ADV-IndustrialAlliance_ReneeLaFlamme-(Advertorial Use Only)
According to Melbourne Mercer Global Pension Index, Canada ranked fifth in the world in 2010 for the adequacy, sustainability and integrity of its pension system. The challenge: many Canadians do not have access to or participate in an employer retirement savings plan, and do not save on their own for various valid reasons, says Renée Laflamme, vice president, Group Savings and Retirement, Industrial Alliance Insurance and Financial Services.
Unless that changes, she says Canadians will most likely experience a lower standard of living at retirement. "The recent private pension plan proposal from the federal government, aimed at helping businesses set up retirement savings plans for their employees, is an important step in the right direction. We cannot rely solely on government programs."
The group savings and retirement industry in Canada is large, with over 70 per cent of plans administered by the life insurance companies, she says, noting that the Industrial Alliance group savings and retirement sector benefits from the strength of the larger organization. "We're the fourth largest life insurance company in Canada, with $67 billion under management and administration."
The growing demand for retirement investment products is reflected in the growth of Industrial Alliance's group savings and retirement division. "We've had remarkable growth over the past 10 years and have exceeded industry growth in the last three. We've been active in Quebec for more than 50 years and throughout Canada for more than a decade. We have offices across the country – in Halifax, Quebec City, Montreal, Toronto, Calgary and Vancouver."
The organization differentiates itself from its competitors "by putting our clients at the centre of everything we do," says Ms. Laflamme. "We work with our clients and business partners to determine the most suitable platform of services, products and investment solutions for their needs."
As more Canadian employers embrace the trend of outsourcing group savings and pension programs, they've also come to expect the best in service and easy access for their employees or members, she says. "To be competitive in hiring and retaining the best people, employers must offer competitive benefits. In order to do that, employers and plan sponsors require first-class service and flexibility to support them in their administrative tasks, and this is what we offer. Our team is dedicated and proud of exceeding expectations."
As an organization that has demonstrated its prudent approach to investment and planning through the last financial crisis, Industrial Alliance is well suited to provide solutions for retirement, says Ms. Laflamme. "With increased life expectancy, retirees are looking for products that favour a lifetime income and ensure their asset to last a lifetime."