How might pensions respond?
There is clearly more that workplace pensions can do to meet the retirement needs and enable the retirement aspirations of Canadians. But, what should pensions do?
Modernization is a broad topic and will naturally manifest differently across different organizations; however, initiatives that modernize enabling technology, support action amid complexity, strengthen the core and emerging capabilities, and shift the cultural foundations of an organization should be prioritized.
Pensions have a significant voice in our society, and meaningful convening power. As fiduciary representatives of large numbers of stakeholders and stewards of deep pools of long-term capital, they are well-positioned to advocate for the broader needs of their stakeholders and society at large – on topics including financial services, healthcare, housing, and the environment.
Pensions can act to achieve outcomes in pension-related areas for their stakeholders, and society – through synergies with investment, commercialization of existing offerings, or the use of organizational expertise to build and run new platforms. The Canadian pension industry has a strong tradition of innovation for positive impact – and bold aspirations are critical to activating this legacy to deliver the next generation of change.