Group Retirement Plans
Canadians Not Saving Enough for Retirement
Salary is number one component of total compensation; however, group retirement savings are a close second through the eyes of employees.
Studies show that Canadians need help saving - particularly for retirement. The ease of payroll deduction can be the single biggest factor why some save and the rest don’t. Employees barely notice the change in income but reap the rewards of long-term savings and financial protection. As an employer, you control payroll and can help your workforce save for the future using the most cost-effective savings option available.
Capri’s Retirement Savings Specialists can show you affordable plan options that, in time, will become a significant differentiator in the employment marketplace.
Common Concerns about Retirement Plans
Before working with Capri, many clients didn’t offer a plan because they were confused about the options and concerned about cost - preventing them from making a choice. Or, they had a plan that didn’t meet the needs of the organization and/or their employees. We were able to help.
Are these your challenges?
- Your advisor lacks the skill to help you define your overall compensation philosophy.
- Your current retirement savings plan was not designed to help you achieve your objectives.
- Your advisor is not comfortable or knowledgeable with all available options including Deferred Profit Sharing Plans (DPSPs), Defined Contribution Pension Plans and Individual Pension Plans (IPPs).
- Your plan has not been effectively communicated to employees - either enrollment is low or employees don't realize the value to help them achieve their own personal goals.
- You have yet to establish a plan because…
- You don't think you can afford it.
- You think these plans require the organization to assume undue financial liability.
- Employees have voted in favour of a pay raise.
- These plans are too complex and onerous.
- My competitors do not offer a savings plan.
How Capri Can Help
The Capri Team is a complement of knowledgeable and experienced Group Retirement Specialists that bring clarity to the complicated world of retirement savings. We help clients throughout the research and selection process:
- Plan Design – We discuss all options and work together to decide on the best group retirement savings plan for your organization.
- Budget – We explore employer funding options (e.g. matching employee contributions) and determine budget impact.
- Soliciting Quotes – We take your plan requirements to the Canadian marketplace of providers.
- Evaluation & Recommendation – We consolidate and evaluate all quotes and then present options to you.
- Selection & Implementation – We help you select a provider and implement the chosen plan including hosting Employee Information Sessions and helping you with administration.
- Ongoing Support - Providing ongoing support and service to answer any questions you and/or your staff may have.
Why Offer a Group Retirement Savings Plan?
- Attraction and Retention – Offering a Group RRSP or a Registered Pension Plan (RPP) demonstrates your organization's care and commitment to your workforce. Both plans, but especially a Pension Plan, provide additional incentive to entice potential employees to come to your organization and stay. These plans are especially invaluable to employees when you, the employer, match employee contributions.
- Lower Investment Management Fees – Many employers and employees aren't aware that Group Retirement Savings Plans typically have lower Investment Management Fees (IMFs) compared to individual retirement savings options – this means more money in your pocket!
- Employee Education & Convenience – Retirement planning can be confusing and the Capri Team recognizes that not everyone is a financial guru. While some employees are highly engaged in their financial planning, many are not. With today's Group Retirement Savings plans, there are investment options for all investor styles. The Capri Team will help educate you and your employees about plan and investment options so muddy waters become clearer and decisions can happen.
Contact the Capri Team to take complicated out of Group Retirement Savings Plans.