The Standard Life Assurance Company of Canada has created a series of videos to help people better understand their group retirement statements, and to motivate them to be more involved in their retirement planning.

The three short, action-oriented videos in the “How to read your group retirement statement, in plain English” are available to watch on YouTube.

The videos were designed for Standard Life clients participating in group retirement and savings plans. They may also be useful to anyone who has a group plan with an employer.

The videos have been designed to avoid financial jargon. They focus on the three key questions that Standard Life believes are fundamental to evaluate one’s financial situation correctly: How am I doing? Am I on track? What could I do to reach my retirement goals?

The videos can be viewed on Standard Life’s YouTube channel at www.youtube.com/StandardLifeCA.

“For many, reading this kind of financial document may feel like getting a root canal! We believe that armed with a better understanding, members will become more inclined to take hold of planning their retirement,” says Emmanuelle Couillard, manager, product management, group savings and retirement, at Standard Life.

“YouTube’s ever increasing popularity is undeniable. That’s why we decided to use this channel to reach out to as many Canadians as possible.”

Group retirement statements not widely understood: survey

A recent survey conducted by Ipsos Reid for Standard Life indicated that group retirement statements are not widely understood. It also reveals that most plan members surveyed (72%) believe their statement contains insufficient information upon which to base a change in their retirement planning.

Providing clarity and actionable recommendations is particularly important for defined contribution plan members who are responsible for their own retirement income planning. Today 3.3 million Canadians or over 40 per cent of those with group pensions are covered by workplace defined contribution plans or group RRSPs, and that number is expected to rise in the future.

IE