Group retirement plans provide one of the best tax-sheltering opportunities available and can be a significant benefit to employees. With the long term viability of government sponsored pension plans in question, group retirement plans together with individual RRSP plans play a major role for most Canadians in saving for their retirement. From the viewpoint of the plan sponsor, group retirement plans can play a very significant role in attracting new employees and increasing employee retention.
There are many options available when putting together a group retirement plan. Factors that should be taken into consideration when determining which options are appropriate include:
Only after a very thorough review of all the retirement options and the implications of each can an appropriate group retirement plan be developed.