Designed for Savings: Industry Focus Report is here!
This past summer, we launched our 2023 Designed for Savings benchmark report. Today, we’re excited to announce the release of our Designed for Savings Industry Focus report. The Industry Focus report is a new addition and serves as a supplement to the full, comprehensive report.
Industry Focus offers a deeper dive of our group plan members and sponsors within 18 industries as well as small businesses. It is a benchmarking resource for Sponsors looking to adapt their CAPs to keep pace with broader trends within and across industries.
Among the highlights are key data-points relating to contributions, investment choices and decumulation outcomes.
What’s new?
The report presents for the first time an industry comparison of:
- The average ages of current plan members versus those who have reached retirement while part of a plan.
- The average balance accumulation per year of tenure in a plan.
Key highlights
- Plan members who work for small businesses (with less than 200 employees) hold an average of $36,000 in assets.
- Members in oil, gas and consumable fuels hold an average of close to $156,000. They also have the lowest average plan member retirement age, at below 61.
- Members in the recreation sectors and First Nations bands have the highest average retirement ages of 64-65.
- The energy sector has the youngest plan members with an average age of 41.8. The oldest plan members work in public services.
Questions?
Contact your Sun Life Group Retirement Services representative.
