Group RRSP’s/ Group Pensions

If one considers an employee benefit plan to be a non-factor in compensation, how else can an employer differentiate themselves with regards to recruiting and retaining top talent? A Group RRSP/ Group Pension plan can become a vital strategic piece of the puzzle. Structuring amounts to tenure and hierarchy can be a huge catalyst in how you hold onto certain employees.

It’s a myth that only large employers can afford Group Pension or Group RRSP plans. These can be set up for companies of any size or industry. The plans can be as robust, simple or complex as you would like to make the plans. You can have company contributed only or shared contribution. You can have differentiation of plans by tenure or title.

The importance is communication and education to employees on a regular basis. This keeps employees engaged, informed and motivated to keep participating and become active advocates for the plan and the company.