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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

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.

Description: Jean relaxes in an armchair. Her piggy bank runs in from behind the chair and leans on her ankles.

Narrator: Your group retirement savings plan (RSP)

Description: Cut to Jean’s hand holding a coin. The coin is dropped into the piggy bank.

Narrator: can help you pay less income tax today because your contributions are tax deferred.

Description: The piggy runs out of frame and a paper with a percentage sign falls behind. A portion of the paper is cut with a scissors.

Narrator: That means you won’t pay tax on contributions

Description: The paper falls back into the piggy bank, followed by more coins. A clock moves into frame and time passes.

Narrator: until you take them out later in life when your income and tax rate will likely be much lower.

Description: Cut to line graph showing age from 20 to 90. Income rises until retirement at 65, then decreases afterwards.

Narrator: You’ll also usually pay lower investment management fees (services needed to manage the fund) than an individual plan.

Description: Cut to down arrow beside price tag with percentage sign. They separate to show one person.

Narrator: because they’re shared among a large group, instead of paying them on your own.

Description: One person is compared to a group with a bar graph. The individual has higher fees.

Narrator: Both of these benefits – tax deferral and lower fees,

Description: Cut to paper with percentage beside a price tag with percentage.

Narrator: help you make the most of your group retirement and savings plan.

Description: Return to Jean in armchair with piggy bank. She pets the bank as its tail wags.

Narrator: Get started today at GRS Access.

Description: Text “Sign into GRS Access at canadalife.com” appears with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company.

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.

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