As Canada’s leading independent administrator for defined contribution (DC) plans and capital accumulation plans (CAP), Morneau Shepell brings decades of experience and industry insights, as well as a fresh perspective, to pension consulting.
Partnering with Morneau Shepell enables you to effectively manage the cost and risks associated with DC and other CAP arrangements in today’s changing pension landscape of new requirements, risks, and fiduciary responsibilities. We work with you to ensure that your plans are:
- Market competitive
- Aligned with emerging trends
- Meet your business, as well as operational, objectives
Our team of experts listen to you to develop innovative and practical strategies that support your current and future needs, and bring a member-centric perspective to the oversight of your plans.
Our dedicated team of CAP specialists and trusted advisors are supported by our highly qualified legal, tax, investment, administrative, communication, and retirement education experts; you benefit from the expertise from our entire organization. Our professionals apply their expertise and innovative thinking to plan design, service provider search, investment strategies, governance and plan documentation, and member communication and education.
- Review and formulate plan designs that offer adequate replacement retirement income, address sponsor objectives, and align with comparator prevalence
- Harmonize and simplify existing plans to facilitate operational efficiency
- Formulate options and support conversion from a defined benefit plan to a CAP
- Provide support with implementation of design
- Conduct relevant comparator design benchmarking and prevalence studies
- Monitor member behaviour by assessing member contribution levels and member activity
Service provider search
- Search and select a CAP recordkeeping service provider
- Monitor service providers on an ongoing basis and periodic reviews of member-borne fees
- Assess member engagement and utilization of online resources of the service provider
- Review and select investment fund options that are aligned with best practice trends
- Support ongoing monitoring of investments
- Monitor member investment decisions and default usage
Governance and plan documentation
- Establish a governance system and ensure it is working properly
- Conduct annual plan reviews and address any gaps, mitigate potential risks, and identify opportunities for improvement
- Monitor compliance with the CAP Guidelines and other applicable regulatory requirements
- Provide fiduciary training to key stakeholders and pension committee members
Member communication and education
- Develop initial and ongoing communication strategies as well as tactical delivery plan for all stakeholder groups
- Assess existing communication material from service provider and develop additional material to address gaps
- Develop targeted member communication and support other communication tactics
- Conduct member retirement planning sessions and other member-targeted education sessions
- Review member behaviour and engagement, and assess impact of communication strategies
The ultimate measures of success of a DC plan or other CAP are whether plan members are engaged, making smart investment decisions and fully utilizing the plan to help them save for retirement.
Retirement planning goes high-tech by Nigel Branker | June 22, 2012 | Benefits Canada