PACE Consulting is a full-service brokerage and consulting agency that represents the best interests of our clients and their employees. We specialize in Employee Benefits, Group Retirement Services, and Personal Insurance.
We understand that insurance can be a complex and sometimes frustrating matter, so please do not hesitate to get in touch with our team of industry professionals who will help guide you to your perfect solution.
Employee Benefits are essential for attracting top talent. According to Glassdoor’s 2015 Employment Confidence Survey, 60% of workers report that benefits and perks are a major factor in considering whether to accept a job offer. The survey also found that 80% of employees would choose additional benefits over a pay raise.
Life insurance pays a lump sum of money in the event of death to the employee’s beneficiary. As an employer, life insurance is an inexpensive and easy benefit to offer to your employees, especially if they have families or children.
Accidental Death & Dismemberment (AD&D)
Accidental death and dismemberment insurance (AD&D) is a provision that adds benefits to existing health insurance or life insurance policy. AD&D covers the unintentional death or dismemberment of the insured.
Dependent Life Insurance
Dependent life insurance is life insurance that covers your employee’s dependents. Dependents can be a spouse, domestic partner or children. Children can include your biological children, adopted children, step-children or the children of a domestic partner.
Long or Short Term Disability
Long-term disability insurance (LTD) is an insurance policy protecting an employee from loss of income if the employee is unable to work due to illness, injury, or accident for a long period of time. Short-term covers an employee if they are temporarily unable to work due to illness, injury, or accident.
Extended Health Programs
Extended Health Care programs supplement existing provincial hospital and medical insurance plans, providing reimbursement of expenses that are not covered by existing government plans.
Executive Disability Top-Up
Some members require a top-up to increase their disability coverage for higher-income earners to ensure that coverage provides the income needed in the event of a disability.
For employees who need to travel, it’s important to ensure that they are covered in the event of injury, medical evacuation, lost baggage, and cancellations.
Group Retirement Services
Give your employees peace of mind with one of our group retirement services. We offer Group RRSP, Group DPSP, Group Pension, and so much more!
Group Registered Retirement Savings Plan (RRSP)
An RRSP is an employer-sponsored retirement savings plan administered on a group basis by the employer. Contributions are made by payroll deduction, on a pre-tax basis.
Group Deferred Profit Sharing Plan (DPSP)
A DPSP allows employers to share a portion of their earnings with some or all employees. The employer may choose not to contribute in years where no profits are recorded.
Registered Pension Plans (DC and DB)
Defined Contribution Registered Pension Plan
A Pension Plan registered with your provincial regulator. Pension plans offer your members a tax efficient way to save for retirement. With provincial safe guards in place, you can take comfort knowing you are helping your employees save for their future. Group pension plans have advantages:
– Tax deductible contributions to the Employee and Employer.
– Employer contributions bypass payroll taxes (CPP, ET, EHT).
– Typically low investment management fees as you get to take advantage of group purchasing power.
– Tax free growth of your investment as it is a registered tax sheltered product.
– Professional oversight
Defined Benefits Plan
We can help with selecting and monitoring the programs investments
Non Registered Savings Plans (NRSP – A convenient way to save above and beyond your typically group RRSP’s or RPP. NRSP are taxable accounts meanings you pay tax on the investments every year. However, they do serve a purpose and are typically set up for individuals who exceed the RPP and/or RRSP limit for the year. They allow for:
- Company ‘matching’ contribution on overflow (meaning when you reach the calendar year RPP and/or RRSP maximum contribution limit for the year).
- Typically lower investment management fees are they are part of a group setting.
- Convenience of payroll deduction contributions.
- Flexible plan design.
Tax Free Savings Account (TFSA) – Looking for an additional way to save for short term or long term goals or needs? A group TFSA could be a great complement to any group plan design.
- Convenience of payroll deductions.
- Typically lower investment management fees.
Executive Compensation Programs
Retirement Compensation Agreements (RCA)’s. In the industry, they are often referred to as the ‘golden handcuffs”. Looking to keep executives around, or reward them towards meeting and exceeding targets? RCA’s allow for company’s to provide additional retirement savings. Often, executives find themselves with a short fall in retirement savings to maintain a similar lifestyle they are used to prior to retirement. This is because the 18% formula up to a dollar maximum in both a RPP and RRSP may not be enough to achieve a retirement lifestyle one would like to enjoy. RCA’s can help because they allow for contributions above and beyond the RPP and RRSP dollar maximum limit. Advantages include:
- Tax deductible contributions from the employer.
