Manulife Financial Corp. will introduce a Member Progress Report to members of group retirement savings plans across Canada, starting in July.

The statement is another addition to the services Group Savings and Retirement Solutions (GSRS) provides for plan sponsors and their members.

The first page of the Member Progress Report displays the information members value most: current account balance plus an estimate of annual retirement income. The statement also highlights items that may require members’ attention including beneficiary designations and investment directions.

“The new Member Progress Report builds on the foundation that makes our original statement the leader in the Canadian marketplace,” says Paul Lorentz, Manulife’s senior vice president, GSRS. “After reading their new statement, plan members will have a clear sense of where they stand currently along with an estimate of where they can expect to be at retirement.”

The report gives members a better understanding of how to save for a comfortable retirement by offering suggestions to members who are not on track to meet their retirement goals. This feature helps to close a key knowledge gap identified among Canadian investors. In a recent survey conducted by a Canadian benefits publication, 69% of plan members felt that retiring comfortably was very important, yet only 34% of plan members felt they had a good understanding of how much they will need to save to achieve this.

“While the Member Progress Report enhances the information we deliver to plan members, it also supports plan sponsors’ efforts to provide effective plan governance,” adds Lorentz. “This new Report delivers vital information to their members effectively on a continuing basis — an important consideration from a CAP governance perspective.”

Plan members will receive their first Member Progress Reports in July. Members will continue to receive Manulife’s more detailed offering at December 31 of each year.