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.

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Last updated: October 26, 2015 4001535