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  • Standard Life blasts financial inertia | Small Biz Advisor
    moving and become more proactive in managing their finances The Financial Inertia program works for individual investors employers advisors and group retirement plan members Once on the financial inertia com site you can select which group you belong to which will take you to a personalized section of the site with tools and information relevant to you Individual investors will be directed to the Motion Profiler tool which will determine which of five Motion Profiles best corresponds to their investment mindset The five profiles are based on Environics Research Group s Social Values Monitor Rather than being based on financial outcomes such as income assets or life stage the five profiles are based on the social values attitudes and motivations that drive Canadians to be either more or less engaged with their finances The goal is to help Canadians understand what s holding them back and enable them to take action and become more disciplined in saving for the long term The five profiles are Sophisticated investor 15 of Canadians They re in charge with the determination to achieve financial goals These investors are highly educated driven and most likely to hold a wide range of investment vehicles They score low on social connections but high on personal health Confident accumulator 23 of investors They re ambitiously striving to get ahead These are educated white collar people who are goal oriented and optimistic They re highly engaged in their finances and want to leave money to their children Contented passive 21 of investors They see financial management as a routine chore These investors are slightly older than average semi professional workers with secure jobs They earn average incomes and are likely to understand the basics of investing but only look at their investments from time to time Cautious analyzer 20

    Original URL path: http://www.smallbizadvisor.ca/news/standard-life-blasts-financial-inertia-2650 (2016-04-26)
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  • Employee communications: Targeting your audience | Small Biz Advisor
    market development for Manulife Financial When a small business employer hires an advisor and that advisor in turn selects an insurer what the employer is really saying is that I m counting on those two parties the advisor and insurer to provide a service on my behalf she adds Colette St Mars CHRP director of human resources at Xenon Pharmaceuticals Inc says that having a main contact for benefits issues is invaluable When speaking of Xenon s client service representative Queenie Yeung of TRG in Vancouver St Mars says Queenie is available to us all the time either by phone or email and it s definitely nice to know you have someone you can contact when you need information quickly she says On top of this when it comes to renewal time St Mars says that having a company like TRG takes a lot of pressure off of Xenon s human resources department They do all the back end preparation for a renewal and they come to you with a summary of the data and help you make sense of it says St Mars T ailor made Brent Delveaux also with TRG and Xenon s benefits consultant says that one of the most valuable things an advisor can offer an employer is a personalized touch to employee communications Insurance companies have many clients and advisors The advisor has to earn their keep and specialize things a little more he says One way that Delveaux adds a personal touch to communications is through the TRG blog Once a week TRG blogs about group benefits and pension issues that are relevant to their clients We will send it to our clients if they have a situation related to the blog he says Communication through social media and blogs is still a new

    Original URL path: http://www.smallbizadvisor.ca/group-benefits/employee-communications-targeting-your-audience-2585 (2016-04-26)
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  • Canada enters “Age of the Unretired”: Global study | Small Biz Advisor
    18 and compared to 12 globally Although more than half 54 of today s Canadian retirees said that their preparations for retirement were at least adequate 40 said that they had not prepared adequately or at all for a comfortable retirement and 4 said they would have to go back to work to cover their financial shortfall compared to 14 globally The findings are more extreme for those living alone in retirement with 24 of those who are divorced or separated saying they don t think they will ever retire compared to 20 globally On the other hand many semi retired Canadians gave more positive reasons for staying in the workforce Nearly half 47 of respondents said they would like to keep active physically and mentally 41 said they like working and 35 saidthey feel it will ease the transition into retirement People want to slow down in later life and while some welcome the chance to continue working many may not Where some people regard a comfortable retirement as a natural entitlement for a growing number this is not the case said Betty Miao executive vice president retail banking and wealth management HSBC Bank Canada Today s workers should

    Original URL path: http://www.smallbizadvisor.ca/news/canada-enters-age-of-the-unretired-global-study-2529 (2016-04-26)
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  • Public sector should adopt DC plans: Report | Small Biz Advisor
    public sector pension plans according to a study by the Fraser Institute a non partisan think tank The provincial governments that have increased public sector pension contributions to cover funding deficits include British Columbia Alberta Manitoba Ontario Newfoundland and Labrador Nova Scotia and Prince Edward Island Some of these provinces Alberta Ontario and Newfoundland and Labrador have even had to bail out public sector pension plans In Alberta in 2002 the province made what was supposed to be a one time payment of 60 million toward funding shortfalls for the so called pre 1992 Teachers Pension Plan It took over that liability completely in 2007 and made another payment of 1 2 billion to the same fund in 2009 according to the Fraser Institute In Newfoundland and Labrador several pension plans have been topped up This includes a 2 billion special payment into the Teachers Pension Plan in 2006 and 982 million for the Public Service Pension Plan in 2007 The Ontario government has made special annual payments of 416 million to help cover shortfalls in the Public Service Pension Plan since 2007 The province is scheduled to make annual payments of 142 million for 15 years Ultimately the cost of public sector pension plans are borne by all taxpayers because tax dollars pay the government s contributions as well as government employee salaries says Mark Milke Fraser Institute senior fellow and author of the report The study also notes that in the public sector 87 of employees were covered by a registered pension plan in 2011 while in the private sector just 24 of employees had access to one Nearly all public workers 94 had a DB plan In the private sector that figure stood at 52 To alleviate the strain on provincial finances governments need to replace DB

