Group Retirement Savings and Pensions Report Fall 2023—Record-keeping in the 2020s: Fine-tuning Strategies for Growth

The group retirement savings business is at a crossroads. While assets, the number of plans and members are at its highest levels and growing, operational efficiencies in multiple areas have yet to be addressed. A disproportionately high number of plans with relatively small member accounts challenge the economics of the business, even as scale has risen rapidly in the last decade. The need to increase investments in contemporary technologies is pressing.

The research feature of the Fall 2023 Group Retirement and Savings Report examines the current state of the record-keeping business in Canada from multiple vantage points based on interviews with executives at five record-keepers that collectively account for over 85% of assets and plans. We pay particular attention to the key trends underpinning the development of the business and the initiatives and strategies record-keepers are implementing in order to ensure continued growth.