Group RRSP
A Group Registered Retirement Savings Plan (RRSP) is an employer-sponsored retirement savings plan. The plan is administered on a group basis by the employer. Contributions are made by pay-roll deduction, on a pre-tax basis, through a Group RRSP administrator. Employee contributions can be matched by the employer. Contributions made by the employer are taxable as income to the employee.
Investment decisions are made by the employee with the use of Pacific Employee Benefits expertise. The options are similar to those accessible to an individual RRSP.
Group RRSP Feature Highlights
• Immediate tax relief to employee
• Low administrative costs
• Not subject to provincial pension regulations, therefore flexible in terms of employee eligibility and contribution levels
• Income splitting is available through spousal contributions