One of the critical issues the partnership will investigate is the phenomenon of “missing members” in pension plans. This issue arises when plan administrators lose contact with members due to various reasons, such as relocation, banking changes, or death, leading to unclaimed pension assets. With over $196 million in unclaimed pension assets across Canada, the partnership aims to devise strategies to reunite Canadians with their rightful savings. Additionally, Brent Simmons, Senior Vice-President and Head of Defined Benefit Solutions at Sun Life, has been appointed to the NIA’s Advisory Board, bringing valuable expertise to the table as the partnership seeks to address the financial insecurities faced by older Canadians.
Image Credit: NIA, Sun Life