Blue Pier™ is pleased to announce the launch of Canada’s first fully-customized, fully-outsourced pension plan. A new and innovative workplace retirement solution, Blue Pier makes it possible for all employers across Canada, large and small, to offer pension programs to their employees.
Most Canadian employers don’t offer pension plans because the costs, internal overhead and risks are prohibitive. Blue Pier changes that, by allowing employers, unions and professional/trade associations to offer customized workplace pension programs without the work, out-of-pocket expenses, regulatory burden and legal risks of traditional workplace plans. With Blue Pier, sponsors decide the plan design, enrol staff and make contributions. Blue Pier does the rest. It’s that easy.
Blue Pier sponsors choose how much they want to contribute. The type of plan can be any design permitted by pension regulations including defined benefit, defined contribution, “target benefit” and hybrid designs. Blue Pier reduces sponsors’ funding risks and relieves them of the obligation to select and supervise service providers. Its unique features allow for risk pooling among employers where that makes sense – or not when it doesn’t.
The first pension plan of its kind in Canada, Blue Pier leverages scale, technology and its unique governance structure to deliver pensions more cost-effectively and with less financial risk than any other product. Blue Pier will help employers, professional/trade associations and labour groups in the private- and broader-public sectors to design and deliver their own customized workplace retirement programs while avoiding the costs, regulatory burdens and risks of operating stand-alone plans.
Blue Pier works for employers of any size, and it responds well to the needs of the small- and medium-sized enterprises in the private and broader-public sectors that employ most of Canada’s workforce and experience the greatest challenges in operating their own workplace plans.
James Pierlot, Blue Pier’s Founder and Chief Executive Officer, noted that with a retirement-saving gap projected to reach $15 trillion by 2050, Canada has a looming retirement crisis, and part of the reason for that is a secular decline in workplace pension coverage spanning more than 30 years. “For most people, workplace pension participation is essential for retirement income security. Yet 12 million Canadian workers – more than 70% of the workforce – have no pension. At Blue Pier, our mission is to reverse that trend and make it possible for everyone to retire in dignity and financial security.”
Mr. Pierlot also noted that offering workplace pensions makes good business sense: “People want pensions, and they prefer to work for employers who offer them. Blue Pier can help employers attract and retain the best staff by offering secure and sustainable workplace retirement programs.”
Blue Pier is here, and it’s about time. Employees need pensions, and employers need an affordable, flexible, low-risk way to offer them. Whether or not an employer currently offers a workplace retirement program, Blue Pier can help. “If you do offer a plan, Blue Pier can reduce your costs, workload and risks. If you don’t, Blue Pier can help you start” said Mr. Pierlot.
Get in touch with Blue Pier today. Start a new future for your employees and your enterprise.