As the large consulting firms merge to become even larger conglomerates, many small to medium sized clients are often brushed aside as service takes a backseat over profits. As a privately owned Canadian firm operating since 1993, Baynes & White thrives on servicing small to mid-size firms. Our focus on outstanding service and experienced advice while providing value to employers and employees are the backbone of our commitment.
We strive to become an important extension of your internal operations so you can focus your valuable time on other business matters.
How We Can Help
Only one-third of employers in Canada offer a retirement program to their employees so we understand the investment you are making. Our goal is to ensure your employees understand the value of this benefit because engaged employees increases production, retention and overall better business results. We want to manage all the heavy lifting when it comes to overseeing your retirement program. As your consultants, we expect to handle all things related to your retirement program. No request is too small.
We also want to ensure that plan sponsors fulfil their responsibility as a fiduciary of their retirement program. The retirement committee wears two hats; they are accountable to the senior leadership team on the corporate side and to the plan members as a fiduciary. We help the retirement committee navigate this fine line with a governance process that ensures success on both sides.
What Is Your Plan Purpose?
One of the first questions we ask our clients that are thinking of implementing a retirement plan for their employees is “Why?” Do you want to provide your employees additional compensation in the form of a retirement plan? Do you want to provide your employees a convenient and tax-effective method for saving for retirement? Do you want to help your employees achieve their retirement goals? The answers to these questions will help drive the direction and design of your retirement plan.
We recognize the challenges unique to your organization. Our goal is to provide a personalized approach that works for your company and your employees.
How Do We Support Your Employees?
As the retirement industry moves away from Defined Benefit Pension Plans, the responsibility of savings has been shifted to employees. Do your employees understand their responsibility? Do they know how much they need to save in order to reach their retirement savings goals? Surveys indicate that employees rely on their employers to educate and assist them in their retirement planning. Baynes & White is committed to helping you help your employees. We offer individual confidential sessions with your employees to help them navigate the financial jargon. We can assist employees with investment selection, retirement planning, income projections, and more.
Give Us A Try
In our experience, plan sponsors connect with us for the following reasons:
- You’re not getting the level of service and proactive thinking you once received or expect to receive.
- You are looking for expertise in the management and oversight of your retirement plans.
- Cost control is a priority for you and you want more value for your pension dollars.
Any one of these is reason enough to look at a different model for the delivery of pension services. A model designed to ensure that the administration and management of your retirement plan(s) is as cost-efficient and simple as possible for your organization.
If you are looking for exceptional service, expert advice and value for your employees, please contact us today.
FAIR AND HONEST PRICING
Retirement Plan Consulting
Member Education And
DCPPs are retirement plans that allow employees to save for retirement. DCPPs are regulated by Canada Revenue Agency (“CRA”) under the Income Tax Act and provincially under the government of each province. For example, in Ontario, DCPPs are regulated by Financial Services Regulatory Authority (“FSRA”) under the Pension Benefits Act. One of the key differences between DCPPs and GRRSPs is the additional annual filings required for DCPPs by FSRA. Assets in a DCPP are locked-in and cannot be accessed until the earliest age of 55 (in Ontario). Some exceptions apply for financial hardship, early life expectancy and small benefit amounts. When an employee terminates their employment, they will transfer their pension assets to a Locked-In Retirement Account (“LIRA”) and can continue investing their assets until retirement.
RRSPs assets are un-locked. This means that when an employee terminates, they can transfer their GRRSP assets to an RRSP at another financial institution or withdraw in cash, withholding taxes will apply. A GRRSP can be set up to restrict withdrawals while employed, with exception for use for the First-Time Home Buyer’s Program (“HBP”) or Life Long Learning Plan (“LLP”). GRRSPs are only regulated by CRA and thus annual filings are not required.
Frequently Asked Questions for Group Pension and Retirement Plans
Defined Contribution Registered Pension Plans
- A non-unionized employee whose employer has temporarily reduced or eliminated their hours of work for reasons related to COVID-19 is deemed to be on a job-protected infectious disease emergency leave.
- A non-unionized employee is not considered to be laid off if their employer temporarily reduces or eliminates their hours of work or wages for reasons related to COVID-19.
- A non-unionized employee is not considered to be constructively dismissed under the Employment Standards Act if their employer temporarily reduces or eliminates their hours of work or wages for reasons related to COVID-19.
- The employee is under individual medical investigation, supervision or treatment;
- The employee is subject to an order of a medical officer of health or a court under the HPPA;
- The employee is in quarantine or isolation or subject to a control measure, including self-isolation that is undertaken because of information or directions issued by a public health official, qualified health practitioner, Telehealth Ontario, the government of Ontario or Canada, a municipal council or a board of health;
- The employer directs the employee to stay at home because of concerns that the employee might expose others in the workplace to the designated infectious disease;
- The employee is providing care to any of the specified individuals listed, including because of closures of schools and daycares;
- The employee is directly affected by travel restrictions preventing the employee from returning to Ontario.