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 Sun Life Financial 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
- New DC members – use the Canada Post Defined Contribution Pension (DC) and Voluntary Savings Plan (VSP) enrolment form to enrol in the DC pension or both the DC pension and VSP.
- Existing DC members – use the Canada Post Voluntary Savings Plan (VSP) enrolment form to enrol in the VSP.
The enrolment form allows you to select your contribution level and the investment funds for your VSP account. For more information go to Membership in the DC section. Your contributions will start when your VSP enrolment form is received and processed by Canada Post.
What role does Sun Life Financial play in the VSP?
You can get personalized information about your VSP account and investment options on mysunlife.ca. It contains retirement planning tools to help you develop and implement a savings and investment strategy that meets your needs, including the investment risk profiler and retirement planner. For more information, including how to log on to mysunlife.ca go 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 Sun Life Financial 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 the Group Choices Plan offered by Sun Life Financial.
Visit Life Events in the DC section to learn more.
Transfers from other pension plans
You may transfer pension funds from a previous employer into the VSP. If your funds are in a locked-in RRSP they must be transferred as locked-in funds. If they are in a non-locked-in RRSP they may be transferred as not locked-in. Call the Sun Life Financial Customer Care Centre at 1-866-733-8612, between 8 a.m. and 8 p.m. ET, to find out more.
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