Employer Retirement Guide

Tag: investment education

  • How Can Canadian Businesses Offer ESG Investment Options Without Greenwashing Risk?

    How Can Canadian Businesses Offer ESG Investment Options Without Greenwashing Risk?

    ESG investment options are becoming an increasingly visible part of workplace retirement-plan discussions as some employees look for investments that consider environmental, social, and governance factors.

    For employers, however, the real question is not simply whether an ESG-labelled fund should be added to the plan.

    The more important questions are:

    How was the option selected?
    How does it fit within the broader investment menu?
    What does the fund actually consider?
    How are its risks, fees, and investment objectives communicated?
    Who is responsible for monitoring it over time?

    A responsible approach treats ESG investment options with the same disciplined due-diligence standards applied to other investment choices.

    That means reviewing the investment objective, strategy, risk-return profile, fees, diversification, investment-manager process, available disclosure, and continued fit within the overall retirement-plan lineup.The goal is not to market an ESG label.

    The goal is to create a documented, understandable, and consistently governed investment-choice process.

    What Are ESG Investment Options in an Employee Retirement Plan?

    ESG stands for environmental, social, and governance.

    An ESG-labelled or responsible-investment fund may take certain ESG factors into account as part of its investment process.

    However, the label alone does not explain:

    • How ESG factors are used
    • How important those factors are to investment decisions
    • Whether exclusions are applied
    • How companies are evaluated
    • How the investment manager engages with companies
    • What financial risks remain
    • Whether the fund will outperform
    • Whether the fund reflects every employee’s personal values

    For employers, ESG investment options should therefore be evaluated as investments first.

    The ESG designation is one characteristic of the investment—not a guarantee of performance, lower risk, positive environmental impact, or suitability for every employee.

    Why ESG Investment Options Require Strong Governance

    Adding an ESG-labelled fund can appear simple from an employee-choice perspective.

    From a governance perspective, however, it raises several important questions.

    Employers should understand:

    • Who selects the option
    • Who approves it
    • Who monitors it
    • Who reviews provider materials
    • Who communicates it to employees
    • What criteria were used
    • How those decisions are documented
    • When the option will be reviewed again

    CAPSA guidance indicates that investment options in capital accumulation plans should be considered using factors such as risk-return characteristics, fees, diversification, investment strategy, member characteristics, and the sponsor’s ability to assess and review the option over time.That means ESG investment options should not bypass the normal investment-review process simply because they carry an ESG or responsible-investment label.

    7 Smart Safeguards for ESG Investment Options

    1. Apply the Same Due-Diligence Standards as Other Investments

    Employers should review an ESG option using the same disciplined framework applied to the rest of the plan’s investment menu.

    The review may include:

    • Investment objective
    • Investment strategy
    • Risk-return profile
    • Fees
    • Diversification
    • Historical performance
    • Expected characteristics
    • Investment-manager process
    • Fund disclosure
    • Role within the broader investment menu

    This helps prevent an ESG option from being selected primarily because of marketing language or employee interest.

    A well-governed process starts with investment fundamentals.

    ESG investment options should be able to explain their place within the overall menu based on documented criteria.

    2. Define Who Is Responsible for What

    Clear accountability is essential.

    Employers should confirm who is responsible for:

    • Reviewing proposed investment options
    • Approving additions or removals
    • Monitoring existing funds
    • Reviewing provider disclosures
    • Preparing employee communication
    • Documenting decisions
    • Escalating concerns

    A common governance risk is assuming that another provider or adviser is responsible for a task when responsibility has never been clearly assigned.

    Role clarity supports stronger retirement plan governance and creates a more reliable decision-making process.

    3. Document Why the ESG Option Was Selected

    Documentation is one of the strongest protections against inconsistent decision-making.

    Employers should record:

    • Why the option was considered
    • What information was reviewed
    • What selection criteria were applied
    • Which alternatives were considered
    • What professional advice was obtained
    • How the fund fits within the overall investment lineup
    • Who approved the decision
    • When the option should be reviewed again

    This record can support future governance reviews and provide continuity when committee members, advisers, providers, or internal decision-makers change.

    Good documentation also helps demonstrate that ESG investment options were selected through a structured process rather than simply added because ESG was popular at the time.

    4. Use Official Fund Materials in Employee Communication

    When explaining an ESG option, employers should rely on current provider and investment-fund materials.

