Competition for talent is fierce. The best candidates will weigh their options. And when they compare compensation plans, they're likely to pick the one that has a pension.
In fact, a recent survey revealed that 80% of Canadians would rather have a better pension (or any pension) than a higher salary.1
Here’s how a guaranteed pension plan can give you the competitive edge:
1. It’s the perk lawyers want now
A new generation of lawyers has the opportunity to contribute to a pension plan that offers guaranteed retirement income for life. The best candidates will see the value of a pension that doesn’t depend on their ability to choose investments and manage their own money. “This is a complete game changer for firms and a long-overdue perk the legal community deserves,” says Dawn Marchand, CEO of Lawyers Financial.
2. It’s easy for everyone
DBplus is a turnkey pension plan, administered by experts with a stellar track record, so there’s no extra strain on you or your staff. The DBplus team takes full responsibility for the day-to-day management of the plan and handles everything from employee registration to ongoing support. The plan also manages the portfolio so participants aren’t asked to make investment decisions or take on financial risk.
3. The results are proven
Research has shown that pension plans like DBplus can provide twice as much income in retirement compared to Group RRSP and Defined Contribution plans, for the same cost.2 Compare the advantages:
Expected rate of return for every $1 invested
| Type of plan | Defined contribution pension plans and group RRSPs | Defined benefit pension plan (DBplus) |
|---|---|---|
| Return on every dollar invested | $2.58 | $5.32 |
Win the talent battle
Give your staff the kind of benefits they want and recruit top talent by offering them the opportunity for higher returns with lower risk. It’s a win-win for your firm, your lawyers, staff and families.
Learn more or book a 30-minute meeting with a Pension Specialist at a time that works best for you.
1 https://www.benefitscanada.com/news/bencan/80-of-canadians-would-prefer-pension-improvements-over-salary-increase-hoopp/
2 2018 study The Value of a Good Pension, published by the Healthcare of Ontario Pension Plan.
