Your workplace pension gives you advantages that can help you save more so you can retire on your terms.
A pension plan is offered by an employer or association to help bridge the gap between your personal savings and what you need for your retirement. It offers more buying power because your contributions are pooled and invested with other unitholders in the segregated fund. In some cases, your employer may also match a portion of what you contribute – try to take advantage because it’s additional money to save for your retirement.
Narrator: Joining your group retirement and savings plan is an easy way to save.
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Narrator: Your group retirement savings plan (RSP)
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Narrator: can help you pay less income tax today because your contributions are tax deferred.
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Narrator: That means you won’t pay tax on contributions
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Narrator: until you take them out later in life when your income and tax rate will likely be much lower.
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Narrator: You’ll also usually pay lower investment management fees (services needed to manage the fund) than an individual plan.
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Narrator: because they’re shared among a large group, instead of paying them on your own.
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Narrator: Both of these benefits – tax deferral and lower fees,
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Narrator: help you make the most of your group retirement and savings plan.
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Narrator: Get started today at GRS Access.
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Registered pension plan (RPP)
An RPP is a plan your employer or association sets up to provide you with retirement income. They’re required to contribute to it, and it also has tax advantages for both the money you contribute and the money your investments earn.
Manage your pension or workplace savings plan using GRS Access. Check your balance, make account changes, create a retirement plan and more.
Learn whether a voluntary retirement savings plan (VRSP) might be right for you.