Voluntary Savings Plan Overview
The Voluntary Savings Plan (VSP) offers members of the Defined Contribution (DC) component of the Pension Plan an additional way to save for retirement.
The VSP is a Registered Retirement Savings Plan administered on a group basis by Canada Life on behalf of Canada Post. You can choose to contribute 1% to 6% of your earnings through payroll deductions or make lump sum contributions. Canada Post does not contribute to your VSP.
Remember, you are responsible for ensuring that you do not exceed your overall RRSP limit, including contributions in the DC pension and in the VSP.
To enroll in the VSP
Enroll in the VSP online at mycanadalifeatwork.com and sign in using your username and password or contact the Canada Life Call Centre at 1-866-716-1313 for support.
First time using mycanadalifeatwork.com? Follow the steps below:
- Select Register then input your policy #74216 and your Employee ID. This username and password will be what you use from now on to access both your benefits and savings information
- Under the Savings tab select > Manage portfolio > Change your portfolio > Enrolment express
- Complete the steps
Already have a My Canada Life at Work account? Follow the steps below:
- Go to My Canada Life at WorkTM (mycanadalifeatwork.com) to review, make changes and see all of your health and wealth Plans in one place
- Enrol in your VSP – Log into your account on My Canada Life at Work. Under the Savings tab select > Manage portfolio > Change your portfolio > Enrolment express.
What role does Canada Life play in the VSP?
You can get personalized information about your VSP account and investment options on mycanadalifeatwork.com. It contains retirement planning tools to help you develop and implement a savings and investment strategy that meets your needs, including the questionnaire Your risk tolerance and Retirement goals tool. For more information, including how to log on to mycanadalifeatwork.com to Membership in the DC section.
To learn more about your investment options, visit Investments in the DC section.
You may continue to contribute to your VSP directly with Canada Life during a leave of absence without pay.
When your employment terminates or you retire, the balance in your VSP account may be paid to you as a lump sum, minus applicable income tax. You may also transfer it into a personal RRSP, including Freedom FinancialTM NextStepTM offered by Canada Life.
Visit Life Events in the DC section to learn more.
Transfers into the VSP
You may transfer lump-sum amounts from your personal RRSPs (including spousal accounts), locked-in RRSPs and previous employers’ pension plans to the VSP.
Here’s how to transfer personal savings:
Online banking and pre-authorized contributions
You can make contributions to the plan on a regular or lump-sum basis through the convenience of online banking or pre-authorized withdrawals from your bank account.
For instructions to set up or change contributions online:
• Sign on to mycanadalifeatwork.com
• Select Contributions
• Select Add new (for original set up of new contributions)
• Select either Online banking or Pre-authorized contributions
• Select Edit (to change contributions), and
• Complete the steps.
You can also write a personal cheque payable to “The Canada Life Assurance Company” for the amount you wish to contribute and indicate your policy/plan number on the cheque. Then, complete the Lump-sum contributions form available on mycanadalifeatwork.com (Manage portfolio >Change your portfolio > Printable forms) and attach it to your cheque. Mail the cheque and form directly to Canada Life. If you contribute to a plan for yourself and a plan for your spouse or common- law partner, indicate on the cheque how much should go to each plan.
For questions and assistance, you can call the Canada Life Call Centre at 1-866-716-1313 between 8 a.m. and 8 p.m. ET.
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