Upgrading from a group or other employer-funded RRSP

If your workplace currently offers a group registered retirement savings plan (Group RRSP), or provides employees with funds to contribute to their RRSPs:

The process to join is easy and can take as little as a few months

The transition to DBplus – to offer employees a valuable and secure defined benefit pension, for a fixed contribution rate – is seamless and efficient.

Following approval of the employer’s application, employees begin to build valuable lifetime pensions from the point contributions begin. They also have the individual option to purchase additional pension in DBplus using funds in the group or employer-funded RRSP where contributions were made during their tenure with the employer.

Here’s what you can expect in the process:

 1. Initial contact

At CAAT, we’ll answer your questions about the plan design and guide you on how to join. You only need to consider two options: when to start contributing, and how much you want to pay. If your organization is interested in proceeding to the next step, a non-disclosure agreement is signed and employee data is supplied to CAAT for preliminary analysis.

2. Due diligence

Both your organization and CAAT will perform due diligence activities, including reviewing and documenting the details in a Participation Agreement and New Employer Application. For CAAT, this includes a detailed demographic analysis and risk assessments. Alignment of key stakeholders is confirmed in a Participation Agreement that forms part of the employer’s application to join the Plan. The Participation Agreement is signed following approval by CAAT.

3. Support for participation

We will work with you to help inform employees, including holding information sessions and providing website tools and a helpline.

4. Onboarding and administration

Once employees enrol and contributions begin, information sessions will be held with employees about their option to purchase additional pension for any periods of employment when they were a member of a registered pension plan or contributed to a registered retirement savings account. We always work with you to ensure a smooth transition.