• Daily Life
• Life Events
• Retirement

Will I get a pension from my employer?

Some employers offer a pension plan for their employees to help them save for retirement.

There are 2 main types of employer pension plans:

• Defined benefit plans give you a specific percentage of your salary when you retire.
• Defined contribution plans give you a benefit based on the amount you and your employer contributed, including interest.

If you contribute to a registered pension plan, you should receive a statement that tells you how much money you have already invested and how much you can expect to get when you retire.

Some employers provide other types of retirement savings plans:

• Deferred Profit Sharing Plan (DPSP) contributions are made based on the profit of the company.
• Group Registered Retirement Savings Plans (RRSP) contributions are taken from your pay cheque. Sometimes employers will match how much you put in.

Ask your employer for more information about their pension plans.

If your employer does not offer a retirement savings plan, you may still be eligible for government pension benefits.

For More Information

• Retirement Planning Checklist - Find out more about the Canadian retirement system. Use the Canadian Retirement Income Calculator to see what you can expect. From the Government of Canada.
• Planning for Retirement - Tips and information about retirement goals, saving and investing. From the Ontario Securities Commission.
• What financial assistance is available for seniors? - The federal government delivers a number of income security or financial assistance programs specifically for seniors.