Group Retirement
A workplace savings program helps your people plan for the years ahead, and it tells them something about the kind of employer you are. We set up new programs and improve existing ones, so members pay less in fees and the plan works for your business.
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Already have a plan?
We set up new programs, and we also take on existing plans and improve them.
Most workplace savings plans in Canada are built from some combination of these. The right mix depends on what you want the program to do.
Retirement savings
Employees save through payroll into their own registered retirement savings. You can match or add to what they contribute, and contributions count toward each person’s RRSP room.
Employer contributions
A Deferred Profit Sharing Plan holds contributions from the employer only. Those contributions generally aren’t subject to payroll taxes like CPP and EI, which is why it’s often paired with a Group RRSP to hold the employer’s share. It can include a vesting period.
Flexible savings
Employees save from after-tax pay, and growth and withdrawals aren’t taxed. It gives people a flexible option for goals that come before retirement, alongside longer-term savings.
First home
A First Home Savings Account helps eligible employees save toward their first home, with tax-deductible contributions and tax-free qualifying withdrawals. It’s still a newer workplace option, available through select providers, with conditions such as minimum group size.
Eligibility, contribution limits and tax treatment depend on the program and each employee’s situation. We explain how the options work for your group; individual tax advice should come from a tax professional.
How we work through it
A useful program has to work for the business and for the people in it. These are the questions we’ll work through with you before recommending a structure.
Some employers mainly want to help staff save for retirement. Others want to recognize long service or keep good people longer. Your objectives shape everything that follows.
We help you settle on an employer contribution you’re comfortable funding in good years and lean ones, so the program doesn’t need to be walked back.
Matching, required contributions or voluntary saving each lead to different participation. We talk through how your people are likely to respond.
Group RRSP, DPSP, Group TFSA, Group FHSA or a combination. We look at how the pieces work together and what administration each one involves.
A plan only helps if people understand it. Employee education is built into the program from the start and continues after launch.
Enrolment is the start. We help employees understand what the program offers and how to take part, and we stay involved as your team grows and your priorities change.
If you also offer group benefits, we can look at both together, so the whole package makes sense to the people receiving it.
Group Benefits adviceSomething else on your mind? Ask us directly
Often, yes. Programs can be set up with modest contributions and grown over time. We’ll talk through what’s practical for your size and budget.
Yes. We review what members pay, the investment options and how the plan is set up, then recommend whether to adjust it or move it. Lowering the fees members pay is usually the first place we look.
It costs what your organization can comfortably afford. As a general guide, most plans we see aim to match somewhere between 3% and 5% of an employee’s salary. We’ll help you find the level that fits your budget and goals.
Start with what the organization can sustain and what you want the program to achieve. We’ll walk through contribution approaches and how each one affects participation and cost.
Yes. Employee education is part of the work, at launch and afterward, pitched at the level your people need.
Yes. Looking at benefits and workplace savings together can make the whole package easier to explain. See our Group Benefits service.
