Retirement planning and savings plans for groups of 2 to 2,000 employees
Group Retirement: good for employees and your business
Retirement plans are a valuable benefit that impact the present and future lives of employees.
Providing a retirement plan isn’t just good for employees.
It’s good for your business, too.
In fact, retirement plans can:
- Help you benefit from significant tax advantages for your business
- Provide a recruiting advantage—by attracting and retaining key talent
Custom plans and management - simplified
Setting up and administering a group retirement plan can be time-consuming and complex.
Bennett Insurance makes it simple.
At Bennett Insurance, our analysis, advice and services include:
- Various retirement solutions and services to choose from
- A customized plan that considers contribution levels and flexibility, vesting, eligibility, administration, and overall costs to help you determine the right plan for your organization
- Ongoing monitoring and regular updates on the status of your plan
- Client education, ensuring you have the knowledge you need to run the best possible plan for your group
- Training and information sessions, to ensure your employees understand their plan and the services available to them
Meanwhile, employees benefit from:
- Tax savings at source
- Competitive investment management fees
- Investment fund options employees may not have access to under an individual product
Additionally, Bennett Insurance and the chosen provider will ensure CAP (Capital Accumulation Plan) guidelines are met, substantially reducing your liability.
As your retirement solutions broker, Bennett Insurance partners with major insurance underwriters in Canada including Great-West Life, Sun Life, Manulife and Desjardins.
Bennett Insurance specializes in:
Group Registered Retirement Savings Plans (RRSP)
Offers the benefit of pre-tax payroll deduction contributions, providing employees an immediate tax break each time they contribute. Employees can contribute up to their RRSP limit each year. With earnings and contributions fully tax-sheltered until withdrawn, this is an ideal way to save for retirement.
Defined Benefit (DB) Plans
The employer agrees to provide a specific level of retirement pension, whether as a fixed-dollar or percentage-of-earnings amount. The benefit available may increase with years of service at the company. The company assumes financial risks for funding the pension, including those associated with interest rates and investment rates of return.
Defined Contribution (DC) Plans
Requires specific or defined contributions from the employer. Contributions may also be required by or offered on an optional basis to employees. All contributions are deposited in a pension fund, to accumulate investment earnings until retirement. The amount of retirement benefit is not guaranteed and can be negatively or positively influenced by interest rates and investment returns.
Deferred Profit-Sharing Plans (DPSPs)
“Setting up and administering a group retirement plan can be time-consuming and complex. Bennett Insurance makes it simple.”
Rewards employees for their role in the financial success of the business. The employer can share business profits with employees by contributing to the DPSP on each employee’s behalf. Contributions vary year-to-year, depending on company results. Significant shareholders or family members are not eligible to enroll in a DPSP; however, they may enroll in the RRSP and TFSA (if these programs are in place). DPSPs are subject to maximum contribution limits set by Canada Revenue Agency (CRA).
Group Tax-Free Savings Accounts (TFSAs)
Provides a multi-purpose savings vehicle in which all investment earnings are tax-sheltered. TFSAs do not provide tax deductions upfront; however, withdrawals are tax-free and members can re-contribute any amount they withdraw in a subsequent year, without penalty.
Benefits of Group Retirement
Attract Top Talent
Group retirement solutions help attract top talent to your business.
A group retirement package can provide employees an excellent means of tax deferral and pension upon retirement.
These types of plans often require less expensive investment management fees than individual plans.