    Employee communication may explain:

    • The fund’s investment objective
    • ESG factors considered
    • Investment strategy
    • Material risks
    • Fees
    • Diversification
    • Available alternatives
    • Where employees can find current fund information

    Employers should avoid expanding ESG claims beyond what the official disclosure supports.

    For example, phrases such as “better for the environment” or “lower investment risk” can be misleading if the fund’s official materials do not support those statements.

    Accurate communication helps employees understand ESG investment options without turning education into promotion.

    5. Avoid Greenwashing and Unsupported ESG Claims

    Greenwashing risk can arise when environmental or sustainability claims become broader or stronger than the underlying investment disclosure supports.

    Employers should be cautious about statements that imply:

    • Guaranteed environmental benefits
    • Guaranteed social outcomes
    • Lower investment risk
    • Higher expected returns
    • Universal sustainability
    • Superior suitability for employees

    An ESG-labelled fund remains an investment.

    It may lose value. It may not outperform other funds. It may not reflect every employee’s personal priorities.

    The Canadian Securities Administrators have emphasized the importance of clear and consistent ESG-related fund disclosure and identified greenwashing as a concern in investment-fund communication.

    For employers, this reinforces a practical rule:

    Do not say more about an ESG fund than the current official disclosure supports.

    6. Preserve Employee Choice and Avoid Personalized Recommendations

    Providing ESG investment options can expand the investment menu, but employers should avoid presenting an ESG fund as the correct choice for every employee.

    Employees may differ in:

    • Financial circumstances
    • Investment horizon
    • Risk tolerance
    • Retirement timeline
    • Personal values
    • Investment objectives
    • Existing savings

    Employer communication should explain available choices rather than recommend a particular fund to an individual employee.

    Where employees require individualized investment advice, they should be directed to appropriately qualified professionals.

    This distinction helps preserve employee choice and reduces the risk that general plan education is interpreted as personal investment advice.

    7. Review ESG Investment Options Regularly

    Investment oversight does not end when a fund is added.

    Employers should periodically review ESG investment options against the criteria originally used to select them.

    The review may consider:

    • Investment performance
    • Fees
    • Risk characteristics
    • Diversification
    • Manager changes
    • Investment-strategy changes
    • ESG disclosures
    • Continued fit within the overall investment menu
    • Employee communication materials
    • Regulatory developments

    CAPSA’s 2024 Guideline No. 3 states that investment options should be reviewed periodically and at least annually.

    A documented review cycle can help employers identify when an option, provider, disclosure, or communication requires attention.

    What Is Greenwashing in Retirement-Plan Communication?

    In practical terms, greenwashing risk can arise when the way an ESG investment is described gives employees a stronger impression of environmental or social benefits than the official fund information supports.

    The problem may not always be an intentionally false statement.

    Sometimes it comes from oversimplification.

    For example, turning a detailed statement about ESG integration into a headline such as:

    “A greener investment for your retirement.”

    could create a broader impression than the fund disclosure actually supports.

    Employers should therefore avoid simplifying ESG terminology in ways that change its meaning.

    The safer approach is to use current official fund descriptions and explain them in balanced language.

    ESG Labels Do Not Remove Investment Risk

    Employees should understand that ESG investment options are still investments.

    An ESG-labelled fund:

    • Can decline in value
    • May underperform other options
    • May charge different fees
    • May have different risk characteristics
    • May use ESG factors differently from another ESG fund
    • May not reflect every employee’s personal values

    ESG considerations also do not replace the need to review:

    • Investment objective
    • Diversification
    • Fees
    • Risk profile
    • Manager strategy
    • Performance characteristics

    The ESG label should add information—not replace traditional investment analysis.

    How Should Employers Communicate ESG Investment Options?

    Communication should be factual, balanced, and easy to verify.

    A strong employee explanation should answer:

    H3: What Does the Fund Invest In?

    Use official fund materials to explain the investment objective and strategy.

    H3: How Does the Fund Use ESG Factors?

    Describe only the ESG process supported by current provider disclosure.

    H3: What Risks Apply?

    Employees should understand that ESG does not eliminate normal investment risk.

    H3: What Fees Apply?

    Fees should be communicated alongside other investment characteristics.

    H3: What Other Options Are Available?

    Employees should understand that ESG funds are part of a broader investment menu rather than the default choice for every employee.

    Where Can Employees Find Current Information?

    Provide access to official fund documents and qualified support.

