Review your group retirement fees.
See your plan's fees, service and governance together, with a documented review from RiskX.
Book a meetingReview outline
- Fees
- Total annual cost on the same basis.
- Service
- Education, advice access and administration.
- Oversight
- Responsibilities and a record of the decision.
Possible next steps: keep, reprice or change.
A useful group retirement fee review compares the total cost, service and governance of your existing plan. Start with the default fund fee, confirm whether expenses and tax are included, and compare written quotes on the same basis. RiskX documents the review with you, including whether repricing the current plan is worth pursuing before a move.
Why nobody notices.
It is not your budget. It is theirs.
Plan fees are deducted from employee accounts, not paid by the company. That is why a high fee can sit there for years without appearing anywhere you would look.
Priced once, on day one.
A fee set at launch can remain in place as the plan grows. Review current pricing rather than assuming it adjusts automatically.
It compounds against them.
A percentage point sounds small. Taken off a growing balance every year for a career, it is one of the largest costs your people will ever pay.
What the fee gap is worth on a plan your size.
Set to an example plan. Slide in your own numbers and it updates as you go.
The all-in fee on your plan's target-date or balanced default fund - the line most employees are actually invested in. Set to the example figure until you change it.
Illustrative input, not a quote. Enter the total fee from a written proposal on the same basis as your current fee.
Illustrative cumulative fee difference over 20 years
$1,635,400
The comparison scenario has lower cumulative fees under these assumptions. This compares cumulative fees in two separately compounding scenarios, not the difference in ending account balances.
Charged this year
$131,625
at 1.95%
Would be charged
$64,125
at 0.95%
Illustrative example, not a projection of any particular plan and not a quote. Totals the fees charged on the figures shown, with each scenario assuming 5% gross annual return reduced by its fee, with the fee calculated on the balance at the start of each year. Holds membership and fee rates constant, starts from the balance shown, and ignores future contributions and employee turnover. These omissions can materially change the result. Actual results will differ. The 5% gross return is RiskX's rounded illustrative assumption: 60% Canadian equities at 6.3% and 40% fixed income at 3.2% give 5.06%, rounded to 5%. Component rates: FP Canada / Institute of Financial Planning 2026 Projection Assumption Guidelines (April 2026).
How to read your fee line.
Three different labels can appear on the same statement and they do not mean the same thing. Decode them once and the comparison gets easy.
| What it is called | What it covers | What it leaves out |
|---|---|---|
| Management fee | What the fund manager charges to run the fund. | Fund operating expenses and applicable sales tax. |
| Investment management fee (IMF) | The label Canadian group plans usually use for that same management charge. | Fund operating expenses and applicable sales tax, usually. |
| Management expense ratio (MER) | The management fee plus the fund's operating expenses. | Trading costs and any separately charged account or plan fees. Check the fund document for included taxes. |
| All-in fee | Everything charged against the account: management, fund operating expenses and applicable tax. | Confirm any transaction, transfer or separate administration charges as well. |
Where the number is usually filed
- Your provider's sponsor portal → plan documents → fee disclosure.
- The annual fee disclosure or fund fact sheet in the member portal, which employees can see too.
- The investment options and fees schedule attached to your plan summary.
Portals differ, so the path may be worded differently on yours. If the schedule quotes an IMF only, ask your provider in writing for the all-in figure including fund operating expenses and applicable sales tax. That one sentence is usually enough to get the real number.
Fee terms on your statement
- All-in fee All-in
- The total annual cost charged against an employee's account, including the investment management fee, fund operating expenses and any applicable sales tax. The only basis on which two plans compare fairly.
- Investment management fee IMF
- The fee for managing a fund's investments, as an annual percentage of assets. Canadian group carriers usually quote it before fund operating expenses and tax, so it understates the real cost.
- Management expense ratio MER
- The management fee plus operating expenses of a fund, as an annual percentage of assets. Standard in retail funds; group plans often use IMF, IMFE or FMF instead for a similar charge.
- Fund operating expenses FOE
- Custodial, audit, legal and administrative costs charged to a fund on top of the management fee. Usually a fraction of a percent, and usually excluded from a headline rate.
Compare service alongside price.
Ask each provider for these points in writing, on the same basis, so service can be compared with total fees. Confirm employee support, administration and transfer terms. Direct investment-specific questions to the registered investment provider; the employer retains plan oversight.
