Farrow Pension & Benefits
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Farrow Pension & Benefits


4 Ways to Increase Your Employee Retirement Benefits.


Here are four ways to increase your employee retirement benefits: 

  1. Mandatory participation. 

  2. Automatic escalation of required contributions.  

  3. Set target date funds as your default fund.  

  4. Keep it simple.  


We understand that Pensions and Benefits can be complicated, and your time is better spent running your business. It’s important to surround yourself with qualified advisors who can keep the clutter away. More importantly, you want an advisor who is giving you the right advice. Included in this document are five questions to ask yourself to make sure you’re getting the best advice. If you have questions, please e-mail simplify@farrowpension.com


No. 1: Mandatory participation. 

Often times employees aren’t aware of the long term effects for not joining, or joining late - and this is often the case when joining your plan is optional. Waiting 5 - 10 years for people to join can cut their final benefits in half.


No. 2: Automatic Escalation of required contributions.  

Tie wage increases to your plan contribution. For example, if you are giving a 3% raise, make it 2% plus 1% tax-free to your employee's plan. 


No. 3: Set target-date funds as your default fund.  

Most employees are not, and have no desire to be, investment experts. Setting target date funds as your default fund makes it easier for them to make good investment decisions.


No. 4: Keep it simple. 

Most importantly, plan members should know how much they should save to meet their retirement goals. Don’t force complicated programs or processes - they might get frustrated and not join. Keep it simple.




Remember, your employees are important, and so is their Pension. Make sure to get advice you can trust from an experienced Advisor.

At Farrow Pension & Benefits, we strive to make a difference in the lives of your employees and their retirement plans by making it easier for them to understand and take action. We would be happy to hear from you, e-mail us at simplify@farrowpension.com

Wayne Farrow

Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.

His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member. 

He has literally been there, and done that, on the shop floor, not the 52nd floor. 

This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member. 

As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.” 

You can contact Wayne at: wayne@farrowpension.ca