    This type of communication supports informed employee decision-making without turning ESG investment options into marketing claims.

    Common ESG Communication Mistakes Employers Should Avoid

    Employers should be especially careful with short promotional language.

    Common mistakes may include:

    • Calling a fund “sustainable” without context
    • Saying it is automatically better for the environment
    • Suggesting ESG investing reduces investment risk
    • Suggesting ESG funds will outperform
    • Assuming all ESG funds use the same methodology
    • Presenting ESG as appropriate for every employee
    • Relying on outdated fund descriptions
    • Rewriting provider claims too aggressively
    • Ignoring fees or traditional investment risks

    The strongest communication is often less promotional and more precise.

    Why Ongoing Employee Education Matters

    Employee investment education should not end during enrolment.

    Investment funds change.

    Providers update disclosures.

    Managers may change.

    Fees may change.

    Investment strategies may evolve.

    Employees’ own financial circumstances may also change.

    Employers should reinforce education periodically and tell employees where current investment information can be found.

    This approach is particularly important for ESG investment options, where terminology and investment approaches can differ significantly from one fund to another.

    Ongoing education helps employees review their choices using current information rather than relying on what they remember from onboarding.

    How ESG Fits Into Retirement Plan Governance

    ESG should not be treated as a separate marketing project.

    Where ESG-related funds are offered, they should fit within the employer’s broader governance process.

    That process may include:

    • Selection criteria
    • Approval responsibilities
    • Documentation
    • Provider oversight
    • Employee communication
    • Investment monitoring
    • Annual reviews
    • Escalation procedures

    Connecting ESG oversight with retirement plan governance helps avoid creating a parallel process that is less rigorous than the framework used for other investment options.

    Questions Employers Should Ask Before Adding an ESG Fund

    Before adding an ESG option, employers may consider asking:

    What Is the Investment Objective?

    Does the fund’s objective clearly explain its financial and ESG approach?

    How Are ESG Factors Incorporated?

    Are ESG factors integrated, screened, excluded, prioritized, or used in another way?

    What Are the Fees?

    How do fees compare with other available options?

    What Are the Risk Characteristics?

    How does the fund fit into the plan’s overall investment lineup?

    What Disclosure Is Available?

    Can employees access current and understandable official information?

    Who Will Monitor the Fund?

    Is responsibility clearly assigned?

    How Often Will It Be Reviewed?

    Is there a documented review cycle?

    These questions support a more structured approach to ESG investment options.

    Why This Matters to Business Owners

    Offering an ESG or responsible-investment option may give employees an additional choice.

    However, employers should not promise that adding an ESG option will automatically improve:

    • Employee engagement
    • Employee trust
    • Retention
    • Investment performance
    • Retirement outcomes

    The more relevant retirement plan governance question is whether the investment:

    • Was selected responsibly
    • Fits within the broader investment menu
    • Is communicated accurately
    • Is monitored consistently
    • Continues to meet the criteria used in its selection

    That is the foundation of responsible ESG governance.

    Important Implementation Boundaries

    Selecting, changing, or communicating investment options may involve:

    • Investment considerations
    • Securities requirements
    • Pension requirements
    • Governance responsibilities
    • Fiduciary considerations
    • Legal requirements
    • Regulatory obligations

    Employers should avoid recommending an ESG option to an individual employee or representing it as suitable for that employee’s personal circumstances.

    Before adding, removing, or materially changing ESG investment options, employers should review:

    • Plan documents
    • Service-provider responsibilities
    • Official investment-fund disclosure
    • Applicable legal requirements
    • Relevant regulatory guidance

    Appropriately qualified retirement, investment, legal, and compliance professionals should be involved where needed.

    How Open Access Limited May Support Employers

    Where ESG or responsible-investment choices are available within an Open Access retirement plan, Open Access Limited may support employers by providing:

    • Current investment-option information
    • Official fund materials
    • Member education
    • Provider communication
    • Investment objective information
    • Risk-return information
    • Fee information
    • Diversification information
    • Responsible-investment characteristics
    • Updated education when investment information changes

    These resources may help employers communicate ESG investment options more consistently while avoiding the suggestion that an ESG designation guarantees performance, suitability, or sustainability outcomes.

