WHETHER IT’S A PLAN FOR HUNDREDS OF EMPLOYEES OR JUST A FEW, THERE ARE OPTIONS THAT COULD WORK FOR YOU.
That includes options based on shared (business and employee) contributions, contributions based on employee performance, and employee-only contributions. Business plans allow for total flexibility in terms of how much – or little – is to be contributed by both employer and employee.
WHICH BUSINESS PLAN FITS YOUR BUSINESS?
START-UP PENSION PLAN
Kickstart your employee’s savings with a one-time contribution toward each of their plans that lets them all invest in their future.
- Choose your initial pension plan contribution amount.
- Provides a sign-up incentive for employees.
- No minimum or no maximum (within RRSP limits).
BASIC PENSION PLAN
Make it easy for employees to build future wealth by setting up this employee contribution-based plan.
- No employer contribution
- Submit retirement savings contributions for employees through payroll deductions.
- Employees choose the amount, and when to start or stop contributing.
EMPLOYER MATCH PLAN
Help employees grow their retirement savings faster with this plan where you match employee contributions, and help retain and attract employees.
- You choose the amount to match
- Contribute when it works best – monthly, quarterly, annually, etc.
- No minimum or no maximum (within RRSP limits).
PERFORMANCE PENSION PLAN
This incentive-based plan lets you reward hard work with an annual or lump sum contribution to individual employees.
- A great way to acknowledge hard work.
- Can be tied to sales targets, length of service, performance, or simply a benefit of choosing you as their employer.
DESIGN YOUR OWN PENSION PLAN
Not seeing the perfect plan? We’ll gladly help create an employee pension plan tailored just for your business. Whether you have questions about setting up any of the above plans or designing your own plan, we can help.
WE MAKE PENSION ADMINISTRATION SIMPLE FOR BUSINESSES & EMPLOYEES
Flexible Contributions & Transfer Options
There is no minimum contribution or concrete saving schedule; employers and/or employees can adjust their savings plan as required, even if that means contributing nothing. Contributions can be paused or changed at your will with no fee.
Any amount can be deposited per employee per year (assuming they have available RRSP room), and member employees can transfer from an existing RRSP, RRIF or unlocked RPP. Contributions can be made in lump sums or through automated payments.
*Eligible contributions belong to the employee and are locked in subject to SPP legislation and regulations until age 55.
Tax Implications for Your Business Are Clear and Simple
Employer contributions are reported as salary expenses. This must be included as a taxable benefit on the employee’s T4. Only CPP is paid on the taxable benefit.
No Contracts or Obligations
Because there are no contracts or other obligations/limitations, employees are free to join or leave the employer plan at any time without penalty – as is your business. Employee accounts remain locked-in according to SPP’s Act and regulations.
Automated Remittance Options
Employers can decide, with their employees, when contributions will be submitted to SPP. Regular contributions can be taken from payroll and submitted to SPP monthly, quarterly, semi-annually, annually or when it best suits the company.
Saskatchewan Pension Plan easily integrates with some payroll providers, including Ceridian. Monthly and semi-monthly pre-authorized contributions can also be set up to withdraw from a business bank account or credit card.
Anticipation of Employee Life Changes
When an employee experiences changes such as a location move, divorce, birth of a child, or untimely death, the Saskatchewan Pension Plan makes it easy for plans to be adjusted through dedicated Member Services. If an employee leaves your organization, simply stop employer contributions and the employees have a personal plan that follows them.
Safe & Secure Online Account Access via MySPP
Employers access MyBusiness to manage all aspects of their SPP account. Set up the plan, add and remove employees and make contributions in this secure portal.
Employee members can access personal account information in a secure, online environment at any time of day using MySPP. They can access their account balance, a list of transactions for the past 12 months, review pension payment amounts including year-to-date and lifetime totals, access tax receipts, members statements and pension administration forms.
Have Questions?
We Have Answers
For more detailed information about your Business Pension Plan options and how to administer it, please contact us and/or review these related resources.
WHY NOT CONSIDER JOINING THE WEALTHCARE REVOLUTION
We can help you set up your plan quickly and easily in the secure MyBusiness portal.
Call or send us a message for more information.
1-800-667-7153