A real advisor, one on one
Ask for written confirmation of advice access, qualifications and any charges. Individual investment questions go to the registered investment provider.
Member education
Ask for the written education scope - enrolment, contributions and where employees find plan information. RiskX coordinates those sessions with you.
A modern mobile experience
Ask for written enrolment, account access and reporting features before choosing the plan.
A named contact for you
Ask who the named contacts are for you and for members, and what administration they cover. RiskX stays your named contact and coordinates setup and reviews.
RiskX compares plan design, fees and service with you and coordinates the selected provider. Investment recommendations and account-specific questions belong to the registered investment provider.
Can you cut fees without switching?
Often, partly. It is the right thing to try first, and it is worth knowing in advance which levers actually move.
What can move where you are
- The fund menu. Ask the registered investment provider to review investment options and fees against the plan objectives. RiskX does not recommend particular investments.
- The share class. Larger plans often qualify for a cheaper class of the same fund and were simply never moved into it.
- The price itself. Providers do sharpen pricing when asked, but generally only when you ask with a benchmark in hand. Plan anniversary is the natural moment.
What usually needs a move
- The platform's cost floor. Administration, recordkeeping and distribution costs are built into the program. Past a certain point they do not move, whatever the fund menu looks like.
- Advice and service costs priced into the fee rather than charged separately, where the structure is set by the program rather than by your plan.
Some reviews produce little or nothing. If your plan is already priced about where it should be, we will say so, and you will still have the documented review. That is not a failed review. That is the answer.
Plan the transfer before deciding to move.
Confirm the plan design
Review matching, eligibility and contribution rules with both providers and confirm which terms can carry across.
The transfer is digital
Employees move accounts online. Minimal paperwork, and the transfer team does the lifting.
About 10 to 12 weeks
Setup, admin training, an enrolment window, then first payroll. Your team supplies payroll data, approves decisions and retains plan oversight.
Confirm transfer fees
Ask both providers about transfer fees and any reimbursement. Confirm the terms in writing before committing.
That is the shape of it. Read the full step-by-step: how to switch group RRSP providers - all six steps, the typical 10 to 12 week timeline, what to confirm in writing, and what employees often notice.
What people ask before they book.
Our current provider will just match a lower fee if we ask.
Ask your current provider about repricing before considering a move. Compare its written response with other proposals on the same basis, including costs and service. A fee reduction is not guaranteed.
What should we check when a quoted fee is lower?
Confirm which expenses and taxes are included, how advice and administration are paid for, and what services the written proposal provides. RiskX discloses its compensation before you sign and at annual review. A lower headline rate alone does not establish better value.
Switching means re-enrolling everyone.
There is an enrolment window, and it is real work. It is an opportunity to explain the plan again and invite eligible employees to enrol; participation is not guaranteed.
Fees are not the biggest variable over a career.
True. Contribution rate and participation matter more. Fees are simply the one you can review periodically, alongside service and administration, that reaches every employee from their first deposit. We would rather fix all three.
You are expected to check this.
In September 2024, Canada's pension regulators rewrote the Guideline for Capital Accumulation Plans for the first time since 2004. It covers group RRSPs and DPSPs. On fees it says:
"The CAP sponsor should periodically review all member-borne fees and expenses for reasonability and competitiveness."
It is guidance and does not replace applicable law. The sponsor retains responsibility for its plan. It names review methods such as going to market or benchmarking, and it is a fair question either way: if someone asked when your plan's fees were last checked, could you answer?
The same guideline is careful to say cheapest is not always best, and we agree. Your plan might be priced right for what it delivers. A review is how you find out - and if it is, that is worth knowing too.
The dates, and whether there is a deadline.
- Guideline No. 3 took effect on September 9, 2024.
- CAPSA's cover letter to the guideline says: "Where IT system changes or process changes are needed to support the guidelines, they should be implemented by January 1, 2026."
- The guideline names the method - periodically going to market or benchmarking - and contemplates a sponsor using an independent third party to carry the review out. You do not have to do it alone, and using someone else does not move the responsibility off the sponsor.
So, is there a deadline? Not a legal one. January 1, 2026 is CAPSA's own expectation for supporting process changes, not a statutory deadline. Employers should confirm the legal duties applicable to their own plans with qualified counsel.
