Group Retirement Solutions
Group Retirement Solutions
The era of the pension-for-life is over. Now more than ever, employees need a rock-solid retirement plan provided by their employers. With the onus now on individual employees to plan for retirement, they have to consider retirement benefits when they weigh whether to work at your company. Offer a great retirement plan, and you’ll attract and retain the best talent. You’ll also take care of your loyal employees and help them secure their futures.
The problem? Confusion. Retirement plans are tricky. Which one is best? Which will keep things simplest for you? We’ll consult with you to simplify the process. We’ll listen to your goals and recommend the plan that suits your company. And there’s good news: your Group Retirement Plan can be as simple and cost-effective as you want it to be.
Depending on the plan you select, there may be no additional cost or accounting from your end beyond the administration of contributions. Many plans couldn’t be easier to administer. If you want to get more involved, you can choose a full pension plan with predefined benefits or contributions. You’re free to choose the experience that’s best for your organization—and your employees.
Our Group Retirement Solutions
Registered Retirement Savings Plan (RRSP)
Best For: Small Companies, Self-Employed, and Limited Budget Companies.
The Registered Retirement Savings Plan (RRSP) is a straight-forward savings plan with tax benefits for retirement. It can be used both for employees and for the self-employed, with the following benefits:
- Deductible contributions. An RRSP incentivizes individuals to contribute towards their retirement by creating tax savings through deductible contributions.
- Savings grow tax-free. Because the contributions are deductible, the eventual withdrawals will be subject to tax. But in the meantime, your employees can watch their accounts grow tax-free.
- High contribution limits. Employees who can set aside a large amount of money for retirement can realize high tax savings through contributions to the RRSP.
- Borrowing rules. Individuals can borrow from an RRSP for qualified reasons such as purchasing their first home, as long as the loan is repaid within the specified time.
There are also Group RRSPs available for larger companies. Work with us and we’ll help you select a plan best for you.
Defined Contribution Pension Plan (DCPP)
Best For: Companies that want to pre-define contributions, but not benefits.
A Defined Contribution Pension Plan (DCPP) invites both the employer and employee to contribute to the pension. A defined-contribution plan often includes employee matching, which incentivizes employees to save more toward retirement. These plans will be pre-defined, which means the DCPP is another plan that can serve as an employee attraction incentive so you can advertise your generous retirement benefits.
What separates Defined Contribution plans from Defined Benefit plans? Defined Benefit plans tend to focus on pre-defining the income an employee will receive from the pension. The Defined Contribution plan means that you’ll be focused on who contributes what, as well as what your company is willing to match.
Deferred Profit Sharing Plan (DPSP)
Best For: Companies who want to use profit-sharing to incentivize employees and hire talent.
Want to be generous with your profits? In a Deferred Profit Sharing Plan (DPSP), your company will make the contributions from a share of its profits. As the employer, your contributions to this plan will be tax-deductible, incentivizing you to share those profits. This is particularly useful for any company that wants to attract and retain talent, because the money towards retirement isn’t coming from the employees. It’s coming from company profits.
This also serves as an incentive for employees: if they’re receiving a share of company profits, they feel a sense of ownership in your success.
Defined Benefit Pension Plan (DBPP)
Best For: Medium-to-large companies, companies who want to create pre-defined benefits.
If you want to take a more active role in your employee benefits, a DBPP may be more appropriate. This employer-sponsored plan uses a formula to define your employees’ benefits. It’s known as “defined benefit” because this formula will be defined ahead of time. In this case, benefits can be paid out as lump sums at a certain date or fixed monthly payments made possible through an annuity.
The DBPP is for companies that want to provide more defined benefits, rather than letting employees set their investment terms. It’s also useful for companies that want to inspire long-term loyalty to the company, as it makes it possible for the pension plan to pay out to a surviving spouse if the employee passes away.
READY TO TALK?
It’s time to take control over your coverage and work with someone who can help you navigate the world of group plans to find what’s right for you. Our streamlined virtual process takes less time and makes it easier than ever before to get a quote.
My wife and I are both 50+ working professionals with little to no appetite for financial planning but certainly fully understand it’s importance. We have had numerous Financial Advisors over the years as we crisscrossed the Country and while we have never had any complaints, Joe White is someone we often boast about. Joe has an innate ability to understand our needs, desires, and aspirations and fashions a plan to exceed all expectations. He is instantly available when you need him while at the same time not at all intrusive. Simply put we feel safe, secure, and confident with Joe White and his professional team. Without any hesitation whatsoever we highly recommend Joe White.
Owner , Allan A. Dale Professional Consultant
Precision Mechanical Inc. has used Navigate Financial Solutions ( former Sunlife Financial) for many years now for all our corporate and personal life insurance/investment needs. Joe White and his staff are very knowledgeable in the business and go above and beyond to fulfill our needs and offer suggestions on how to save money while maintaining the coverage needed to protect our long term goals as a company. The service received is excellent and PMI would not hesitate in recommending NFS to any business.
Lloyd Cudmore, P. Eng.
Partner, Kensington Metal Products
Joe and his staff were great to deal with when transitioning to a new provider for our business’ group benefits package. Not only was the plan better, it ended up coming in below the cost of the previous provider. Joe took care of all the transition details and is always around to answer any questions and advocate for us to the providers.
Feije De boer
Joe was excellent to deal with when looking for group insurance for myself and my employees. He was quick, responsive, and gave me options. Joe is the only person I trust to deal with my insurance needs.