A Group RRSP is a collection of individual RRSPs offered to employees by their sponsoring employer. Contributions are taken from the employee's pre-tax pay through payroll deductions, reducing their tax burden immediately. Contributions are then deposited into their RRSP as specified.
By contributing a small percentage of your income on a regular basis, you will build a nest egg that will help provide the security and retirement income you'll need to achieve financial independence after retirement.
There are a variety of flexible retirement-savings products for Canadian groups, including
- Defined contributions pension plans,
- Registered retirement savings plans,
- Deferred profit-sharing plans,
- Non-registered savings plans,
- Employee share ownership plans, and
- Investment only services for defined benefit plans.
- Diverse investment managers and funds (plus multi-manager mandates),
- Tailored plan designs,
- Automated tools to help plan sponsors manage administration, plus
- Education resources to engage members in planning actively for retirement.