Many insurers market group benefit plans to employers, but in the benefits industry the key is matching an employer’s objectives with availability within the supplier marketplace. WP does not market or solicit specific benefit plans and that allows for objectivity when selecting an insurer.
The majority of the assets WP oversees is in the form of Defined Contribution pensions and specifically, for employers falling under federal pension legislation. A number of suppliers in the full service pension industry are used by WP clients.
With the recent introduction of compliance guidelines, WP Financial is a key consulting source for many First Nations employers – helping them mitigate plan sponsor risk and ensure that plan members are being empowered to meet their pension obligations. Staff often leave pension information sessions that Ilija and/or Geordie moderate, having felt they’ve learned a great deal about the pension plans in which they participate.
When someone leaves a pension plan, understanding their ‘termination’ or ‘retirement’ options allows them to make wise and informed decisions. Many financial institutions will gladly accept transfers from pension plans; however, not all institutions can effectively administer pension money for Aboriginal employees.