The context for change
As a result of plan and societal demographics, the Pension Corporation can anticipate significantly increased demand for near-retirement services over the next 10 to 15 years. Because these transactions tend to be among the most complex and costly, they place the greatest pressure on resources.
The cost conundrum
As the corporation and pension plans adapt to the changing landscape, the corporation will need to proactively build its capability to respond with flexible, timely solutions.
As plan members get closer to retirement they begin to take a much more active interest in their pension. This means more interaction with their pension plan to ask for retirement estimates, discuss their pension options and request information. It is of vital importance to the Pension Corporation to maintain high levels of service and support as members transition into retirement. It is also critical to ensure service delivery remains cost effective.
The Pension Corporation is not insulated from this demographic trend: In five years, nearly 40 per cent of corporation staff will be over 55, meaning we need to focus on knowledge transfer and recruitment.