Eckler has introduced Guided Outcomes (GO), a DC plan management solution that was launched in the United Kingdom by consulting and actuarial firm Hymans Robertson, to Canada.
GO is intended to give employers what they need to help their employees set and achieve a realistic target retirement income.
“GO is currently being used by DC plans in the U.K. that hold over £2 billion of pension savings and represent more than 300,000 members,” says Jill Wagman, Eckler’s managing principal. “It has a proven track record with plan sponsors in that market, and we’re excited to be able to bring it to Canada.”
For employers, GO provides the ability to model plan design changes in real time, using aggregated member data. It also offers a user-friendly way to analyze their plans and identify trends−contributing to an enhanced understanding of any workforce planning challenges on the horizon.
“The perception continues that DC plans provide inadequate incomes in retirement and represent poor value for money. That is false−it is more a case that DC plans have largely been wielded as a blunt tool to date,” says Rob Harper, a partner at Hymans Robertson. “GO allows an employee to set a target income requirement and then actively supports them along the flight path in accumulating their retirement savings.”
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