Suggest a pension plan

Consider the possibilities, then act!

Have you considered various retirement savings products and evaluated your plans as well as your financial resources? Do you want to be in able to handle any event that may occur in your life?

Then you are in the right state of mind to approach your employer and convince him to sponsor a pension plan.

1. The meeting with your union representative or your employer

   Your union representative will act for you and on behalf of your colleagues as spokesperson. To prepare for a meeting with your employer, let your representative know about the advantages for the employer and the different types of plans. With a good understanding of these issues, your representative will be able to meet with your employer and explain the steps to setting up a pension plan.

   If there is no union, meet with your employer and convince him yourself. Show him the headings of the website that deals with considerations for setting up a plan that will meet the financial needs of the business as well as the employees. Suggest that he visit the section of our website for employers, under the heading "Do you want to set up a pension plan?".

   Everyone wins!

   A pension plan, which is generally established by the employer on a voluntary basis or following an agreement with the workers, is part of the range of employee benefits that an employer can offer his employees. It helps attract and keep workers, and lets the employees know that their employer is interested in their financial security at retirement.

2. The informational meeting

   Was your employer receptive to your ideas? Suggest that he hold an informational meeting led by a representative or adviser authorized to offer group annuities, an actuary or some other pension plan professional. You and your colleagues, as well as your employer, will be able to learn about issues related to retirement and the existing types of pension plans.

3. Setting up a pension plan

   The plan that is chosen will have to respond not only to the interests of the employees, but must also correspond to the characteristics of the business.

   As a member of the plan, you could be on the pension committee, which oversees the sound administration of the plan and informs members and beneficiaries about the plan.

Questions?

Find out more about pension plans and financial planning for retirement.

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