Group Retirement Savings Plan

A Group Retirement Savings Plan is a great way to help your employees save for retirement, while creating a sense of partnership between you and your employees.

In a world where attracting high quality talent can be a challenge at times, employers look for opportunities to differentiate their employment offering from that of their competition. Implementing a group retirement savings plan can do just that. It will also create higher employee retention and staff motivation.

What is a Group RRSP?

A group Registered Retirement Savings Plan (RRSP) is offered by an employer to his/her employees as a convenient vehicle to save for retirement. Employees benefit from generally lower fees than that of an individual RRSP, immediate tax savings since deductions are made from gross income and the convenience of payroll deduction contributions.

Contributions to a group RRSP can be made by both employee and employer.

What is a DPSP?

A Deferred Profit Sharing Plan (DPSP) is strictly offered as an employer-sponsored plan. The purpose of a DPSP is to reward an employee in the form of profit sharing when the company performs well. This form of retirement savings creates an immediate sense of partnership between employee and employer, with focus on growing the profitability of the company.

Implementing a group RRSP or group DPSP is easy – start to finish. Most providers offer a wide variety of investments to choose from with leading fund managers at the helm.

Contact us to learn more about Group RRSP and DPSP plans.
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