Lump sum contributions
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* more when invested through your group plan.
If you’re a member of a Great-West Life group plan, you can get the form to transfer your personal savings into your group plan by visiting www.formsforsaving.com, calling Access Line at 1-800-724-3402, or visiting www.grsaccess.com and selecting Change your portfolio and finding Printable forms on the left-hand menu.
*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.