    Open Access Limited
    302 Bay Street, Suite 503-01
    Toronto, ON M5H 0B6
    Canada

    Toll-Free: 1-866-625-4777
    General: 416-364-8877
    Fax: 416-955-4878
    Email: inquiry@OpenAccessLtd.com
    Website: www.OpenAccessLtd.com

    Canadian employers reviewing ESG fund disclosures, greenwashing risk, investment objectives, fees, diversification, employee education, and ongoing retirement-plan monitoring.

    Frequently Asked Questions About ESG Investment Options

    Are ESG Investment Options Guaranteed to Perform Better?

    No. An ESG designation does not guarantee higher investment returns or lower investment risk.

    Does ESG Mean an Investment Is Environmentally Sustainable?

    Not necessarily. ESG approaches vary between funds. Employers should use official fund disclosure when explaining how ESG factors are incorporated.

    Can Employers Recommend an ESG Fund to Employees?

    Employers should avoid presenting a particular ESG option as appropriate for an individual employee. Personalized investment advice should come from appropriately qualified professionals.

    How Often Should ESG Funds Be Reviewed?

    Investment options should be reviewed periodically. CAPSA’s 2024 guidance states that investment options should be reviewed at least annually.

    What Is the Best Way to Reduce Greenwashing Risk?

    Use current official provider and fund materials, avoid unsupported sustainability claims, document the communication process, and review language before distribution.

    Final Thoughts

    ESG investment options can add meaningful choice to a workplace retirement plan, but the ESG label should never replace disciplined investment governance.

    Employers should evaluate ESG funds using the same rigorous standards applied to other investment options.

    That means reviewing investment objectives, risks, fees, diversification, manager processes, disclosure, employee communication, and ongoing performance.

    Select carefully. Document clearly. Communicate accurately. Monitor consistently.

    When those principles are in place, employers can offer responsible-investment choices while reducing governance confusion and greenwashing risk.

    ESG investment options in employee retirement plans with governance review, fund disclosure, risk analysis, employee communication, and greenwashing safeguards.

    TheREFERENCES

    Open Access Limited — NextPhase™ Group Plan: Responsible Investment / ESG Information strongest approach is simple:

    Canadian Association of Pension Supervisory Authorities — Guideline No. 3: Guideline for Capital Accumulation Plans

    Canadian Association of Pension Supervisory Authorities — Guideline No. 10: Guideline for Risk Management for Plan Administrators

    Canadian Securities Administrators — CSA Staff Notice 81-334: ESG-Related Investment Fund Disclosure (Revised)

    Open Access Limited — Investment Brochure: Responsible Investment and Investment Platform Information

  • How Can Businesses Design Responsible Default Options in Employee Retirement Plans?

    How Can Businesses Design Responsible Default Options in Employee Retirement Plans?

    Retirement plan default options can play an important role in helping employees participate in workplace retirement programs.

    Many employees want to save for retirement but may feel uncertain about selecting contribution levels, investment funds, rebalancing preferences, or long-term savings approaches. When several decisions are required at the beginning, some employees may delay enrolment, avoid making selections, or disengage from the process.

    A default option is the setting that applies when an employee does not make an active choice. Depending on the plan, defaults may relate to enrolment, contribution rates, investment options, automatic rebalancing, communication preferences, or other plan features.

    For employers, retirement plan default options are not simply administrative settings. They can affect employee participation, plan governance, communication, provider oversight, costs, investment outcomes, and employee understanding.

    A responsible approach should define the purpose of each default, evaluate its suitability, communicate it clearly, preserve employee choice, review it regularly, and provide appropriate education.

    Why Do Retirement Plan Default Options Matter

    Workplace retirement plans often require employees to make several decisions at once.

    Employees may need to choose:

    • Whether to enrol
    • How much to contribute
    • Which investment option to select
    • Whether to rebalance investments
    • How to receive plan communication
    • Whether to change an existing selection
    • When to review their retirement strategy

    Too many decisions can create uncertainty, especially for employees who do not have investment knowledge or retirement-planning experience.

    Responsible retirement plan default options can make the initial employee experience easier to navigate. They may reduce decision complexity and provide a starting point until the employee is ready to make an active choice.

    However, employers should not assume that one default will be suitable for every employee. A default should be presented as a plan setting—not as individualized investment, legal, tax, or financial advice.

    7 Proven Steps for Responsible Retirement Plan Default Options

    1. Define the Purpose of Each Default

    Employers should first identify what the default option is intended to accomplish.

