per cent of those with group pensions are covered by workplace defined contribution plans or group RRSPs, and that number is expected to rise in the future.
The videos can be viewed on Standard Life’s YouTube channel at www.youtube.com/StandardLifeCA.
Standard Life also recently revamped its Plan for lifeTM statement for group savings and retirement plan members and it was ranked second in Canada, receiving an Excellent rating in the DALBAR Trends and Best Practices in Defined Contribution Pension Plan Statements report.
About Standard Life
Standard Life plc is a leading long-term savings and investments company headquartered in Edinburgh, Scotland. Standard Life has around 10,000 employees; operates in the United Kingdom, Europe, North America and Asia Pacific, and globally with Standard Life Investments; and serves over 6 million customers worldwide.
In Canada, Standard Life has been doing business for over 175 years. Standard Life Financial Inc., which wholly owns The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd., is Standard Life plc’s largest operation outside the UK. With over 2,000 employees, it provides long-term saving, investment and insurance solutions to more than 1.3 million Canadians, including group insurance and retirement plan members.
As of September 30, 2010, Standard Life plc had C$311 billion in assets under administration, including C$38.2 billion in Canada through Standard Life Financial. www.standardlife.ca
