June 2019 issue

Prepare your retirement by participating in a pension plan or group retirement savings plan offered by your employer

Participating in a pension plan offered by your employer or contributing to a group retirement savings plan are key to preparing for retirement. The Québec Pension Plan (QPP) and the Old Age Security (OAS) program, two programs under which you will receive benefits once you retire, provide basic income that you will need to supplement in order to ensure financial security during retirement. The benefits of participating in a pension plan or a group retirement savings plan are multiple, they include:

  • a better quality of life and greater peace of mind at retirement
  • tax-deductible contributions
  • in the event of your death, a pension or benefits payable to your spouse, designated beneficiary or heirs according to the provisions of your plan.

Ask your employer how to contribute to the plan and be sure that you understand the terms so that you can make the best decisions with regard to managing your assets. Contribute more, if you are able to do so. The benefits you receive will be greater and, as a result, you can ensure a better retirement.

If your employer does not offer the possibility of contributing to a pension plan, but he or she would like to offer a group retirement savings plan, have him or her look at the information available on our website regarding the various group retirement savings plans (French only). He or she will be able to choose the most appropriate plan.