You don't work in a cookie-cutter environment. So we offer flexible and dynamic solutions to meet your needs and fit your company culture.
And we take care of the heavy lifting so it's easier for you to achieve your objectives. After all, your success is our success.
Running a group savings and retirement program requires a team effort, and plan sponsors can rely on the full support of the partners on their Standard Life team – we're here to do the heavy lifting.
Because every program is unique, our services are flexible enough to meet the specific needs of a plan sponsor and their employees, from implementation through the day-to-day operation and long-term evolution of the program.
The Manager, Business Development and Customer Relationship Manager will be responsible for keeping the promises we have made throughout the initial phase of our partnership. They will provide assistance with the selection of the investment options and the type(s) of plan, and with other important matters.
- Implementing a group program
- Enrolling employees/making a smooth transition
- Managing the ongoing relationship
- Tools and services
- Plan governance and compliance support
Once implementation of a program is complete, the Customer Relationship Manager is responsible for managing the plan sponsor's ongoing relationship with Standard Life.
The Customer Relationship Manager arranges with the plan sponsor to conduct periodic reviews of the program, which include, but are not limited to:
- reviewing investment performance and the fund roster.
- analysing statistics on transactions.
- discussing legislative and compliance issues with plan sponsors in relation to their Capital Accumulation Plans.
- assessing member communication and education needs.
- ensuring that all interested participate in a regular "report card" review of our services that helps us continue to provide stellar services.
A dedicated Customer Service Representative is responsible for handling the day-to-day administration of the program, and ensuring service standards are met.
A smooth and accurate implementation lays the foundation for a successful group program. To make this happen, we assign an Implementation Manager to lead the Standard Life team and direct all implementation activities, including:
Whether they're just starting out or are members of an existing program, employees can learn important program information and financial planning concepts by attending a live seminar (web-based versions of seminars are also available). Conducted by our expert team of financial consultants, seminars are tailored to the specific situation (new/existing program) and the demographic and lifestyle profiles of the plan sponsor's workforce.
Our seminars aren't limited to enrolment information, though; they cover a range of topics across the different career/lifecycle stages a member goes through with the Plan for life program
eEnrolment, part of our eServices for members, saves employees time and paper by enabling them to enrol online, and requires less plan sponsor involvement than traditional paper enrolment. Information on the group program is provided online, along with instructions for enrolling. Plan sponsors may offer their members online-only enrolment, the choice of online or paper enrolment, or paper-only.
A dedicated Customer Service Representative is responsible for handling the day-to-day administration of the program, and ensuring service standards are met. The Customer Service Representative is fully trained on the particulars of the program, including plan rules and any specific procedures, and is equipped to field requests such as statement queries or questions about plan administration.
Here is an overview of our services for some of the most common day-to-day activities:
Receipt of payroll contributions
There are several ways contribution instructions can be submitted:
- ADP Canada – Plan sponsors that use ADP's payroll service can submit payroll contributions to their group program.
- VIP Room website where contribution lists can be submitted online
- Interactive Messaging, a secure channel on the VIP Room website
- File Transfer Protocol (FTP)
...and several ways contribution payments can be submitted:
- Drawcheque
- Wire transfer
- EFT (Electronic Funds Transfer)
- Internet banking
- Cheque
The Customer Service Representative works with the plan sponsor to arrange the most efficient method for submitting contributions.
Member transactions
Members can call the Financial Service Centre directly for transaction requests such as:
- Changes to investment instructions
- Asset rebalancing
- Withdrawals
They can also submit contributions to their Group RRSP through the VIP Room website. Plan sponsors don't need to be involved for member transaction requests.
Termination of employment or retirement
When a member terminates employment or retires, we will inform them of their options upon receiving notification from the plan sponsor.
The
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Both the Standard Life Advantage RRSP and the Group RRIF/LIF offer (at no cost to plan sponsors):
- Preferential pricing compared to individual plans.
- A wide range of investment options.
- The same flexibility offered by individual plans.
- Simple transfers from the member's previous program (or any other registered plan).
Note - The market-related funds (Pooled Funds) available within the Standard Life Advantage program do not offer a minimum principle guarantee. Such guarantee is available under Standard Life's individual products.
We also provide plan sponsors with self-service tools for quick access to information:
Quick Reference Guide
To assist plan sponsors with questions they may have about their program, we've produced a comprehensive guide that includes:
- "How-to's" for various tasks (e.g. completing T4 slips).
- Summaries of regulatory requirements.
- Information about our services.
- Contact information for the plan sponsor's Standard Life team.
Plan sponsor statements
Plan sponsors receive a consolidated statement on a monthly basis, which provides a summary of the activity in their program; information is shown for each plan, and for sub-groups within a plan.
Detailed information is available online on the VIP Room website.
The VIP Room
The password-protected VIP Room offers a range of eServicing features to help plan sponsors save time, improve accuracy and concentrate on their day-to-day business. The site enables plan sponsors to:
- submit records and payments for payroll deduction contributions
- provide pre-enrolment information for members
- update and manage member records including terminations
- view and pay group retirement program invoices
- manage banking information
- reconcile records using downloaded reports
- analyze performance data by plan, subgroup, account, or member
- research financial and non-financial member information
- consult information on pension legislation and to the Quality & Choice Investment program™
- provide allocation instructions for forfeited amounts
- access online training for VIP Room functionalities
For an interactive demo of the VIP Room for plan sponsors, please contact us today.
We help plan sponsors ensure that their plans comply with applicable legislation such as the Income Tax Act and provincial pension legislation and regulations for the applicable products. However, the requirements of the different laws vary, there’s no uniform nationwide set of rules for plan sponsors. Our annual Summary of Pension Legislation* has proved to be an invaluable industry tool for navigating pension legislation.
Also, the Joint Forum of Financial Market Regulators has established the Guidelines for Capital Accumulation Plans (CAPs). Though not legally binding, the CAP Guidelines offer a roadmap of best practices for plan sponsors to follow in the design and operation of a group program. As a member of the Canadian Life and Health Insurance Association, Standard Life has formally adopted the standards set by the CAP Guidelines.
We describe the compliance standards we follow in our CAP Compliance letter, signed by the Senior Vice-President, Group Savings & Retirement, provided to plan sponsors on an annual basis.
We also assist plan sponsors in understanding and using the CAP Guidelines with our Guide to the guidelines, our CAP Governance corner on the VIP Room, and our CAP Compliance review and CAP Comparison chart. Using these tools, and the guidance of the Customer Relationship Manager, the plan sponsor can provide members with the investment information and assistance they need and ensure that the program continues to fulfill the purpose for which it was established.
We take the protection of our clients’ confidential information very seriously. Our internal control procedures ensure the integrity of our records, accurate processing of transactions, and the preparation of reliable and timely information for plan sponsors and members. Our external auditors, PricewaterhouseCoopers LLC, review our procedures on an annual basis as outlined in Section 5970 of the Canadian Institute of Chartered Accountants Handbook.
* Winner of the 2009 and 2010 Award of Excellence, magazine insert category
