Individual Pension Plans

Increase your retirement savings.

An IPP is a defined benefit registered pension plan established for the benefit of a single employee. The annual retirement benefits funded by the plan are defined by the terms of the plan and are based on a percentage of the employee’s annual employment income. Unlike a group pension plan, the benefits payable can be designed to suit the needs of the individual beneficiary of the IPP. The IPP can be funded by employer and employee contributions or fully funded by the employer. To qualify as an IPP the employer must fund a minimum of 50 per cent of the required contributions.

The most significant advantage of an IPP is the allowable contribution limit, which is generally higher than the contribution limits available under an RRSP. This enables the plan beneficiary to accumulate a significantly larger pool of retirement savings than would otherwise be accumulated using an RRSP.

If you are within 15 to 20 years of retirement, have an annual income of over $100,000 and anticipate retiring with your current employer, sit down with the Burak Hannon Brojde Group to find out if an IPP is right for you.