You offered a retirement plan to help your people save. A fee review gives you a clearer picture of what they pay and what they receive. It can also confirm that the arrangement you already have still fits.
How do I know whether our company's group RRSP fees are competitive?
Compare your current written fee schedule with dated proposals for the same plan circumstances. Check investment costs, fund expenses, applicable tax, administration, advice and separate charges. Record who pays each cost and what service is included. Compare the same assets and period, and resolve missing information before drawing a conclusion. A lower headline rate alone does not establish better value.
What information makes the comparison useful?
Start with your current fee disclosure, plan structure and service summary. Give providers the same assumptions about membership, assets and the support your workforce needs. Ask how long each proposal remains valid and what conditions could change the price.
Use the following checklist to locate the relevant documents. Record their dates and ask the responsible source to clarify missing details. An unknown charge or service stays unknown until confirmed.
| Information | Why it helps | Where to ask |
|---|---|---|
| Current fee schedule and disclosures | Identify charges, payer, included expenses and taxes, and calculation basis. | Current provider and any separately contracted service provider. |
| Plan rules and employer contribution formula | Describe the same eligibility, contributions and arrangement in each request. | Employer plan records; ask the provider to confirm current terms. |
| Written service agreement or scope | Separate education, administration and individual advice, including access conditions and separate charges. | Parties responsible for those services. |
| Dated alternative proposal | Compare scope, assumptions, conditions and expiry with the current arrangement. | Provider or representative issuing the proposal. |
Use an aggregate plan outline for initial comparisons. Individual employee statements and personal account details are not needed to complete this preparation checklist.
How do we compare the costs on the same basis?
The default fund can be a starting point, but its fee does not describe every employee's cost. A whole-plan estimate needs to reflect the actual holdings and any separate charges. Ask the provider to identify what is already included in a quoted total so the same cost is not added twice.
Keep recurring member costs, employer-paid charges and one-time costs separate. Employer contributions are another budget item. A reduction in charges deducted from member accounts affects members' savings; it is not automatically a saving in the employer's budget.
What belongs beside the price?
Compare the written education scope, account support, access to individual advice and payroll responsibilities. Ask who provides each service, who can use it and whether additional charges apply. Individual investment recommendations belong with an appropriately registered professional.
The provider comparison guide sets out the questions for comparing proposals. State which options were actually compared; a small set of quotes does not establish a market-wide result.
Does a review mean changing providers?
No. You may keep the plan, request revised terms or consider a change. Ask your current provider what can change and obtain its response in writing. Repricing is not guaranteed. If a move remains worth considering, confirm the transition terms before deciding.
What does CAPSA say?
For plans within its scope, the Canadian Association of Pension Supervisory Authorities (CAPSA) recommends periodic review of member-paid fees, their competitiveness and the value received. The sponsor retains oversight when service providers perform agreed tasks. The guideline does not replace applicable legal requirements. CAPSA Guideline No. 3, sections 1.1, 1.2.1, 1.3.1 and 6.2.
Our CAPSA fee-review explanation discusses the guidance in more detail.
Where RiskX can help
RiskX helps employers understand group RRSP and DPSP questions, connect with relevant providers and coordinate agreed support. Our current group-retirement service is for employers outside Quebec. The existing-plan review page explains the starting conversation.
RiskX does not recommend individual investments or provide legal, tax or securities advice. Confirm plan-specific questions with the appropriate provider or qualified adviser.