Source: CAPSA Guideline No. 3, Guideline for Capital Accumulation Plans, published September 9, 2024. CAPSA guidelines are voluntary and do not have the force of law. Group RRSPs and DPSPs are governed by the federal Income Tax Act and are not subject to pension standards legislation.
How to check, in four steps.
You can do all four without us. We are happy to do them with you.
- 01
Get your number
Pull the investment options and fees schedule from your provider and read the default fund line. Confirm whether it includes fund operating expenses and sales tax.
- 02
Compare it
Set your all-in figure against what comparable Canadian plans pay, on the same all-in basis.
- 03
Weigh the service
Check what the fee actually buys - investment lineup, employee education, advice access and administration.
- 04
Write it down
Record what you compared, the date, and what you decided. If the plan is well priced, that record says so.
The review is the governance, not just a lower rate.
A better fee is the visible outcome. The part that answers the question in two years' time is the file you leave behind. Three things belong in it.
Investment policy
Revisit the plan's investment policy statement, or write the short version if the plan never had one. It records what the fund menu is meant to do.
Decision log
One page is enough: what you compared, on what date, who was involved, what you decided and why. This is the artefact a review actually produces.
Member education record
Note what employees were told about fees and investment options, and when. Education is part of the guideline, not an optional extra.
The governance playbook
The four steps, the records worth keeping and a one-page decision log you can put straight in the file. Written for a sponsor doing this for the first time.
Book a meetingWho is telling you this.
RiskX Insurance Brokers Inc. is an independent, family-run Canadian brokerage, founded in 1994. Group retirement plans for employers across Canada outside Quebec, through the registered investment provider. RiskX is licensed as an insurance brokerage in Alberta and Ontario. We run employee benefits and group retirement together, which usually means a better result on both.
We are paid by the providers whose plans we place, and you should know that before you book. What we will do is show you your number and ours side by side, and leave the decision with you. Here is how group benefits and group RRSP brokers are paid, and what "fair" means when no regulator publishes a rate.
Book a meetingGroup retirement fee questions.
Who pays the fees in a group RRSP, the employer or the employee?
In a group RRSP or DPSP, investment fees are deducted from employees' account balances, so employees pay them. The employer typically pays little or nothing directly, which is why a high plan fee can persist for years without appearing in the company's own budget.
What is a competitive all-in fee for a Canadian group retirement plan?
A competitive fee depends on plan assets, membership, investment options and service. Compare written total-cost figures including fund expenses and applicable tax. The calculator uses illustrative inputs, not a market benchmark or a RiskX quote.
How do I find out what our group retirement plan actually costs our employees?
Ask your provider for the plan's investment options and fees schedule and read the default fund line, usually a target-date or balanced fund. Then confirm two things: whether the figure includes fund operating expenses, and whether it includes applicable sales tax. Many published rates exclude both.
Does CAPSA Guideline No. 3 require employers to review group retirement plan fees?
No. CAPSA Guideline No. 3 states that a plan sponsor should periodically review member-borne fees for reasonability and competitiveness, but it is a guideline rather than legislation. The sponsor retains responsibility for its plan, and the guideline does not replace applicable law.
Does switching group retirement providers change our employer match or plan design?
Changing provider moves assets and administration, but the new plan terms must be confirmed. Review matching levels, eligibility and contribution rules with both providers; confirm any changes before employees enrol.
What happens to employees' balances when we change providers?
Confirm the transfer process and required paperwork with both providers. Any transfer-fee reimbursement depends on written terms. Transfers may require investments to be sold, leaving money out of the market while cash moves. Confirm the transfer method, expected timing, restrictions and fees with both providers; continuous investment is not guaranteed.
Can we reduce our group retirement plan fees without switching providers?
Sometimes, and it is worth trying first. Ask the registered investment provider to review suitable investment options and eligible share classes, and request repricing from your current provider. Any investment change needs the appropriate review; a lower fee alone does not establish suitability. Ask which administration, recordkeeping and distribution charges can change. Ask for the repricing with a benchmark in hand, and treat moving as the fallback rather than the opening position.
What is the difference between IMF, MER and the management fee on a group RRSP statement?
