Group Retirement Plans
Retirement Support
Group Retirement/Savings Plans
Secure your employees’ future while boosting your company’s value proposition.
Group retirement plans are an essential component of an employee benefits package, offering value not only to employees but also to employers. Help your employees save for their future with tax-efficient retirement savings plans.
- Group RRSPs
- Defined Contribution Pension Plans
- Deferred Profit-Sharing Plans (DPSPs)
- Group TFSAs
- Student Repayment Program
Attract and Retain Top Talent
In a competitive job market, offering a group retirement plan demonstrates a commitment to employees’ long-term financial well-being. 75% of Canadian employees consider retirement savings plans an important factor when choosing an employer. It enhances your employer brand and sets your company apart from competitors who don’t offer similar benefits.
Improve Employee Engagement and Productivity
Financial stress can impact an employee’s focus and performance. Providing a group retirement plan helps employees save for the future, reducing stress and increasing productivity. Employees who feel supported by their employer are more likely to be engaged and motivated in their roles.
Cost-Effective Compensation Strategy
Offering a group retirement plan is a tax-efficient way to provide additional compensation without significantly increasing payroll costs. Employer contributions are typically tax-deductible, reducing the company’s taxable income.
Encourage Employee Loyalty and Reduce Turnover
Employees are more likely to stay with an employer that invests in their future. 78% of employees say they would be less likely to leave a company that offers a strong retirement savings plan.
Support Financial Wellness and Retirement Readiness
Many employees don’t save enough for retirement on their own. A group plan simplifies the process with automatic payroll deductions and employer matching. Regular contributions build savings over time, ensuring employees can retire comfortably.
Enhance Corporate Social Responsibility
Promoting financial wellness aligns with corporate social responsibility (CSR) initiatives. Supporting employees’ long-term financial health demonstrates a commitment to their well-being beyond the workplace.
Simplified Administration and Professional Support
Modern group retirement plans are easy to manage with online platforms and support from plan providers. Employers can choose from various plan types, including Group RRSPs, Defined Contribution Plans, and Deferred Profit-Sharing Plans.
Tax Advantages for Employers and Employees
Employer contributions are tax-deductible, while employee contributions can be made pre-tax, reducing taxable income. Investment growth within the plan is tax-deferred until retirement withdrawals.