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Simplified pension plan (SPP)

What is an SPP?

An SPP is a defined-contribution plan that's set up for your company but administered by a financial institution.

Advantages

For employers

  • Straightforward administration handled by Desjardins Insurance
  • Easy to set up
  • Beneficial tax rules

For employees

  • Contribution amounts predictable
  • Immediate tax savings, since contributions deducted at source
  • Contributions accumulate tax-free

Contributions

Employer

  • Minimum contributions required, and additional contributions an option
  • Locked in until retirement

Employee

  • Permitted
  • May or may not be locked in until retirement (at employer's discretion)
  • Spousal contributions not permitted

Details

Administration

  • Plan needs to be registered with Retraite Québec and Canada Revenue Agency
  • Regulatory fees paid via Desjardins Insurance
  • No annual meeting required

Investments

  • Employees responsible for their investment choices
  • No investment policy required

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.

Discover other group savings plans

Group RRSP

A group registered retirement savings plan (RRSP) is a collection of individual RRSPs offered to a group of employees.
Learn more about Group RRSPs.

VRSP

Voluntary retirement savings plans (VRSP) make it easier for employees of small businesses to save for retirement.
Learn more about VRSP
Desjardins Financial Security Life Assurance Company acts as an issuer, service provider or administrator, as the case may be, of the group retirement savings plans.
This text is for information purposes only. Refer to the policy for all conditions, exclusions and restrictions.