The management fee is what the fund manager charges to run the fund. The investment management fee, or IMF, is the label Canadian group plans usually use for that same charge. The management expense ratio, or MER, is the management fee plus the fund's operating expenses, so it is a larger number. Check the document for included taxes and any additional charges. The only figure that compares fairly between two plans is the all-in fee: management, fund operating expenses and tax together.
How do we switch group RRSP providers, step by step?
Select the new provider and confirm pricing in writing. Give the outgoing provider written notice. The incoming provider coordinates the data and asset handoff and takes on member communication. You run an enrolment window for employees, then the first payroll file lands with the new provider. Confirm with both providers which matching, eligibility and contribution terms can carry across before proceeding.
How long does it take to switch group retirement providers?
About 10 to 12 weeks from decision to first payroll on the new plan. That covers setup, administrator training, the employee enrolment window and the asset transfer. Most of the work sits with the incoming provider's transition team, and your team still supplies data, approves decisions and retains plan oversight.
Are there transfer fees or other costs to switch group retirement providers?
The outgoing provider may charge transfer or deregistration fees. Any reimbursement depends on written terms. Confirm all charges, reimbursement conditions and employer administration responsibilities before committing.
Is there a deadline to comply with the new CAPSA guideline?
There is no legal deadline. CAPSA Guideline No. 3 took effect on September 9, 2024, and CAPSA's cover letter states that where IT system changes or process changes are needed to support the guidelines, they should be implemented by January 1, 2026. That is a guidance expectation, not a statutory deadline. It does not replace the legal duties applicable to a particular plan; confirm those with qualified counsel.
The fee labels themselves - IMF, MER, management fee and all-in - are decoded in How to read your fee line further up this page.
No plan yet?
This page is for employers who already sponsor a group RRSP or DPSP. If you are starting from nothing, the setup side answers a different set of questions - what a plan costs to run, what to match, and how little admin it actually takes.
Setting up a group retirement planFind out what your plan is really costing.
Bring the fees page from your plan documents to a meeting. We will review the fee information you bring and identify what else is needed for a fair comparison. A complete dossier is not a booking prerequisite. No identifiable employee records, no payroll file, no obligation.
Optional: a short preparation list
Useful if you already have them. None of these is required to book, and do not send identifiable employee records or a payroll file through this page.
- Current fee schedule or fee disclosure for the default fund
- Plan summary or design (matching, eligibility, contribution rules)
- Written service scope (education, advice access, administration)
- Aggregate participation information, if your administrator can share it without naming employees
- The latest general member communication about the plan
Sources
Last reviewed .
RiskX Insurance Brokers Inc. is an independent Canadian employee-benefits and group-retirement brokerage, founded in 1994, placing group retirement plans for employers across Canada outside Quebec from offices in Calgary and Toronto.
- CAPSA Guideline No. 3, Guideline for Capital Accumulation Plans, published September 9, 2024. Canadian Association of Pension Supervisory Authorities. capsa-acor.org
- CAPSA cover letter to Guideline No. 3, September 9, 2024, source of the January 1, 2026 expectation for supporting process changes. capsa-acor.org
- Fee inputs are illustrative. Confirm actual costs using current written provider fee schedules and proposals.
- RiskX compensation is disclosed in writing before you sign and at annual review.
- Growth assumption used by the calculator: FP Canada and Institute of Financial Planning 2026 Projection Assumption Guidelines, April 2026, 60/40 balanced, before fees. fpcanada.ca
- Compare total costs on the same basis, with expenses and applicable tax included.
Fee figures are illustrative calculator inputs, not a quote or market benchmark. Use written total-cost figures, including fund expenses and applicable tax, for both plans. Actual pricing, transfer costs and outcomes depend on your plan and can change. No savings or investment outcome is guaranteed.
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.
RiskX Insurance Brokers Inc. places group retirement plans for employers across Canada outside Quebec, and is a licensed insurance agency in Alberta and Ontario for insurance products. This page is general information about how group retirement plan fees work. It is not advice, and it is not tailored to any particular employer, plan or individual. We are compensated by the carriers and providers whose products we place, which is a conflict of interest we would rather you saw before booking a call than after. We are not registered as a dealer or adviser under securities legislation and do not recommend specific funds, give investment advice, or manage investments. We do not give legal, tax or accounting advice; where those are needed, we will refer you.