What is a group savings plan?
It's a savings plan, such as an RRSP or TFSA, that's offered by your employer and that you can contribute to directly from your paycheque. It has the same features as an individual plan but with additional benefits such as lower management fees and the option for your employer to contribute.
Why should you contribute to your group plan?
Reach your financial goals faster
Lower fees
You'll generally pay lower management fees with a group plan than you would as an individual investor.
Instant tax savings
With certain plans, if you opt to have your contributions deducted from your pre-tax earnings, you'll get immediate tax savings on each paycheque. If your contributions are deducted from your after-tax earnings, you'll save when you file your taxes at the end of the year.
Employer contributions
In most cases, your employer also contributes to the plan. This way, your savings grow even faster.
Save easily on your own
A simpler way to save
Contributing to a group plan makes it easier to build your savings because your contributions are automatically deducted from your paycheque. You can also make additional one-time contributions whenever you want.
Continuous support
You get access to all kinds of tools like articles and webinars to help you plan and manage your savings. And don't be shy! Our team is always available to answer any questions you might have.
Carefully selected investment options
The available investment funds in your group program are managed by experienced investment managers. It could be a mix of off-the-shelf or build-your-own portfolio options selected by your employer.
How to contribute to your group plan
Step1. Open your online account
Go to our secure site for group retirement savings or the Desjardins Omni mobile app and select Register. Have your group number and your plan member or employee number on hand. Contact your employer if you can't find them.
Then enter the required information to create your account. Once you've created your account, you can log in using your user ID and password.
Step2. Set your goal and enroll in your plan
Start by deciding what you want to save for. It could be for retirement, or for buying a house, doing renovations or going back to school.
Complete your enrollment by designating your beneficiaries, agreeing to the terms and conditions and setting your investment instructions.
Step3. Start contributing
Decide what amount or percentage of your salary you want to invest in your group savings plan.
Manage your savings online with our web and mobile platforms
Log in to our secure site for group retirement savings or download the Omni mobile app to manage your group plan:
- Access informative articles, tools and webinars
- View your statements, account details and returns
- Update your investor profile
- Use the On Target® Retirement tool
- Provide investment instructions and name beneficiaries
Download the Omni app
FAQ
Can I get help to enroll in my plan?
Yes. We'll help you with your enrollment.
When you begin, you'll have access to a detailed description of the available plans and investment options as well as a summary of your group retirement savings program.
We have a simulator that can help you set your retirement savings goals and your investment instructions. You can get investment recommendations based on your age, investor profile, goals and the funds available in your plan.
Our virtual assistant is there to guide you, and you can also contact us at any time.
Can I use my group savings plan to save for my other goals and not just retirement?
Absolutely! You can use your group plan to save for all kinds of things, under certain conditions.
- Buying your first home – You can help finance your home purchase through your:
- Group RRSP as part of the Home Buyers' Plan
- Group FHSA
- Going back to school – You can use your group RRSP to help pay for your studies with the Lifelong Learning Plan (LLP).
For all your other goals like saving for a rainy day, going on vacation or doing renovations, you can use your group TFSA.
Before setting your savings goals, check to see if these plans are available with your employer's group retirement savings program.
How can I plan my retirement finances?
The first step in making a sound retirement financial plan is establishing a withdrawal strategy. Once you retire, you can use the money you've saved, while continuing to grow your wealth for as long as possible.
We have payout products for group plans like group RRIFs, group LIFs, and annuities, as well as savings products like group RRSPs and group TFSAs, that generally have lower management fees than individual plans. You'll also have access to a wide range of investment options.
Contact us to learn more.
How can I transfer money from my individual RRSP or TFSA into a group plan?
Log in to our secure site for group retirement savings or download the Desjardins Omni mobile app. Select My transactions, then Transfer an account under Managing my account. Follow the instructions to complete your request.
You can also set up recurring contributions at any time. Select My transactions, then Contribute under Managing my account. It's a great way to save without even thinking about it!
I changed jobs. What happens to my savings in my group plan?
Once you leave your job, you'll receive a notice asking you to decide what you want to do with your plan savings.
One option is to transfer your savings into a Desjardins group retirement savings plan with the same advantages as your old plan: lower management fees than in an individual plan, a wide range of high-quality investment options, online tools and resources, and more.
Contact us to find out what your options are when you change jobs.
Contact us
By phone
Monday to Friday: 8 AM to 8 PM (Eastern Time)
1-800-968-3587 Phone number for customer service for group retirement savings. This link opens your phone app.
