3 Solutions to Boost Understanding and Appreciation of Workplace Retirement Plans
Understanding and Communicating the Value of Workplace Retirement Plans outlines three practical, research-informed strategies that employers, plan sponsors and administrators can adopt to improve engagement and decision-making:
- Shift from an accumulation to a decumulation mindset: The report recommends adopting the NIA’s Retirement Income Framework, which reframes retirement resources based on their ability to support lifelong spending rather than where the money came from, helping workers better understand the role their workplace plan plays in sustaining secure income throughout retirement.
- Make the full spectrum of value visible — including intangible benefits: Having secure retirement income reduces stress, improves well-being, stabilizes families and lowers vulnerability to financial exploitation. Communicating these “invisible” benefits can significantly reshape how workers value their plans.
- Equip Canadians with better decision-making tools: The report calls for modern planning tools that integrate workplace pensions, personal savings, public benefits, taxes and transfers, allowing employees to see how today’s decisions affect future net spendable income at the household level.