A CAPSA-informed fee review considers what members pay, whether those charges are reasonable and competitive, and the value members receive. Comparing fees is part of the work; the sponsor also needs to consider services and retain its reasoning. RiskX helps employers organize a written comparison to support that decision.
CAPSA is the Canadian Association of Pension Supervisory Authorities. Its Guideline No. 3 addresses capital accumulation plans, which can include group RRSPs and DPSPs where members make investment choices.
Section 6.2 describes periodic review of fees and expenses paid by members. Going to market or benchmarking can help establish whether charges are competitive. The lowest price alone does not establish the best value. A fee comparison supports this part of plan oversight; it does not settle every question about how the plan is governed. Read CAPSA Guideline No. 3, section 6.2.
Ask for a current breakdown of charges, what each charge covers and who receives it. Check whether a quoted percentage includes the same costs as the current plan. Identify separate administration, account or transaction charges rather than assuming they are included.
A provider's headline price and your plan's written terms may describe different things. Record the date and assumptions behind each figure so the comparison can be understood later.
Put the services beside the cost: access to member support, education, account information and an appropriately registered professional for investment questions. Clarify which services are included and which carry additional charges. Ask how the sponsor will receive help with administration and unresolved member concerns.
Lower comparable charges deducted from member accounts can leave more of their savings invested, all else equal. That is different from reducing the employer's own expenses, and it is not a promise of investment returns.
Keep the written fee information, the service comparison and the reasons for the decision with the plan's records. Identify unanswered questions and who will follow up. Set the next review date or the changes that would prompt an earlier review.
These are practical ways to make the reasoning clear. They are not a complete governance file or a substitute for reviewing the rest of CAPSA's guidance.
Consider an employer that receives a lower quoted percentage but cannot tell whether member advice and account charges are included. The useful next step is to resolve those differences in writing. Treating the two percentages as equivalent would leave the central value question unanswered.
That example is illustrative. It contains no market benchmark or predicted saving. Once the terms are comparable, the sponsor may decide to keep its current arrangement, request revised terms or explore a move. CAPSA's fee-review guidance does not prescribe a provider switch.
RiskX helps organize current plan information and written provider terms so you can discuss costs, included services and any unresolved differences. A quote from one provider is a comparison option; it does not establish the lowest price across the whole market.
Start with a conversation about your existing group RRSP or DPSP. A current fee schedule and a summary of the plan's services can help establish what needs clarification. Confirm the scope and document-sharing arrangements with RiskX before sending plan records. Please keep employee names, account numbers and other personal member information out of the initial inquiry.
No. A quote supplies information. The sponsor still considers whether the costs are comparable, what value the plan delivers and what decision the evidence supports. Wider responsibilities for plan oversight remain.
Section 6.2 calls for periodic review. It does not set one fee-review interval for every plan. Establish a review cycle suited to your plan and consider changes that justify reviewing sooner. If the last review cannot be located, start by establishing what was assessed and what now needs attention.
No. A review can support staying with the current provider, discussing revised terms or considering a change. If a move becomes the next step, our group RRSP provider-switching guide explains the process.
No. RiskX supports plan design, administration and governance. Ask qualified legal or tax advisers about your circumstances. Investment recommendations, suitability and individual account advice belong with the plan's appropriately registered investment provider.
For fee explanations and an illustration of how costs can affect savings, visit the existing-plan fee review.
RiskX provides plan-design, administrative and governance support informed by CAPSA Guideline No. 3. CAPSA guidance does not replace applicable law, and the plan sponsor retains responsibility for its plan. RiskX does not provide legal, tax or securities advice, recommend investments to individual members, or guarantee compliance or investment outcomes.
Source: CAPSA Guideline No. 3, Guideline for Capital Accumulation Plans, 2024, especially section 6.2 on reviewing fees and expenses. CAPSA sets out the guidance; the practical comparison questions above are RiskX's explanation of how an employer can approach the discussion.