Group Pension Plans for Businesses & Employees | Nour Private Wealth (Canada)

Private Wealth Services

Group Pension

At Nour Private Wealth, we provide tailored group pension plans that help your employees build a secure financial future while aligning with your business objectives. Our pension solutions ensure regulatory compliance, optimize retirement savings, and offer a seamless experience for both employers and employees.

What is a Group Pension Scheme?

A group pension scheme is a retirement plan that requires both employees and employers to make contributions to a pool of funds set aside for each employee’s future benefit. Employers and employees usually make matching contributions each month, with the employer providing their portion as part of the remuneration package and the employee making theirs as a deduction from their paycheck.

Why Should You Have a Group Pension Scheme?

A group pension scheme is a desirable benefit for staff and prospective employees, but it is highly beneficial for the companies that offer it as well. There are three key reasons why business owners should operate group pension plans.

Why Choose Nour Private Wealth for Group Pension Services

When it comes to group pension services in Canada, Nour Private Wealth stands out as a trusted partner. Our commitment to excellence, extensive industry knowledge, and client-centric approach make us the ideal choice for businesses seeking reliable pension solutions. Whether you need assistance with plan design, administration, investment management, or employee communication, we have the expertise to support you every step of the way.

Why Implement a Group Pension Scheme?

A group pension plan is not only a valuable employee benefit but also a strategic advantage for businesses. Here’s why:

Attract and Retain Top Talent

Competitive benefits are a key factor for job seekers when deciding which employer to choose. A well-structured pension plan enhances your company’s appeal and helps retain high-performing employees. Employers can also customize eligibility criteria, such as requiring a minimum tenure before pension benefits become available.

Seamless Implementation and Management

Once a group pension plan is selected, implementation is straightforward. Employees enroll by completing the necessary forms, and ongoing management requires minimal administrative effort. Employees can communicate directly with plan providers for inquiries, reducing the burden on HR teams.

Tax Efficiency for Employers and Employees

Group pension plans provide significant tax benefits. While salary increases lead to higher payroll taxes, pension contributions are tax-deductible for employers, thereby reducing taxable income for employees. Employees defer taxes on their contributions until retirement, when they may fall into a lower tax bracket.

Employee Benefits from Group Pension Plans

Simplified Retirement Savings

Many individuals worry about saving enough for retirement. A group pension plan removes uncertainty by providing a structured and disciplined approach to retirement savings. With employer-matched contributions, employees can accumulate a substantial retirement fund without the complexity of managing personal investments.

Tax-Deferred Contributions

Employee contributions to an employer-sponsored pension plan are made on a tax-deferred basis, lowering their taxable income. Taxes are typically paid upon withdrawal in retirement at a lower tax rate, thereby maximizing long-term savings.