Retirement (Pension) Program - DC Plan
Summary
The Defined Contribution (DC) Plan is a registered pension plan that you and RBC contribute to. It can help you build your retirement savings. Contributions to the DC Plan are based on a percentage of your earnings.
Contributions and Matching
You receive an automatic contribution from RBC plus matching contributions on the money you contribute, up to plan limits. You choose your own investment strategy from a range of professionally managed funds. At retirement, you use the money in your account to provide you with a retirement income.
If you do not enrol in the DC Plan, you will be automatically enrolled when you become eligible and your contributions and investments will be set to the default.
Savings Program - RESSOP/DSSP
Summary
The Royal Employee Savings and Share Ownership Plan (RESSOP)/Dominion Securities Savings Plan (DSSP) is a voluntary savings program that allows you to put aside money for a variety of short or long-term savings goals.
You have the option to contribute to a non-registered Employee Savings Plan (ESP), a Registered Retirement Savings Plan (RRSP) and/or a Tax-Free Savings Account (TFSA). Please note that the Income Tax Act limits the amounts you can contribute to all of your RRSPs as well as your TFSAs, and it is your responsibility to ensure you do not exceed these limits.
Contributions and Matching
You receive a matching contribution from RBC on the money you contribute, up to the plan limits and build ownership in the company through the purchase of RBC shares.
Membership in RESSOP/DSSP is voluntary. You need to enrol in the program to become a member.
Tools and Services
- Enrol: enrol in your program using the tools to ensure you begin saving, as soon as you are eligible.
- MAX Review: easily update your contribution, investment and beneficiary elections at any time using this guided tool
- my plan page: once enrolled you can dig down on the specifics of the programs by visiting the my plan page on mysunlife.ca.
- my Sun Life Mobile app: under the Investments tab, scroll to the bottom of the page, and tap the blue + Enrol button. Then select Let’s get started! Select the products you want to enrol in using the green + Add product button. Type in the percentage and/or dollar amount you’d like to contribute per pay. You can also name beneficiaries, check your benefits coverage, and submit group benefits claims.