    A default may be designed to:

    • Support plan participation
    • Simplify enrolment
    • Encourage regular contributions
    • Provide diversified investment exposure
    • Reduce uninvested account balances
    • Support automatic rebalancing
    • Improve communication delivery
    • Create a consistent administrative process

    The purpose should be clear and documented.

    For example, an investment default may be intended to provide diversified exposure for employees who have not selected a fund. An enrolment default may be intended to reduce delays in participation, where permitted under the plan and applicable rules.

    Defining the objective helps ensure that retirement plan default options remain connected to the broader purpose of the workplace retirement program.

    2. Evaluate Workforce and Plan Suitability

    A responsible default-selection process should consider the characteristics of the workforce and the structure of the plan.

    Relevant considerations may include:

    • Employee age ranges
    • Expected investment time horizons
    • Workforce turnover
    • Contribution patterns
    • Financial-literacy levels
    • Available investment options
    • Fees
    • Diversification
    • Risk characteristics
    • Plan design
    • Provider capabilities
    • Communication needs

    A default should not be selected only because it is convenient or commonly used.

    Employers and plan professionals should document the information considered and explain why the chosen default reasonably supports the plan’s objectives.

    This creates a more deliberate and accountable selection process.

    3. Communicate How the Default Works

    Employees should understand what the default option is, when it applies, why it was selected, and how they can choose an alternative.

    Communication should clearly explain:

    • The name of the default
    • The circumstances in which it applies
    • The contribution or investment setting involved
    • Any applicable fees
    • The employee’s responsibilities
    • How to review alternatives
    • How to make an active selection
    • Where to obtain additional information
    • Whether the default may change

    Clear communication supports transparency and reduces the risk that employees misunderstand a default as a personalized recommendation.

    Information should be available through onboarding materials, plan summaries, employee portals, educational sessions, and provider communication.

    4. Preserve Employee Choice

    Employees should be informed that they can review available alternatives and make an active choice when they are ready.

    A default should normally function as a starting point rather than a permanent decision made on behalf of the employee.

    Employers can support employee choice by providing:

    • Easy access to available options
    • Clear instructions for changing selections
    • Digital account access
    • Investment and retirement education
    • Plan-provider contact information
    • Periodic reminders to review choices
    • Access to qualified professional guidance

    Preserving choice helps employees understand that retirement plan default options are not fixed personal recommendations.

    It also encourages employees to become more engaged with their retirement strategy over time.

    5. Establish a Regular Review Cycle

    Default options should not remain unchanged indefinitely without review.

    Employers should include default-option monitoring within the broader retirement-plan governance process.

    A review may examine:

    • Investment performance
    • Fees
    • Diversification
    • Risk characteristics
    • Employee participation
    • Contribution patterns
    • Workforce demographics
    • Market changes
    • Provider reporting
    • Employee questions
    • Regulatory or plan changes
    • Communication effectiveness

    The review frequency should reflect the plan’s size, structure, and complexity.

    A smaller employer may review defaults annually as part of a governance meeting. A larger organization may require more frequent monitoring and formal committee oversight.

    A documented review cycle helps keep retirement plan default options aligned with changing employee needs, plan features, costs, and market conditions.

    6. Educate Employees About the Limits of Defaults

    Employees should understand that a default option is not individualized financial advice.

    Different employees may have different:

    • Retirement timelines
    • Financial goals
    • Income needs
    • Risk tolerance
    • Personal savings
    • Family responsibilities
    • Tax circumstances
    • Investment experience
    • Other pension or retirement assets

    Employers can provide general education about how the plan works, what the default does, and which alternatives are available.

    However, they should avoid telling an employee that a particular default or investment is personally suitable for that individual.

    Where personalized guidance is needed, employees should be directed to appropriately qualified professionals.

    7.Document Decisions and Responsibilities

    Employers should maintain a clear record of how retirement plan default options were selected, approved, communicated, and reviewed.

    A governance record may include:

    • The purpose of the default
    • Information considered
    • Workforce factors reviewed
    • Provider recommendations
    • Fees and investment characteristics
    • Approval authority
    • Communication materials
    • Review dates
    • Follow-up actions
    • Outstanding questions
    • Changes made over time

    Responsibilities should also be clearly assigned.

    The employer should know who monitors the default, who reviews provider reports, who approves changes, who communicates with employees, and who maintains records.

    Documentation supports continuity, accountability, and more consistent retirement-plan governance.