    Original URL path: http://www.smallbizadvisor.ca/news/public-sector-should-adopt-dc-plans-report-2526 (2016-04-26)
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  • Mercer calls for target benefit pension plans | Small Biz Advisor
    referring to these plans as a lifetime pension funded with fixed contributions The contributions can be provided entirely by the employer or they can be shared by the company and the employees This provides cost certainty for firms according to Mercer Another advantage of target benefit plans is that the retirement savings are invested on a pooled basis by professional money managers rather than by individual plan members leading to better investment performance and lower management fees according to the communiqué Target benefit plans are also a better solution to the financial risk posed by increasing longevity Mercer argues The longevity risk is pooled among all plan members removing the pressure from individuals to manage their personal risk of living longer While ultimately target benefit plans are susceptible to the same risks that threaten DB and DC plans their design is such that the risk can be distributed in an efficient way according to Mercer The reason for the flexibility of target benefit plans is that although they intend to deliver a target income they don t guarantee it So conditional benefits such as future indexing can be eliminated temporarily if the plan doesn t have enough assets to provide

    Original URL path: http://www.smallbizadvisor.ca/news/mercer-calls-for-target-benefit-pension-plans-2519 (2016-04-26)
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  • Canadians not saving enough, survey | Small Biz Advisor
    net pay There is some good news though The survey suggests that fewer employees are living paycheque to paycheque Although 42 would still be in financial difficulty if their pay was delayed by even a week this is down from 47 last year Canadians retirement in jeopardy The CPA survey also suggests that a large gap exists between how much money people say they will need to retire and how much they re actually saving for retirement Over the past year there has been a sharp increase in what employees consider an adequate nest egg for retirement with fewer now believing that savings of 500 000 to 1 million will be enough 30 this year vs 34 in 2012 More think between 1 million and 2 million will be needed 35 this year vs 28 last year Yet most working Canadians are nowhere near reaching their retirement savings goals with 73 saying they ve put aside less than a quarter of what they ll need in retirement Among employees closer to retirement 50 and older a startling 47 are still less than a quarter of the way there And this is leading many to postpone their retirement Of those survey

    Original URL path: http://www.smallbizadvisor.ca/news/canadians-not-saving-enough-survey-2513 (2016-04-26)
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  • DC plans continue to struggle, Towers Watson | Small Biz Advisor
    22 3 reached in December 2007 Towers Watson says it s clear that DC plans continue to struggle This news comes at a time when according to the firm defined benefit DB plans are showing improved solvency following several years of increased deficit funding by plan sponsors While both DB and DC plans have benefited from improved market gains differences in funding design have contributed to the difference in relative performance says Ian Markham Canadian retirement innovation leader at Towers Watson One important distinction is the opportunity for de risking DB plan sponsors have been able to use improving financials to consider de risking strategies to lock in a portion of the recent market gains However DC plans do not have access to the same opportunities and will not benefit as readily from the same market gains Another contributing factor in the performance disparity is the fact that unlike with DB plans DC plan sponsors don t make extra contributions to make up for poor performance in past years which can result in significant deficits relative to the plan members expectations explained Michelle Loder Canadian DC business leader at Towers Watson Given these fundamental design differences the onus remains on DC plan members to increase their contributions in times of poor investment performance or accept a lower level of accumulated savings from which to draw retirement funding Concerns about retirement growing Towers Watson s 2013 Pension Risk Survey further suggests that DC plan members in mid career are growing increasingly concerned about their retirement future Seventy eight percent of respondents who sponsor a DC plan say that retirement security has become a more important issue for mid career employees over the last three years However only 23 of the participating DC plan sponsors expect their pension plans to play a

    Original URL path: http://www.smallbizadvisor.ca/news/dc-plans-continue-to-struggle-towers-watson-2515 (2016-04-26)
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  • Manulife first in Canada to administer federal PRPPs | Small Biz Advisor
    was issued its licence to be a PRPP administrator by the Office of the Superintendent of Financial Institutions OSFI In December 2012 the Government of Canada finalized the Pooled Registered Pension Plans Act regulations marking the creation of a new workplace retirement savings plan The OSFI approval is the first step in enabling Manulife Financial to administer PRPPs I congratulate Manulife on being the first out of the gate to

    Original URL path: http://www.smallbizadvisor.ca/news/manulife-first-in-canada-to-administer-federal-prpps-2503 (2016-04-26)
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