VRSPs, Group RRSPs and Group Pension Plans


Help your workers contribute to their retirement.

Voluntary retirement savings plans (VRSPs) are intended primarily for workers who do not have a group retirement savings plan. A VRSP lets employees contribute to their retirement by deducting their contributions from their wages. However, such a plan is not particularly flexible and also involves a certain amount of red tape, such as having to follow up every two years with employees who decide to withdraw.

Group RRSPs are favoured by the majority of employers, mostly because of their simplicity. All employers need to do is inform their workers that they can participate; there’s no obligation to follow up with them afterwards. Investment options are also broader and contributions can be used as part of the Home Buyers’ Plan (HBP).

Employers can also set up a pension fund, a group TFSA, a supplementary pension plan (SSP) or a deferred profit sharing plan (DPSP).

For advice or information or to set up a VRSP, Group RRSP or pension fund, contact a specialist at Groupe Financier Fortin Roy.


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