Data is the new currency for plan sponsors of workplace retirement and savings plans. Armed with the right information at the right time, plan sponsors can make decisions that better support plan member goals.
Advancements in reporting on workplace retirement and savings plans assist in being impactful and enabling conversations between providers, plan sponsors and brokers to move beyond compliance with regulatory guidelines.
“Data is no longer just a reporting tool—it can also be a strategic asset. When plan sponsors have access to the right insights, it can assist in shaping plans that can support the financial futures of plan members,” says Maxine Wolitski, National Director, Client Relationships, Canada Life.
Uncertain times
The timing could not be more opportune as surveys consistently suggest that Canadians are worried about their finances yet striving to be cautiously optimistic—and looking for guidance.
Canadians are in “confidence limbo,” according to the September 29, 2025, edition of the weekly Bloomberg Nanos Canadian Confidence Index. The October 24, 2025, edition reports that “Canadian consumer confidence remains fragile, hovering just below 50 on the 100-point consumer confidence index.”
Other recent surveys indicate that Canadians may be starting to feel more confident. Canada’s Financial Wellness Lab’s analysis of results of the 2025 National Payroll Institute Survey of Working Canadians, conducted in May 2025, found that 36 per cent of employees describe themselves as financially stressed, down from 41 per cent in 2024—the first decline after four years of growing stress. As well, just over half (51 per cent) said they’re trying to save more money, up from 42 per cent in 2024.
Benefits Canada’s 2025 Employee Savings Survey fielded in March 2025, found that 42 per cent of respondents describe their financial situation as better than the previous year. Two-thirds (66 per cent) said they’re very (13 per cent) or somewhat (53 per cent) confident that their workplace registered savings plan(s) will provide enough money to meet their financial objectives.
Raising the stewardship bar
Annual plan reviews (or stewardship reports) give plan sponsors and their advisors the information they need in the areas of governance, administration, plan assets and member education. “When data alone lacks context, it understandably makes it difficult for advisors and plan sponsors to make informed decisions that drive better outcomes for their members,” says Jeffrey Kearns, Director, Reporting & Insights, Workplace Retirement, Canada Life.
“Annual plan review conversations are important to ensure sponsors are aware of key insights about their plan usage that could help them better support their members,” says Wolitski.
When plan sponsors aren’t actively reviewing their data or engaging with their plans, they may overlook opportunities to educate members or improve outcomes. “That’s why consistent discussions around plan design and usage are so important—it assists in empowering plan sponsors to make informed decisions that can enhance member outcomes and strengthen long-term engagement,” she says.
With the assistance of digital interfaces, advances in data warehousing will help pull out trends and flag possible issues in the plan design. Annual plan reviews can be more easily digestible to the plan sponsor. “Reporting shines a light on inconsistencies that might otherwise go unnoticed,” says Kearns.
For example, a division of the company may show a different participation level or higher withdrawal rates. “That prompts you to ask, ‘Why?’ Plan sponsors have a vital role to play in answering such questions. They often hold the context or rationale behind those numbers,” notes Kearns.
More than ever, data is a starting point for meaningful conversations, he concludes. “This is where the real insight begins—when data drives the dialogue, leading to discussions rooted in logic and a deeper understanding of what’s truly happening.”
Wolitski adds that the “people piece” is the most important measure—and outcome—of today’s enhanced reporting capabilities. “The real knowledge and advancements come from the insights. They help plan sponsors, advisors and providers understand the ‘why’ behind the actions and the steps we need to take. We’re bringing together technology, data and people to drive meaningful outcomes.”
Benefits Alliance thanks Canada Life, a platinum preferred solutions provider, for participating in this article.