Plan Advisors - Overview

For over 20 years, we have heard most estate planning and benefit Plan Advisors repeatedly say, “We don’t have the necessary time or expertise to serve the pension plan marketplace, and besides, other products pay us more”.  Workplace Pension Solutions (Canada) Inc. (WPS) can provide solutions for each of these concerns.  Let us show you how we can save you time, increase your bottom line, improve your firm’s value proposition and safeguard your business from the competition.   We ensure confidentiality and always act in the best interest of our CAP Associate Plan Advisors.

We refer all opportunities for individual life insurance, living benefits, group life and health insurance, segregated fund, mutual fund or securities selection sales to our Associate Plan Advisors.  At WPS, our only focus is the employer sponsored savings plan business, which would also include a collector plan that provide terminating plan members with personal RRSPs, RRIFs, LIFs and Annuities.

We cannot overstate our will to remain independent. By choosing to work with WPS, together we bridge the service gap created by the consolidation within the pension service provider industry. As a team, we can regain the levels of service that are typically reserved for only those few Plan Advisors that have large blocks of group pension business.

Plan Advisors - Business Scope

The Workplace Pension Solutions promise is to stick to their knitting.

Our professional Associate Plan Advisors bring to the table many years of education and experience in providing expertise in the areas of estate and financial planning, group insurance and wealth management.  To add depth to this diversity of professional services, WPS will support the Associate Plan Advisor in coordinating the safe management within one or all of the following classifications inside an employer sponsored savings plan:

For the Executive

  • Individual Pension Plan
  • Retirement Compensation Arrangement or Secular Trust
  • Self-Directed Registered Retirement Savings Plan         

For Management Staff

  • Structured Group Registered Retirement Savings Plan
  • Employee Stock Purchase Plan
  • Employee Income Trust Purchase Plan
  • Deferred Profit Sharing Plan
  • Non-Registered Thrift Plan

For Salaried and Hourly Staff

  • Defined Contribution Registered Pension Plan
  • Deferred Profit Sharing Plan
  • Structured or Voluntary Group Registered Retirement Savings Plan
  • Employee Stock Option Plan
  • Employee Income Trust Purchase Plan
  • Non-Registered Thrift Plan

Plan Advisors - Support Services

Workplace Pension Solutions will initially assist their Associate Plan Advisors with the creation of a business strategy for the acquisition of new employer sponsored savings plan clients.  Within the engagement, WPS will act only in the best interests of their Associate Plan Advisor, which means an added level of new prospecting for all lines of business within the savings and insurance marketplace.

WPS has developed a package of support documents and procedures closely tied to the Joint Forum and CAPSA Guidelines in which all facets of plan management can be customized for each new situation:

  • Request for Proposal (RFP) asks up to 150 questions that investigate areas of interest, though, we may decide that only 30 or 50 questions are necessary.
  • Cost Benefit Analysis summarizes the pertinent competitor information in an orderly and measurable fashion so the Retirement Plan Committee (RPC) can make clear decisions.
  • Statement of Plan Management Policies & Procedures and it's accompanying RPC Agenda easily navigates through the complexities of the increasingly higher expectations of regulators.
  • Life Insurance Company Pooled Fund Performance Survey monitors the performance of your fund manager and their managed funds against their direct competition and stated benchmarks on a quarterly frequency.
  • Additional support documents assist in meeting and exceeding the requirements of the Guidelines.

Terminating employees and their beneficiaries will need plain and timely reporting on their options.   WPS will work closely with the "Associate" Plan Advisor to ensure participating employees know the proper administrative procedures. Once contact is made, the exiting employee will receive professional, unbiased one-on-one counseling.