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Types of workplace savings plans

Workplace savings plan basics Add to ...

Workplace savings plans can be a convenient and flexible way to save for different goals.

Many employers offer a pension plan plus 1 or more savings plans, or offer a savings plan on its own.

Three things to know about workplace savings plans

  1. While pension plans are designed solely to provide retirement income, savings plans are more flexible.
  2. They may restrict withdrawals while you are with your employer, but once you leave your employer, you can transfer your savings out of the plan to use for retirement or any other goal.
  3. These plans can vary greatly in their design and purpose, so it’s important to understand how your employer’s plans work – and any rules that apply to them.

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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