    Common Types of Retirement Plan Default Options

    Defaults may apply to several areas of a workplace retirement program.

    Enrolment Defaults

    An enrolment default may apply when an eligible employee does not complete an active enrolment decision, where permitted under the plan and applicable requirements.

    Employers should clearly explain eligibility, contribution rules, opt-out or change procedures, and employee responsibilities.

    Contribution Defaults

    A contribution default may establish an initial employee contribution rate.

    Employers should explain how the rate works, whether employer matching applies, and how employees can increase or reduce contributions where permitted.

    nvestment Defaults

    An investment default may receive contributions when an employee has not selected an investment option.

    The selection process should consider diversification, fees, risk, investment time horizon, plan structure, and workforce characteristics.

    Rebalancing Defaults

    Automatic rebalancing may help maintain a selected investment allocation over time.

    Employees should understand how often rebalancing occurs and how they can review or change the setting.

    Communication Defaults

    Communication defaults may determine whether employees receive electronic or paper statements, reminders, notices, and educational materials.

    Employers should ensure that important information remains accessible and that employee contact details are current.

    Why Do Responsible Defaults Matter to Business Owners

    Responsible retirement plan default options may help employers create a clearer and more consistent employee experience.

    Potential benefits may include:

    • Reduced enrolment delays
    • Less decision complexity
    • More consistent administration
    • Improved participation
    • Better documentation
    • Stronger governance
    • Clearer employee communication
    • Easier provider oversight
    • Reduced administrative follow-up
    • Greater employee understanding

    Defaults may also help employers demonstrate that plan settings are selected and monitored through a structured process rather than informal assumptions.

    However, one default will not necessarily be appropriate for every employee.

    The strongest approach combines responsible defaults with employee education, active choice, professional guidance, regular review, and transparent communication.

    Important Implementation Boundaries

    Retirement plan default options can involve investment, legal, tax, governance, regulatory, communication, and fiduciary considerations.

    The appropriate structure may depend on:

    • Plan type
    • Applicable legislation
    • Workforce demographics
    • Investment options
    • Provider arrangements
    • Contribution structure
    • Fees
    • Employer responsibilities
    • Employee communication
    • Governance requirements

    Employers should obtain qualified retirement-plan, legal, investment, tax, governance, or fiduciary advice before introducing or changing a default option.

    A default should not be presented as individualized financial advice or as the best choice for every employee.

    This article provides general educational information and does not replace professional advice.

    How Open Access Limited May Support Employers

    Open Access Limited may help employers review default-option structures and align plan settings with workforce demographics, plan objectives, and employee financial profiles.

    Support may include:

    • Default-option reviews
    • Plan-design discussions
    • Workforce analysis
    • Provider coordination
    • Governance support
    • Employee communication
    • Retirement education materials
    • Investment-option explanations
    • Review-cycle planning
    • Documentation processes

    These services may help employers improve employee understanding, maintain more consistent governance, and align retirement plan default options with the broader objectives of the workplace retirement program.

    Open Access Limited
    302 Bay Street, Suite 503-01
    Toronto, ON M5H 0B6
    Canada

    Toll-Free: 1-866-625-4777
    General: 416-364-8877
    Fax: 416-955-4878
    Email: inquiry@OpenAccessLtd.com
    Website: www.OpenAccessLtd.com

    Canadian retirement professionals reviewing responsible retirement plan default options, diversified investments, employee choice, communication, education, fees, and plan governance.

    Final Thoughts

    Responsible retirement plan default options can help employees begin participating without requiring them to make every decision immediately.

    However, defaults should be designed carefully.

    Employers should define their purpose, evaluate suitability, communicate clearly, preserve employee choice, review settings regularly, educate employees, and document governance decisions.

    A default is most effective when it serves as a transparent starting point rather than a permanent personal recommendation.

    By combining responsible defaults with education, active employee choice, governance, and professional oversight, businesses can create a retirement program that is easier to navigate and more consistent over time.

    Canadian business owners reviewing retirement plan default options, employee choice, investment suitability, communication, education, governance, fees, and regular plan monitoring.

    References

    CAPSA — Guideline No. 3: Guideline for Capital Accumulation Plans

    CAPSA — Guidelines for Industry

    FSRA — Recommendations for Strengthening CAP Guidelines

    Government of Canada — Increasing Retirement Savings in Workplace Pension Plans

    Ontario Securities Commission — Final Guidelines for Capital Accumulation Plans