Defined contribution pension plan (DCPP)
What is a DCPP?
With a DCPP, you'll help your employees build up their retirement savings by making employer contributions. Your employees can also contribute a percentage of their salary.
Advantages
For employers
- Promotes employee engagement and loyalty
- A great addition to employee benefit package
For employees
- Provides retirement income in addition to government benefits
- Tax advantage: employer contributions don't count as salary
- Investment income grows tax-free
Contributions
Employer
- Must equal at least 1% of payroll for participating employees
- Locked in
Employee
- Payroll contributions locked in
- Additional voluntary contributions not locked in
Details
Administration
- Plan needs to be registered with province, federal government and Canada Revenue Agency
- Subject to regulatory fees
- Plan administered in most provinces by board of trustees (in Quebec, can be administered by retirement committee or employer)
- Annual meetings required in Quebec only
Investments
- Either employees or administrator responsible for investment choices
- In most provinces, investment policy required (not always in Quebec)
Contact us
Setting up a plan
Montreal area:
1-800-363-3072 Phone number to set up a group retirement savings plan for the Montreal area. This link opens your phone app.
Quebec City area:
1-877-828-7800 Phone number to set up a group retirement savings plan for the Quebec City area. This link opens your phone app.
Help with an existing plan
Monday to Friday: 8 AM to 8 PM
1-888-510-4762 Phone number for customer service for group retirement savings. This link opens your phone app.