Toronto, Canada – July 15, 2024 – Common Wealth, the fastest-growing group retirement provider in Canada, is excited to announce the expansion of its digitally enabled retirement platform to support Defined Contribution Pension Plans (DCPPs). This extension of the Common Wealth offering builds on the company’s rapid growth in the Group RRSP, Group TFSA, and DPSP markets at a time when employers across the country are seeing a surge in demand for retirement benefits.
Small and medium-sized businesses are increasingly shifting away from the traditional insurance-driven model and seeking a modern workplace retirement plan for their employees. Developed based on demand and feedback from the market, advisors and consultants can now deliver unparalleled service and value to clients grappling with high fees and inadequate service from legacy providers.
Defined Contribution Pension Plans (DCPPs) have long been a significant part of Canada’s retirement landscape and are now ready for modernization. By migrating existing DCPPs to Common Wealth’s award-winning platform, advisors and consultants can simplify the complexities of pension administration, deliver an innovative retirement plan to their clients, and improve outcomes for plan members.
“Common Wealth’s technology is revolutionizing the market by turning challenges into opportunities,” noted David Emanuel, Vice President & Head of Workplace Solutions at IDC WIN. “Advisors willing to step out of their traditional methods and embrace these innovative solutions can differentiate themselves and deliver tremendous value.”
Common Wealth’s extensive network of advisor partners is rapidly growing as they utilize the company’s technology and comprehensive support to expand their group retirement business. Following extensive consultations with advisors and regulators, Common Wealth has developed a DCPP compliance support model to assist with regulatory filings, updates, and contribution monitoring.
Earlier this month, Common Wealth showcased its new DCPP offering to advisors, receiving overwhelmingly positive feedback. This reinforces the company’s commitment to serving its advisor partners’ needs. Highlights from the announcement webinar can be found here.
Joanne Woodrow, Senior Group Retirement Consultant with AGA Benefits Solutions, commented, “The CAP market has a substantial DC share, and managing pensions can be challenging. Common Wealth’s platform, supported by their knowledgeable service team, makes it much more efficient. Over the past year, I’ve seen Common Wealth listen and act on our feedback.”
Common Wealth’s DCPP offering can be combined with RRSP, TFSA, and RRIF accounts for a single integrated plan and provides access to leading investment managers such as BlackRock and RBC Global Asset Management / PH&N Institutional, as well as the potential to add a guaranteed income option from Brookfield Annuity.
This new offering allows advisors and consultants to introduce Common Wealth to larger sponsors and offers a better alternative to those considering complex DCPP wind-ups, solidifying Common Wealth’s position as a comprehensive retirement provider for employers of all sizes.
About Common Wealth
As the country’s fastest-growing group retirement provider, Common Wealth is revolutionizing workplace retirement plans in Canada. Working closely with advisors and consultants, Common Wealth is helping to provide employers with a modern and integrated retirement platform that offers personalized planning, saving, and investing solutions to support all Canadian workers at every stage of their retirement journey. For more information, visit www.commonwealthretirement.com.
For sales & partnership inquires, please contact:
Connor Bays
Director of Sales and Partnerships
cbays@commonwealthretirement.com
For media inquiries, please contact:
Chris Yeldon
Head of Marketing
cyeldon@commonwealthretirement.com