How do we switch group RRSP providers, step by step?
Book a 10-minute callNot sure it is worth moving?- start with the fee reviewThe switch, before you read the steps
- How long
- About 10 to 12 weeks
- Exit fees
- Usually covered
- Plan design
- Does not change
Six steps in full below. Timings and fee treatment are confirmed in writing for your plan before you commit.
A group RRSP provider switch is six steps: confirm the case with a fee review, choose the new platform, sign the transfer paperwork, tell your employees what is changing and what is not, let the assets transfer, and cut payroll over. It takes about 10 to 12 weeks, exit fees are usually covered, and your plan design does not change.
RiskX Insurance Brokers Inc. is an independent, family-owned employee-benefits and group-retirement brokerage founded in 1994, licensed as an insurance brokerage in Alberta and Ontario, which reviews and moves existing group RRSP and DPSP plans for employers across Canada outside Quebec through a Canadian platform partner.
Last updated: August 2026
The six steps
Confirm the case
A fee review against the going market rate tells you whether moving is worth it. Some reviews end with "your plan is fine"; that is a real outcome and the process stops there.
Choose the new platform
Compare all-in fees on the funds your people actually hold, the enrolment experience, and the service model. Your match, eligibility rules and vesting design carry over as they are.
Sign the transfer paperwork
The new provider prepares it; you sign as plan sponsor. Employees do not need to sign to keep their plan design.
Tell your employees
One short announcement: fees are going down, contributions continue, nothing about the match changes. Enrolment in the new platform runs as virtual sessions handled by the platform's team.
The assets move
Balances transfer between providers. There is usually a short blackout window when funds are in transit; contributions made during the switch are caught up.
Payroll cuts over
Deductions point at the new platform. First deduction lands, statements confirm, and the switch is done.
How long it takes
10 to 12 weeks
About 10 to 12 weeks from decision to first payroll deduction at the new provider. The long poles are the paperwork between providers and the payroll cutover, not anything your team has to do.
What it costs
Usually covered
Exit or transfer fees from the old provider are usually covered in the move, and member transactions are $0 on the platforms we place with. The real cost question is the one you started with: the fee gap you are leaving behind. See what your plan's fees are costing your employees.
What your employees notice
They notice
- A new app
- Lower fees on their statements
- One enrolment session
They do not notice
- Any change to the match
- Their contribution room
- Their investments' purpose
Balances move with them.
Switching questions
What is the step-by-step process for switching group RRSP providers?
Six steps: fee review, choose the platform, transfer paperwork, employee communication, asset transfer, payroll cutover. About 10 to 12 weeks end to end.
How long does a group RRSP provider switch take?
About 10 to 12 weeks. Most of it is provider-to-provider paperwork and the payroll cutover.
Are there costs to switch group RRSP providers?
Exit or transfer fees are usually covered in the move, and member transactions are $0. Confirm the specifics for your plan in the review.
Does switching disrupt payroll or our employees' investments?
Payroll changes one deduction destination. Employees keep their plan design and match; there is a short blackout while assets transfer, then contributions continue as before.
Does the match or plan design have to change when we switch?
No. The switch moves the administration; your design moves with it. Many sponsors do adjust the design at the same time because the review is already open, but that is a choice, not a requirement.
Prepared by RiskX
Written by Jarod Smith, CEO, RiskX Insurance Brokers Inc. Reviewed by Gordon Smith, RiskX Insurance Brokers Inc. Published .
Sources
Switch timeline, transfer-fee treatment and member transaction costs are RiskX's own first-party experience of moving Canadian group retirement plans, confirmed in writing for each plan before a sponsor commits; "usually covered" describes what an incoming provider commonly reimburses and is not a guarantee. Plan sponsor review expectations: CAPSA Guideline No. 3 for Capital Accumulation Plans (2024), which is guidance rather than legislation. Information here is general and not individualized advice.