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How Canada Life is supporting you during COVID-19. Learn moreOpens a new website in a new window - Opens in a new window

IMPORTANT NOTICE: As of Jan. 1, 2020, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company became one company – The Canada Life Assurance Company. Learn moreOpens a new website in a new window - Opens in a new window

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Lump sum contributions

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Your personal savings, along with your group retirement and savings plan, contribute to a comfortable retirement. But did you know your personal savings could be hit by higher fees than your group plan and seriously impact how much your savings are worth?

Even one per cent difference in fees on your savings makes a big difference. For example, $25,000 goes into a group plan and into personal savings. With just a one per cent fee difference, your $25,000 makes over $35,000 Footnote * more when invested through your group plan.

If you’re a member of a Canada Life group savings plan, you can get the form to transfer your personal savings into your group savings by calling 1-800-724-3402 or signing in to mycanadalifeatwork.comOpens a new website in a new window - Opens in a new window and finding Printable forms in your menu options.

Footnote *
* Assumes no further contributions for ease of calculation, interest on the initial investment compounded annually. Based on a 25-year investment at a group plan rate of return (which includes fees) of eight per cent and an individual savings plan rate of return (which includes fees) of seven per cent.

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Next lesson: The impact of early withdrawal

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