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Registered Pension Plans

A pension plan is a formal arrangement made by a sponsor to provide you with a monthly lifetime income after retirement. A sponsor can be a single employer, multiple employers, a union, or a combination of these.

There are two types of group pension plans:

• Defined Contribution Plans
• Defined Benefit Pension Plans

A defined contribution plan does not promise an employee a specified benefit upon retirement. Benefits depend on the performance of investments made with contributions to the plan.

Advantages of Defined Contribution Plans

• Tax deferred retirement savings medium
• Participants usually have a say in how much they choose to save
• Can be funded through payroll deductions
• Lump sum distributions may be eligible for special 10 year averaging
• Participants can benefit from good investment results
• Easily understood by participants

A defined benefit plan guarantees a specific income at retirement, based on earnings and the number of years worked.

Advantages of Defined Benefit Plans

• Guaranteed retirement income security for workers
• No investment risk to participants
• Cost of living adjustments
• Not dependant on the participant's ability to save

If you are interested in setting up a registered pension plan, please contact our offices at 1-866-466-4745.