Hire – and keep – the best staff by offering a pension plan as part of your compensation package.
To be employed by an organization that provides its people with a retirement savings plan is one of the greatest financial advantages you can enjoy in Canada. A pension plan promises your staff better financial health during retirement and can be a significant part of an employee’s total compensation, improving their commitment and job satisfaction. A group plan offers more buying power because your contributions are pooled and invested with many others, resulting in fees that are generally lower than those you’d find as an individual investor.
There are a number of options available based on your goals for your program. For example:
- voluntary plans allow those employees who are interested to participate in the program with convenient features like payroll deduction
- contributory plans can be established where your company provides a matching contribution
- vesting rules can be established which let you retain ownership of your employer-side contributions for an initial period of time, protecting your investment in your team and reducing employee turnover
Interested in learning more?