Toronto, Canada – Wednesday, December 11th, 2024 – Common Wealth is proud to announce that it has been recognized for the second year in a row as the Most Innovative Company in the Pension & Retirement Industry by the World Finance Innovation Awards. The World Finance Innovation Awards celebrate companies that are pushing boundaries and making meaningful changes in their industries, with a specific focus on creative solutions and advanced technology.
This back-to-back recognition reflects our continued commitment to making retirement planning simpler and more accessible for Canadians through modern technology and solutions.
“This award is a meaningful testament to the dedication and creativity of our talented team, as well as to wonderful partnerships with advisors and plan sponsor clients. Together, we share a mission to expand access to retirement security for Canadians. This global recognition is a reminder of the power of setting a best-in-the-world quality bar for retirement solutions”
– Alex Mazer, co-founder and CEO of Common Wealth
Growing the group retirement market
In partnership with advisors and plan sponsors, Common Wealth’s innovative platform is helping accelerate the growth of the group retirement industry and the expansion of workplace retirement plan coverage. The lack of coverage among small and medium employers is frequently highlighted as one of the biggest areas for improvement in Canada’s retirement system. It is also by far the largest source of untapped growth for the Canadian retirement industry, with over 1 million employers and 10 million employees without workplace plans.
So far in 2024, Common Wealth has welcomed nearly 400 new plan sponsors to its platform. Most of these employers were setting up retirement plans for the first time, nearly all of which included an employer match. In addition, over 70 sponsors chose to move existing plans to Common Wealth, with plan transfer volume increasing 2.5x compared to 2023.
Continuous innovation
Over the past year, Common Wealth has introduced several significant advancements to better support advisor partners, plan sponsors, and members. One of our key developments is the addition of Defined Contribution Pension Plans (DCPPs) to our platform. Building on our existing offerings of Group RRSP, TFSA, and DPSP, the DCPP offering provides a modern, digital-first solution that helps address administrative and compliance challenges for employers while improving outcomes and experience for members.
Common Wealth has also expanded its capabilities by incorporating Locked-In Retirement Accounts (LIRAs), simplifying the process for members consolidating post-employment pension funds. This enhancement enables individuals transitioning between jobs to maintain control of their retirement savings and stay on track toward financial security.
For advisor partners, our enhanced reporting functionality now delivers actionable insights aligned with the new CAP Guideline changes introduced in September of this year. The reports focus on participation rates, retirement readiness, and benchmarking against similar plan sponsors. Advisor partners can access this information in ready-to-use PDFs or detailed Excel files, making governance reviews more efficient and helping clients stay compliant with the latest standards.
In addition to these improvements, in 2024 Common Wealth also delivered:
- Improved beneficiary designation for members
- Enhanced payroll contribution management for members and employers
- Enhanced employee management for employers
Looking ahead
This recognition motivates us to keep building on our progress. In the coming year, our focus will be on expanding our platform to reach more Canadians, strengthening partnerships with advisors and plan sponsors, and developing new innovations to improve retirement outcomes for members.
We’re also growing our team to support these goals. If you’re interested in making a difference in the lives of Canadians and working with an award-winning, fast-growing company, check out our current job openings here.
Connect with us today to learn more
Discover how the Common Wealth platform can deliver real value for your retirement needs. Get in touch with us today to learn more.
About the World Finance Innovation Awards
The World Finance Innovation Awards celebrate companies that are pushing boundaries and making meaningful changes in their industries. The Pension and Retirement category, introduced in 2023, focuses on organizations that are improving the future of retirement through creative solutions and advanced technology. World Finance, a UK-based magazine known for its coverage of finance, business, and economic trends, featured Common Wealth in its Winter 2024 issue, recognizing our continued innovation and industry leadership.
About Common Wealth
Common Wealth is Canada’s fastest-growing group retirement provider, revolutionizing workplace retirement plans by working closely with advisor partners and consultants. Our modern and integrated retirement platform offers personalized planning, saving, and investing solutions to support all Canadian workers at every stage of their retirement journey. By leveraging modern technology, Common Wealth makes retirement planning accessible, cost-effective, and straightforward for plan sponsors, advisor partners, and members alike. For more information, visit www.commonwealthretirement.com.
For sales & partnership inquires, please contact:
Connor Bays
Head of Sales and Partnerships
cbays@commonwealthretirement.com
For media inquiries, please contact:
Chris Yeldon
Head of Marketing
cyeldon@commonwealthretirement.com
