April 27, 2016

Canada, Toronto, ON

In an increasingly competitive market for top talent, organizations are recognizing that offering a robust retirement program can be an integral part of attracting and retaining the best employees. This is especially true as Canadians are living longer than ever but, according to the Conference Board of Canada, only 6 in 10 are putting away enough money for retirement. A recent Mercer study found that an employer retirement savings plan is second only to salary/wage as the most valued element of the compensation value proposition for Canadian workers.

Many businesses want to help their employees on their journey to retirement —after all, this is something employees truly value and it can be an integral part of attracting and retaining the right talent. For many small to mid-sized businesses there are significant hurdles to offering a retirement program such as the time, expense and ongoing effort needed to oversee such a program and comply with regulatory expectations.

With 99.9 per cent of Canadian businesses employing less than 500 people, Mercer recognized the market need for these small and mid-sized businesses, and launched Mercer Planisphere™, a packaged, easy-to-implement group retirement savings solution.  With Mercer Planisphere, we do the heavy lifting with regard to oversight of the retirement savings program, allowing you to focus on running your business.  Mercer Planisphere enables small to mid-sized employers to benefit from our best ideas, at a time and cost that is right for them.

“At Mercer, we believe that financial security during retirement needs to be a priority for all Canadians and we have long been in support of expanding Canada Pension Plan (CPP) for this very reason. For many employees,  the CPP is all they have in terms of a formal retirement savings plan and it’s just not enough in terms of post retirement income ” says Jaqui Parchment, Partner and Head of the Investments business at Mercer Canada. Many others who participate in retirement programs face hidden fees and an array of confusing investment choices, increasing the chances of sub-optimal decisions.  “Mercer Planisphere is a straightforward retirement savings solution for businesses of all sizes and can help support retirement income security for employees.” It includes best in class investment options, a high quality member experience, and fee transparency.

Originally created to employ veterans, Canadian Corps of Commissionaires is an Alberta-based private company that provides security services. The Southern Alberta division of Canadian Corps of Commissionaires recently implemented Planisphere for its 1,600 employees. The organization was looking for a plan that was simple to understand and required little administrative support.

“We chose to move our retirement plan to Mercer Planisphere as we weren’t happy with our current broker. By comparison, Mercer Planisphere stood out with lower fees and superior participant materials. The funds are well-defined, which makes it simple for our employees to choose and understand the correct funds for their retirement needs,” said Tim Campagna, Senior Manager, People Services Department, Canadian Corps of Commissionaires. “Offering a retirement savings program not only makes good business sense, but also demonstrates appreciation for our employees as they plan the next stage of their lives.”

Jaqui Parchment adds, “With household debt continuing to increase, rising 6.3 per cent in 2015 alone, retirement savings can often fall off the priority list. Mercer Planisphere offers employees much needed support in preparing for a comfortable retirement and it can be a motivation to remain and grow at their current jobs.”

More information on Mercer Planisphere can be found at: http://www.mercer.ca/en/what-we-do/wealth-and-investments/planisphere.html

About Mercer

Mercer is a global consulting leader in health, wealth and careers. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s more than 21,000 employees are based in more than 40 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With 57,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan Companies is also the parent company of Marsh, a leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit www.mercer.ca. Follow Mercer on Twitter @MercerCanada.