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Pension & savings plan basics

Four reasons to join a workplace pension and savings plan Add to ...

Saving for a future goal like retirement is always a smart financial move. But if you work for an employer that offers a workplace pension or savings plan, you may have some extra help along the way. Here are 4 key reasons to join: 

1. Save more

In most plans, both you and your employer contribute to your long-term savings. That means your savings power is doubled.

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2. Save easily

Your contributions come off your paycheque – before you spend it on other things.

3. Pay lower fees

Whether you invest your savings or your employer does, investment management fees can be significantly lower than those you pay as a retail investor.

4. Get guaranteed income

If you’re in a defined benefit plan, your retirement income is guaranteed for life.

Additional tools and services: Employers often offer tools and calculators to help employees plan and invest their savings. Many employers also provide access to a professional financial adviser, as well as online and mobile account access.

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

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