Advantages of your Group Plan
With access to some of the best fund managers in the world, 24hr access and much more, you have more advantages than you think.
Contributions are tax deductible and instant
If you are contributing to a registered plan by payroll deductions, you can arrange with your employer to have the contributions invested on a before-tax basis (i.e., the contribution amount will be deducted from your gross pay before tax is calculated). This will allow you to receive immediate tax relief, so you don’t have to wait until you file your tax return to receive a tax benefit. Payroll deduction also provides the benefits of dollar-cost-averaging, a concept that will be explained later in this guide.
Low minimum contribution
As you know, the sooner you start saving and the more often you save, the better. Time works in your advantage. That’s why we have low minimum contribution amounts. You should, of course, set goals and save as much as you can, but starting is the key! Paying yourself first through payroll deductions is an easy, painless way to save conveniently and quickly.
Professional investment management
The investment funds available through your plan are managed by experienced, professional investment managers. They understand the markets, they do the research and they manage the bonds and stocks so you don’t have to. Some of the managers are only available through a group plan arrangement like yours.
Strength in numbers
Interest rates and investment management fees are based on the combined purchasing power of your group plan. You are ensured competitive rates and, likely, better rates than purchasing alone. And, because we purchase investments directly from the fund companies, there are no sales commissions (also called loads) on these transactions. These benefits are passed directly to you and can have an impressive impact on your long-term growth.
Changes to Current and Future Contributions
If you want to change how current and future contributions invested, you may do so in your web account or by submitting an Investment Change Form. If you sell a Guaranteed Interest Account investment prior to maturity, or transfer out of the Retirement Security Fund, a market-value adjustment may apply. Please see the Fee Schedule for the Investment Management Fees applicable for each fund and any other account or transaction charges.
Changes to Current and Future Contributions
Other benefits
You can name a beneficiary to receive your group plan assets in the event of your death. This provides for the assets to pass directly to your beneficiary, thus by-passing the probate process and fees that might otherwise apply.
Group plans may offer creditor protection. This means that your group plan assets may be protected by anyone bringing a legal claim against you for money you owe them. Owners, entrepreneurs, professionals or others who have concerns about the personal liability might welcome the creditor protection offered by a group plan contract.
Access at any time
You have 24-hour access to your group plan account through our secure web services. After you enroll in the plan, you will receive a letter outlining how to use our web services. Your password is mailed separately. You’ll receive statements at least annually depending on your plan and you have access to our customer contact centre.