In the early days of Bell Canada’s defined contribution plan, there was a lot of emphasis on information and big campaigns, but at that time, employers were reluctant to get too involved, according to Robert Marchessault, the telecommunications company’s director of pension and benefits, noting it was soon clear its members needed more guidance.

Speaking at the 2025 DC Plan Summit, he shared two key examples of the organization’s evolving guidance around its $3-billion DC plan. Initially, members weren’t required to contribute to receive a four per cent company contribution, which rose to six per cent when members put the maximum 12 per cent in the plan. In addition, the DC plan’s default was a very conservative money-market fund.

Before 2016, plan members were left to their own devices, leading to inaction and suboptimal outcomes, said Marchessault. Bell Canada added a default contribution, so members had to contribute at least two per cent with a maximum six per cent company match and introduced a lifecycle fund. “We created some things that are really good in terms of the accumulation perspective. And we said, ‘OK, the journey doesn’t stop there.”

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In 2019, Bell Canada started focusing on decumulation by introducing in-plan variable benefits, which offers members a familiar administration platform, sophisticated investment options, low fees and an easy transition.

The next step was expanding where employees put their retirement dollars, he said, noting the company offers a group tax-free savings account and a first-time homebuyers account. Employees can put their contributions into any of these savings plans with the company match going into the DC plan. “The way we were working before was by silo, so what’s in the [registered pension plan] stays in the [registered pension plan], but the employees don’t think like that.”

Bell Canada’s pension communications have also evolved, including incorporating the use of artificial intelligence, which allows for more personalized delivery to members, said Marchessault, and has resulted in fewer calls from members and 10 per cent changing their allocation.

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“They can use it for whatever they want,” he said, referring to the different types of savings accounts available. “For us, what’s important is they create the saving behaviour.”

The organization is also incorporating all of its savings plans into its bi-annual governance meetings, as well as discussing fees, investments and how employee behaviour is influencing communications, he added, noting it allows the employer to be more nimble in the messages it delivers to members throughout the year.

In the future, there’s work to do around financial confidence and awareness, said Marchessault, so Bell Canada is looking to introduce financial planning sessions, which will be a challenge for 20,000 members at different stages in their savings journeys. “We’ll go with phases to make sure we cover it properly and people are OK to attend those courses.”

Read more coverage of the 2025 DC Plan Summit.