Group Retirement Solutions

The GBL team of experts can ensure you have a competitive group retirement savings plan for your employees.

As actuaries in the retirement business for over 25 years, we can help you setup a pension plan that is successful, efficient and cost-effective regardless of which type of retirement plan you choose to setup.  If you are not sure which one is right for you, not to worry, we can help with that too!

For group retirement solutions, we find the following solutions to be the most viable:

• Defined Contribution (DC) Pension Plan:
  • Contributions into a DC Pension Plan are typically made by both the employee and employer. These plans are similar to Group RRSPs in that contributions into the pension plan are typically pre-defined and have some component of employer matching contributions.
  • Employer contributions are non-taxable to the employee and the growth in a DC pension plan grows tax free until retirement.
  • A DC Pension Plan also allows employers to lock in benefits till termination and/or retirement.
• Group Registered Retirement Savings Plan (RRSP):
  • A Group RRSP is very similar to an individual RRSP you would open at a financial institution except that is administered on a group basis by the employer.
  • This allows employees to better save for retirement and also save on fees due to the economies of scale.
  • Typically, employee and employers will both make contributions to the group RRSP directly from their paycheque and the tax savings from the RRSP contribution can be applied to each paycheque immediately.
  • Employers don’t have to make matching contributions but we normally some sort of employer contributions as it allows for a better plan and provides more financial security for employees at retirement.
• Group Tax Free Savings Account (TFSA):
  • A Group TFSA is similar to an individual TFSA you would open at a financial institution except that is administered on a group basis by the employer.
  • It allows employees automatically save money that can be used for retirement or other goals.
  • The plan is a value-add for the employee and encourages savings which can help boost employee morale.
  • Utilizing a Group TFSA allows for employees to typically benefit from lower management fees on their investments versus the traditional investment options and that means more money in their pockets.

Contact us today to find out more about the above options and how we can help you!