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Group Pension Consulting

Proactive Group Pension Consulting

MacLellan & Moffatt Group Consultants is committed to providing our clients with objective pension-related advice. Proactive in our approach, we’re experts at navigating the complexities of regulations and legislation – so you don’t have to. Through education and collaboration, we strive to keep your employees engaged in the process of saving for their futures, no matter how near or far away retirement is.


Group Retirement Plan Types

Defined Contribution Registered Pension Plan (DCPP)

Gaining popularity over Defined Benefit Plans, the DCPP is more flexible for the employer and more portable for employees. An employer may consider offering a DCPP designed with a vesting schedule that encourages long-term thinking and helps attract and retain talent. With a DCPP, required contributions from both the employer and employee are “locked-in” until retirement.


Group Registered Retirement Savings Plan (RRSP)

The Group RRSP is the simplest and most popular plan due to the ease of setup, voluntary employer contributions and employee tax savings. The Group RRSP is a collection of individual RRSPs where an employer handles employee contributions though regular payroll deductions and/or regular or lump sum contributions on behalf of employees on a pre-tax basis – a significant benefit of a group RRSP over an individual RRSP. This means that employees won’t overpay taxes during the year or need to wait until income tax returns are processed to receive a refund.


Deferred Profit Sharing Plan (DFSP)

A DFSP is often set up by employers to share profits with their employees. Amounts allocated to a plan member’s account must vest to them after two years of membership in the plan, or earlier if the plan allows. Only employer contributions are allowed into the DPSP. These contributions are limited to less than 18% of the employee’s annual compensation or a dollar limit equal to half of the defined contribution pension plan limit.


Combination DPSP & Group RRSP

Combining DPSP and Group RRSP plans means reaping the benefits of both. Employee contributions are made into the group RRSP while employer contributions are made into the DPSP. These contributions can be made contingent upon the employee’s contribution into the group RRSP.