Saving for retirement doesn’t have to be complicated. The Pandora Registered Retirement Savings Plan (RRSP) and Deferred Profit-Sharing Plan (DPSP) help you build long-term financial security with easy paycheque savings, a generous company match, and one-on-one support whenever you need it. Start soon after joining Pandora, and adjust your savings anytime as your life changes.
Make a smart move with the RRSP
The RRSP is designed to make saving feel doable, with no finance degree required! With the RRSP program, you can take advantage of the plan benefits, such as:
- Save automatically from your paycheque.
- Choose pretax contributions.
- Grow your savings with our match of up to 5% of your pay—that's like free money just for contributing!
- Pick your own investments, or, if you need some guidance, the plan can do it for you.
- Talk one-on-one with a retirement expert at no cost.
Enroll in 4, 3, 2, 1…
Enrolling takes just a few minutes. To get started, register with Canada Life. Once you’re registered, you’ll be directed to your account page to:
- Enroll in the plan with the guest access ID and password.
- Choose how much you want to contribute in pretax contributions.
- View and change the investment direction of future contributions and maturing investments.
- Save your selections. You can change them anytime throughout the year.
Who can enroll
All full-time employees are eligible for the RRSP and DPSP programs. You can enroll in the plans after you have completed three months of service. Pandora will contribute to your DPSP account in an amount that’s equal to your regular contribution to the group RRSP benefit.
Managing your account made easy
Visit My Canada Life at Work to:
- Find your account balance
- Learn about retirement planning
- View and change the investment direction of future contributions and maturing investments
- Designate and/or change a plan beneficiary
How much you can contribute
Choose how much to contribute and what works for you. Remember that small contributions can add up over time. You can change your contribution amount anytime during the year, but keep these contribution limits in mind.
- You can contribute up to the following, whichever is the lesser of the two:
- 18% of your earned income in the previous year
- The annual RRSP limit of $32,490
You can make a one-time contribution directly to your Canada Life retirement savings account at any time. Keep in mind that these direct contributions are considered personal contributions and are not matched by the company. To receive the company match, contributions must be made through payroll deductions.
Grab the company match!
One of the best parts about the Pandora RRSP and DPSP benefits is that we invest in your future too! Pandora matches 100% of your contribution, up to 5% of your pay.
Our match begins after your first three months of employment, and you’re immediately vested in the money we contribute. That means it’s yours to keep—no strings attached!
Even though 5% of your pay may feel like a stretch to contribute, you’ll instantly double your savings when you contribute 5% of your pay.
Plus, out of our profits, Pandora will contribute to your DPSP account an amount that’s equal to your regular contribution to the group RRSP. If you contribute 5%, Pandora will contribute 5%.
Investing, minus the overwhelm
Does the idea of investing overwhelm you? You have options! Choose the option that best fits your goals, including:
- Transfer between investment options
- Change the investment direction of future contributions
- Obtain current interest rates and net unit values
- Review one-year gross rates of return
Free one-on-one guidance when you need it
Another great thing about the Pandora RRSP and DPSP benefits is the personal support. Canada Life’s retirement consultants give you free one-on-one guidance on everything, such as:
- Understanding your investment options
- Increasing your savings over time
- Ensuring you’re on track for retirement
Meet virtually!
Make an appointment with an expert to discuss your personal situation.
