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Group Retirement Savings Plans & Pension Plans

SCORE Financial Services can help you set up a group retirement savings plan or a pension plan for you and your employees depending on the size of your company. Group Retirement Saving Plans and Pension Plans are flexible, affordable, and time-tested mechanisms for attracting, motivating, and retaining quality talent.

Choosing the right plan can help your employees secure their financial future while offering the right support services for such plans helps your business extract the maximum returns on your investment. Customizable to the needs of your business and the financial goals of your employees, workplace savings plans and pension plans are a valuable addition to any company’s benefits programs.

Types of Retirement Plans

Retirement plans help employees contribute a certain percentage of their earnings towards the retirement or home-purchase savings, with tax advantages on either the contribution, the earnings, or both. Employers can set up different types of retirement plans, from savings and pension plans to stock purchase and profit-sharing plans. Each product and plan available is tailored to specific needs to reach your objectives.

A Registered Pension Plan (RPP) is an employer-based account that requires mandatory employer contribution to the plan; employees may or may not have to contribute. A Registered Retirement Savings Plan (RRSP) is an individual account that allows tax-deductible employee contributions within specific limits (defined by the Income Tax Act). The earnings are taxable only when the employee withdraws from the plan.

Group Retirement Savings Plans

Group RRSPs

  • Simple and easy to use
  • An important advantage for employees
  • Low or no employer fees
  • Contribution is not mandatory
  • Maximum flexibility
  • Large choice of investments catered to the employees’ needs
  • Personalized services
  • Couples nicely with DPSPs


  • For small to medium-size businesses
  • Simple and easy to use
  • Employers contributions are optional!
  • Low or no employer fees

Executive retirement plans

  • Specifically developed for leaders, owners and senior-level executives
  • For individuals 50 years old and older
  • Established by consulting actuaries
  • Personalized Investments

Pension Plans

Defined Benefit Pension Plan (DBPP)

  • For large businesses
  • Payment of pre-determined benefit at the time of retirement based on seniority and best years of earnings
  • Company contributions goals must be met regardless of profitability

Defined Contribution Pension Plan (DCPP)

  • For large businesses
  • A pre-determined amount or percentage is set aside for employees
  • Company contributions are more flexible than DBPPs

Pooled Registered Pension Plan (PRPP)

  • For individuals, including self-employed
  • Lower administration costs
  • Moves with the member from job to job
  • Flexibility in savings management

Additional Saving Options

Deferred Profit-Sharing Plan (DPSP)

  • A way for employers to contribute to employee pensions based on profitability
  • Flexible employer contribution targets
  • Couples nicely with RRSPs

Employee Savings Plan/ Non-Registered Plan

  • An additional savings account that participants can access at any time
  • Investment growth can be taxed as income

Tax-Free Savings Account (TFSA)

  • Very efficient for lower income earners
  • A good choice to house some personal investments
  • Investment growth in TFSAs is not taxed!

We Have a Solution for You

Whether you are thinking of setting up a group retirement savings plan or a pension plan, SCORE Financial Services can help you. Contact us for more details about our group retirement plan options.

Group Retirement Savings Plans

Main Benefits of Group Retirement Savings Plan

Offering a Group Retirement Savings Plan can benefit both the employees and the employers.  A suitably tailored plan that aligns with your organizational needs will enable several cost advantages and intangible benefits, while also helping your employees secure their future finances. Group saving plans and group pension plans are cost-effective ways to offer employees what they want.

Benefits for Your Employees

tax savings

Tax Saving

Direct payroll deduction enables contribution on a before-tax basis, enabling immediate tax relief. Employers’ contributions are also tax-deductible to employees.

lower fees

Lower Fees

The administrative fees tend to be lower for group plans vis-à-vis retail plans. Employees pay less to manage their savings plan.



Contributions deducted at source from the paycheque means disciplined investments, on-the-spot tax savings, and no hassles in choosing stocks or bonds.

Benefits for Your Business

tax deductible


The administrative fees on many Group RRSP products are deductible as business expenses.

employee retention

Employee Retention

Group buying power enables retirement plans with lower fees and shows employers’ commitment towards employee financial wellness

attracting better talent

Attracting Better Talents

Enhanced total compensation packages and simplified plans motivate potential talent to join the company, perform well, and remain loyal.

Time to Choose Your Group Retirement Savings Plan

Setting up an employer-sponsored Group Retirement Savings Plans is about taking the guesswork out of retirement finances and portfolio planning to help your employees secure their financial future. With improved talent attraction and potentially reduced employee turnover, you can save costs on rehiring and retraining, reduce the related productivity loss, and enjoy many other benefits of a group plan.

Partnering with an independent group benefits broker, such as SCORE Financial Services will enable customized retirement plans that offer the maximum benefits to your employees at a cost that works for your organization. Whether you need to offer pension plans, savings plans, stock and profit-sharing options, or group RRSPs, our knowledgeable and experienced professionals can help you build flexible solutions for different types of workplace saving plans.

If you want to offer a comprehensive benefits option to your employees, from retirement savings plan to group insurance, contact us. In addition to retirement savings plans, our experts can help you set up a group insurance plan that meets both your employees’ and your company’s needs. We offer group insurance plans with Chambers of Commerce, as well as third-party administrators insurance plans for small, medium and large businesses.

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