Pension and Retirement Solutions
Building a bright future
Secure your employees’ futures with tailored pension and retirement solutions. At Gifford Carr, we help businesses create comprehensive plans that support financial security and long-term growth—because investing in your team is investing in your success.
What is a pension plan?
A pension plan is an employer-sponsored program designed to provide employees with a reliable income stream upon retirement. Contributions can be made by the employer, the employee, or both. The funds are accessible only after retirement, ensuring financial stability for employees during their post-work years.
There are two main types:
- Defined benefit plans: Guarantees a set income after retirement.
- Defined contribution plans: The amount received depends on the contributions made.
Retirement options for today’s workforce
Employees value modern flexibility and choice. We offer a range of solutions to fit these needs, empowering your team to plan for their financial future with confidence.
Retirement Solutions
Retirement solutions are built for retirement income but also offer more flexibility in the shorter term if employees leave the company. For employers who do not wish to implement a pension plan, there are several alternative options to consider:
- Group Registered Retirement Savings Plan (RRSP)
- Group Deferred Profit Sharing Plan (DPSP)
- Group Tax-Free Savings Account (TFSA)
Group RRSPs
A group Registered Retirement Savings Plan (RRSP) allows employees to save directly from their paycheck while reducing taxable income. Employers can contribute to these plans, helping employees grow their retirement savings faster.
Group DPSPs
A Deferred Profit-Sharing Plan (DPSP) is an employer-sponsored program registered with the Canada Revenue Agency (CRA) that allows businesses to share profits with employees. Employers can extend this plan to all staff or specific groups, though individuals owning 10% or more of the company are not eligible to participate.
Group TFSAs
Group Tax-Free Savings Accounts (TFSAs) provide a flexible, tax-free savings option for employees. Contributions don’t reduce taxable income, but the funds grow tax-free, offering employees a secure way to save.
Build a secure future for your team.
Invest in your employees’ sense of security with personalized retirement and pension benefits they’ll truly value.
Frequently asked questions
Find answers to common questions about our pension and retirement solutions.
What’s the difference between a pension plan and a group RRSP?
Pension plans provide a guaranteed retirement income, while Group RRSPs offer flexibility, allowing employees to grow savings through investments. Both can include employer contributions but differ in structure and benefits.
How do I choose between a pension plan and a retirement solution?
This largely depends on what benefits you want to offer, whether there is a union, and the company’s needs. For personalized advice, connect with the Gifford Carr team.
Have more questions?
Contact us for more information.
Insights + Information
Get the latest tips from our experts
What to Consider When Choosing a Surety Broker
End-of-Season Checklist for Golf Course Owners: What Insurance Brokers Want You to Know
Understanding PIPEDA Requirements for Businesses Ahead of Black Friday
As Black Friday and Cyber Monday approach, businesses are gearing up for one of the busiest shopping seasons of the year. With the increase in online transactions, businesses must prioritize protecting customer data and ensure compliance with privacy regulations. In Canada, the Personal Information Protection and Electronic Documents Act (PIPEDA) sets out requirements for how […]
Explore our related services
Group Benefits
Invest in your team’s future
Explore how group benefits can further support your team.
Health/Wellness Spending Accounts
Invest in your team’s well-being
Our Health/Wellness Spending Accounts give your employees the flexibility to choose the care and services that suit their personal needs.