What are the most common types of company pension plans?

If your workplace offers a pension plan, it will likely be one of these three plans:

1. Defined benefit pension plan. Learn more now
2. Defined contribution pension plan. Learn more now
3. Group Registered Retirement Savings Plan (Group RRSP). Learn more now

Small businesses often offer a Group RRSP.

Before you join a pension plan, find out how your company plan works and how much income you will get from it when you retire. Also, there are certain things to watch out for with each different plan. Make sure you understand any rules that will affect your income when you retire. Watch this video of Malcolm Hamilton, a Principal at Mercer Human Resource Consulting Ltd, with Rob Carrick from the Globe and Mail discuss trends in pension plans.
Remember: Each workplace savings plan has its own rules.
These rules can really affect what you will get when you retire. Keep this in mind, especially if you are considering pensions from different job offers. The value of a better pension plan can really add up over the years.

These links will introduce you to this topic.

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Remember: Each workplace savings plan has its own rules.