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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.

Description: This animated video uses a character, illustrations and graphs to show how to save with a group savings plan. 

Narrator: Joining your group savings plan is an easy way to save for your future 

Description: Brittany relaxes in an armchair, looking at a coin. She flips the coin in the air. 

Narrator: and it can help you pay less income tax today. 

Description: The coin lands beside a paper with a percentage sign. 

Narrator: That’s because you won’t pay tax on your contributions until you take them out later in life 

Description: A portion of the paper is cut with scissors. 

Narrator: when your income and tax rate will likely be lower. 

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

Narrator: By contributing through automatic payroll deduction, you can also benefit from dollar-cost averaging. 

Description: A monthly calendar draws into the frame with a day to contribute marked with a dollar sign. 

Narrator: That’s when you invest the same amount of money on a regular basis, helping to reduce the impact of market ups and downs. 

Description: Cut to a line graph showing savings growing steadily with a monthly contribution of $100. A wavy line appears behind, illustrating the changes in the stock market. 

Narrator: You can also make lump-sum contributions through online banking or regular pre-authorized contributions if your plan allows. 

Description: Cut to a view of Brittany’s laptop, displaying the “Contributions” page of the My Canada Life at Work website. 

Narrator: With a group savings plan, you’ll typically pay lower fees for services needed to manage the fund 

Description: Cut to illustrations of a down arrow beside a price tag with a percentage sign. 

Narrator: than you would through a bank or other financial institution. 

Description: They separate to show an illustration of a bank and commercial building with a line dividing them. 

Narrator: The reason is those fees are shared among a large group, instead of paying them on your own. 

Description: The line rotates to create a bar graph. An illustration of one person is compared to a group. The individual has higher fees. 

Narrator: To learn how you make the most of your plan and save for the future that’s right for you, 

Description: Return to Brittany in her armchair, tossing the coin in the air as she smiles. 

Narrator: visit 

Description: Text “Visit today.” appears with the Canada Life logo and legal line: “Canada Life and design and My Canada Life at Work are trademarks of The Canada Life Assurance Company. 1-888-252-1847.”

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 My Canada Life at Work. 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.

More on retirement

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