The National Institute on Ageing (NIA) and Sun Life have established a research partnership aimed at enhancing the financial security of older Canadians. This collaboration, announced on June 22, 2023, is supported by a contribution of $300,000 from Sun Life over a three-year period. The research initiative will delve into the significant financial, health, and mental challenges faced by aging Canadians, particularly those within the long-term care (LTC) system. The partnership’s research will address the obstacles that prevent some pension plan members from accessing the savings they are entitled to, with a focus on improving the conditions for these individuals.
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.
Financial Security Research Partnerships
The NIA Partnered with Sun Life on a New Initiative
Trend Themes
1. Ageing Population Financial Security - Exploring ways to reunite Canadians with unclaimed pension assets to enhance financial security for aging individuals.
2. Research Partnerships for Financial Wellness - Developing collaborative initiatives to address financial, health, and mental challenges faced by aging Canadians within the LTC system.
3. Pension Plan Member Reconnection Strategies - Devising innovative approaches to reconnect with 'missing members' in pension plans and ensure they access their entitled savings.
Industry Implications
1. Insurance - Opportunity for insurers to partner with research institutes in addressing financial security concerns for older demographics.
2. Healthcare - Potential for healthcare providers to collaborate on research initiatives targeting the intersection of financial challenges and aging populations.
3. Financial Services - Innovative solutions for financial institutions to help pension plan members navigate obstacles and optimize their savings.