Group Pension Plan

The Group Pension Plan is an alternative to Merit's Group RSP. The difference is that, unlike the RRSP which the employee can cash in at any time, the Pension Plan is "locked in" by provincial legislation. As a result, the employee cannot withdraw funds until they reach retirement age.

Like the Group RSP, this is a voluntary plan and employers are encouraged to participate.

 

Who is the administrator of the plan?

The plan is administered by Standard Life Financial.

 

How does the program work?

Employers can contribute to the Pension Plan without requiring employee contributions OR can set a minimum contribution rate they will then match.

The minimum employer contribution is 3% of the employee's earnings. The maximum combined employee and employer contribution is 18% of income.

 

How are investment decisions made?

The employee is responsible for selecting their investment vehicle from Standard Life's various investment options. These include nine portfolios of funds designed for varying levels of risk and number of years to retirement.

 

Additional Information

The plan is fully portable and deductions may continue if the employee begins working for another Merit member. If the employee stops working for a Merit member, they can choose to keep their investments with Standard Life or transfer them to another "locked in" plan.

Are you a Merit member employee participating in the Merit Group Pension Plan and looking for information about your investments? If so, please contact Standard Life at 1-800-242-1794 and tell them you are with the Merit Group Pension Plan. Merit and/or your employer do not have access to information about your personal investment account.