Individual Pension Plans

An Individual Pension Plan or IPP is a Registered Pension Plan designed for one person. Unlike a Registered Retirement Savings Plan (RRSP), the amount of benefits payable upon retirement is pre-determined, not the allowed contribution.

Some of the advantages of Individual Pension Plans are higher tax-deductible contributions than those allowed in an RRSP.  As well, Pension plans protect retirement savings from the negative impacts of market fluctuations and provide creditor protection.  In addition, pension plan options offer flexibility to adapt to the individuals needs along with a wide range of investment options.

To be eligible for an Individual Pension Plan, a person should be over 45 years of age and earn a salary of $75,000 or more annually.