- Higher contribution dollar amounts than the 18% RPP and RRSP limit.
- Flexible plan design. You can impose vesting, define your eligibility requirement, define your contribution parameters (golden handcuffs).
- Contributions to an RCA do not ‘eat up’ or count towards RPP or RRSP contribution room.
- Great for business owners and tax planning
Individual Pension Plans (IPP) – Individual Pension Plans are personal Defined Benefit pension plans that are typically set up for the business owner and/or connected individuals. Some advantages include:
- Tax deductible contributions to the company.
- A personal defined benefit pension plan thus giving you a predictable pension benefit in retirement.
- Can be used as a tax planning vehicle.
RRIF & LIF
A Registered Retirement Income Fund (RRIF) and Life Income Fund (LIF) creates a stream of retirement income while keeping the balance of your savings in a tax-deferred investment.
Retirement Financial Planning
Our Retirement Financial Planning determines how much money is needed for retirement, sources of retirement income, tax deductions, credits and expenses, pensions, annuities, and more.
Financial Needs Analysis (FNA)
An FNA helps your employees ascertain the current state of their finances and future financial needs by using factors such as income and expenses, current assets and liabilities, current insurance policies, current employee benefits, etc.
Personal Life insurance is a policy that is paid by one person and covers a single person. It is distinguished from group life insurance, which covers employees of a company or members of an organization. This insurance is intended to meet the financial needs of a surviving spouse or family member in the event of the insured’s death.
Term Life Insurance
Term life insurance, also known as pure life insurance, is life insurance that guarantees payment of a stated death benefit during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the policy to terminate.
Whole Life Insurance
Whole life insurance is a type of life insurance that provides coverage for the entirety of the policyholder’s life and has a savings component. It pays out a death benefit upon the policyholder’s death, and it accumulates cash value over time that the policyholder may withdraw for personal use or borrow against. It contrasts with term life insurance, which only provides coverage for a set period, and does not include a savings component.
Universal Life policy combines permanent life insurance protection for peace of mind with a broad range of investment account options for tax-preferred savings growth. You choose a guaranteed death benefit for your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account or you can use them to increase the amount of your death benefit.
Key Person Insurance
A life insurance policy that a company purchases on a key executive’s life. The company is the beneficiary of the plan and pays the insurance policy premiums. Key person insurance is needed if the sudden loss of a key executive would have a large negative effect on the company’s operations. The payout provided from the death of the executive essentially buys the company time to find a new person or to implement other strategies to save the business.
The costs associated with health recovery can place a financial strain on you and your loved ones. One in 2.3 people living in Canada will develop cancer during their lifetime. Although still too low of a number, 63 percent of Canadians diagnosed with cancer are expected to survive.
Critical illness insurance is a form of protection that can provide you with a tax-free lump sum payment to use however you need while recovering from a life-altering illness.
Individual Health & Dental
Individual health insurance is also known as personal or family health insurance! if you are covered under an employee benefit plan from work then you probably do not need to purchase personal health insurance. . It supplements your provincial health care coverage and may provide the addition of dental. Individual health insurance is for single people, families, and couples, but is not needed if you are already covered by an employee benefit plan.
Disability insurance pays a monthly income to the policyholder when that person is not able to work because of an illness or accident. It may be included as part of an employee benefits package, however, it can also be purchased as a stand-alone product. People often purchase disability insurance to augment their existing coverage.
An annuity is an arrangement between an annuitant and a financial institution for a regular schedule of payments to serve as income after retirement. This service is rendered after the person who wants to avail of it makes a series of payments or a lump sum payment to the institution.
A life annuity is an annuity that provides you with a guaranteed lifetime income. For example, if you buy a life annuity for $100,000 at age 65 with an income of $500 per month, you get your $100,000 back by age 82. If you live past 82, you will still receive $500 a month as long as you live.
A term-certain annuity is an annuity that provides guaranteed income payment for a fixed period of time (term). If you die before the end of the term, your beneficiary or estate will continue to receive regular income payments or receive the balance of the regular payments as a lump-sum.
A variable annuity is an annuity where the annuity provider invests your money in a product with a variable return, such as equities. You receive a fixed income as well as a variable income. The fixed income portion you receive from a variable annuity is usually lower than what you would earn with a non-variable annuity, such as a life or term-certain annuity. The variable portion you receive will fluctuate based on the performance of the investment. This means that you could earn more money if the investments perform well, and less money if they perform poorly. This is in contrast with a non-variable annuity, which provides guaranteed income payments regardless of what happens in the market.