Planning Your Retirement

Employer Plans

When you retire, you may be entitled to benefits under an employer-provided supplemental pension plan (SPP). The main supplemental pension plans are defined contribution plans and defined benefit plans.

  • Defined Contribution Plans
    Defined contribution plans are essentially plans with predetermined contributions established as a percentage of the salary or as a fixed amount. The amount of the retirement benefit is not known in advance and depends on the amounts contributed and returns.
    • Registered Pension Plan (RPP)
    • Simplified Pension Plan (SPP)
    • Group Registered Retirement Savings Plan (Group RRSP)
    • Locked-In Retirement Account (LIRA)
    • Deferred Profit Sharing Plan (DPSP)

  • Defined Benefit Plans
    With defined benefit plans, the amount of the pension is established contractually through a set formula. The amount of the employer’s contribution is determined by actuarial valuation. This contribution may vary in time but provides you with an income percentage that is known in advance. This percentage may, for example, correspond to 2% of the average salary multiplied by the number of years of service.
    • Registered Pension Plan (RPP)
    • Individual Pension Plans (IPPs)
    • Supplemental Executive Retirement Plan (SERP)
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