The Situation
As the founder and president of a service company, this client is a highly-paid professional in his mid-50s, whose spouse also works for the company. Both have been saving regularly for retirement.
The Solution
GPS introduced the client to an individual pension plan that allowed him to supplement his savings through past service contributions in excess of $100,000 each and increase future contributions by more than 50% over the RRSP maximum.
The Results
With the design of the individual pension plan, the funds contributed to it are creditor protected. This also means that the client will enjoy a higher pension at retirement for the years while a member of the IPP, index pension.
