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Group Pension Services in Canada

Group Pension Plans (also known as Group Pension Schemes) are workplace pensions run by an employer for the employees of a business. At Nour Private Wealth (NPW), we offer convenient retirement savings options to companies in Canada with full-time employees. In addition, business owners will have access to various flexible retirement savings solutions. Take a look at our policy options below to see which one best suits your needs:

Voluntary Retirement Savings Plans (VRSP) (Quebec only)

A VRSP is a retirement savings plan that employers offer their employees to help them reach their retirement savings goals. It is a voluntary retirement plan, so both the employer and employee decide whether to contribute or not. If you are looking for help with a Voluntary Retirement Savings Plan in Quebec, contact one of NPW Wealth Advisors with any questions.

Pooled Registered Pension Plans (PRPP)

A Pooled Registered Pension Plan is a contribution-style retirement plan for employees and self-employed individuals who don’t have access to a workplace pension. As a result, PRPP members can benefit from lower administration costs. In addition, a PRPP’s investment options are very similar to those of other registered pension plans, so its members can take advantage of greater flexibility in managing their savings and achieving their retirement goals. As an added benefit, PRPPs are portable, so people can have the same plan even if they change jobs.

Defined Contributions Pension Plans

Employees and employers contribute a set amount into a pension plan each year with a defined contribution pension plan. The amount an employee receives when they retire depends on the amount paid into the pension and the fund’s investment performance. This plan is primarily funded by the employee (with a portion of their gross income), and employers can match the contribution if they choose to.

Registered Retirement Savings Plans (RRSP)

RRSPs are retirement savings plans and investment opportunities for employees and self-employed individuals in Canada. The money that is placed into an RRSP grows until it is withdrawn. Once it is withdrawn, it is taxed at the marginal rate.

Deferred Profit-Sharing Plans (DPSP)

A DPSP is a compensation plan that sees employers share part of their business’ profits with employees. With this plan, the amount is not immediately given to a beneficiary; instead, it is placed into a deposit account where it can grow without being subject to taxes. With this compensation plan, employees are generally allowed to decide how they want the money to be invested.

Non-Registered Savings Plans

If you have reached the contribution limits on your RRSP and/or your TFSA (Tax-free Savings Account), a non-registered savings plan is a way to contribute to your retirement savings. This option offers a higher rate of return than a bank account and lets you invest in investment funds to grow your investment. In addition, you can contribute through pre-authorized payments and withdraw funds whenever you need them.

Employee Share Ownership Plans

Also known as Employee Stock Ownership Plans, this employee benefit plan gives employees an ownership interest in the company they work for. Businesses use ESOPs frequently as a corporate finance strategy to align the interests of their employees with those of their stakeholders. In addition, tax benefits are available to the sponsoring company, selling shareholders, and participants of this plan.

Investment Only Services for Defined Benefit Plans

With a Defined Benefit Plan, eligible employees are guaranteed income for life when they retire. The retirement benefit amount for each participant is based on various factors, including the employee’s salary and years of service.

Individual Pension Plans

Canadians can save for retirement in a tax-efficient way through individual pension plans (IPPs). IPPs are Defined Benefit Pension Plans with a one-person maximum that allows the member to accrue retirement income on a tax-deferred basis.

If you would like to learn more about the various group pension plans and individual pension plans offered by NPW, contact us today!

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