Retirement savings plans

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Choosing a group retirement savings plan

As an employer, you know how important it is to choose the right retirement savings plan – Opens a tooltip or retirement income plan – Opens a tooltip. But where do you begin? Start by identifying your needs and those of your employees, then check out the tables below to see which plan is right for you.

Client service

Retirement savings plans

To help your employees save.

What do you want to do?  Contribute to your employees' retirement plan Offer your employees accumulated funds exclusively for their retirement Increase your contributions as your employees increase theirs Contribute only if your company makes a profit Tie contributions to employee productivity or job performance Allow your contributions to be vested immediately1
Voluntary Retirement Savings Plan (VRSP)2 PossibleYes, employers contributions onlyPossiblePossiblePossibleYes
Group Tax-Free Savings Account (TFSA)

Possible

No

Possible

No

Possible

Yes

Group Registered Retirement Savings Plan (RRSP)

Possible

No

Possible

Possible

Possible

Yes

Deferred Profit Sharing Plan (DPSP)

Yes3

No

 No

Yes

Yes

Possible

Defined Contribution Pension Plan (DCPP)

Yes

Yes

Possible

No

No

Possible

Individual Pension Plan (IPP)

Yes

Yes

No

Possible

N/A

N/A

Simplified Pension Plan (SPP)4

Yes

Yes

Possible

Possible

No

Yes

Our group RRSPs can include LIRA and locked-in RRSP provisions that would apply to any employees transferring locked-in – Opens a tooltip amounts from a DCPP. 

Retirement income plans

To convert the money in a retirement savings plan into retirement income 

What do you want to do? Where are the funds coming from?

Offer your retirees a group Registered Retirement Income Fund (RRIF)

RRSP, DPSP, SPP, DCPP, IPP, VRSP

Offer your retirees a group Life Income Fund (LIF)

DCPP, SPP, IPP, LIRA, locked-in RRSP, VRSP

Purchase an annuity contract to offer your retirees annuity income

DCPP, DPSP, IPP, RRSP, SPP, TFSA, LIRA, locked-in RRSP, VRSP

Not sure which retirement savings or retirement income plan is right for you? Check out the Retirement savings plan table.

1. Employer contributions to an RRSP, VRSP or TFSA are immediately vested. The same applies to the SPP, to the DCPP in Quebec, Ontario, Alberta, B.C., Manitoba and Nova Scotia, and to federal plans. In the other provinces, employer contributions made into a DCPP or a DPSP are generally vested after two years of participation in the plan.

2. The VRSP is available in Quebec only.

3. Employees are not allowed to contribute to a DPSP.

4. Desjardins offers the SSP in Quebec only.

Other considerations apply. Refer to the specific pages for each type of retirement savings plan for more information.