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.