OMA_PreRegistrationPackage_GettingReady_Dec20
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As you ready yourself
for retirement, it’s time
to get well-read.
A new chapter about a
better retirement
Writing this story
together
Dear Members,
We’re starting a new chapter at the OMA, and it’s something we are very
excited about.
You spoke, and the OMA listened and discovered that over 80% of members
don’t feel fully prepared for retirement. So OMA Insurance is proud to
introduce the Advantages Retirement Plan - a plan that puts doctors first.
Over the years, OMA members have asked for a retirement
plan. After learning that approximately 75% of members would
be interested in joining a cost-effective group retirement
plan, it was time to develop a new approach to retirement
security that considers physician-specific needs. That is why
the OMA directed OMA Insurance to create and deliver the
Advantages Retirement Plan.
OMA Insurance has brought together some of the best and brightest experts
in the market to design a retirement income plan based on four key criteria
you told us you were looking for: flexibility, quality asset management, value
for money, and stability in retirement.
The Advantages Retirement Plan is very flexible and can be customized
for a wide range of situations and easily modified for different stages in your
career. This includes doctors like you who are getting closer to retirement
age.
The plan is also RRSP and TFSA compatible and can accommodate transfers
from other financial institutions. Your spouse or common-law partner can join
the plan, so you can both feel comfortable that you’re retirement ready.
We’re sending you this package because you expressed interest by preregistering
online. Now you can start to familiarize yourself with more details
of the Advantages Retirement Plan. It’ll give you a great overview of just how
comprehensive this first-of-its-kind plan is. We look forward to any questions
or feedback you may have.
• Physicians are working and living longer. Physicians
are working, on average, seven years longer than the
average Canadian worker. 1 In 2015, the median physician
retirement age was 70, whereas the average Canadian
worker retired at age 63. Many physicians can also expect
to live longer than the Canadian average, especially as
the number of female physicians continues to rise. Life
expectancy among Canadian women is two to three years
higher than it is for men.
• Physicians typically don’t have access to a high-quality
retirement plan. Traditionally, physicians have never
had access to a group retirement plan as most are selfemployed,
incorporated professionals, often drawing
income from multiple sources. Traditional pension plans
require an employer-employee relationship.
Ontario Doctors Rock!
Allan O’Dette
CEO, OMA and OMA Insurance
Dr. Sohail Gandhi
President, OMA
• Taxation changes for corporations have made
retirement planning more difficult for physicians.
Retirement planning has been the #1 reason physicians
incorporate, yet federal tax changes have made
retirement planning through a corporation more
challenging.
2
1. Statistics Canada, CANSIM Table 282-0051.
3
The Advantages Retirement Plan is a cost-
• An easy-to-use online platform with digital
effective plan that offers OMA members and their
tools and educational resources to help
spouses/common-law partners a way to build a
members make important retirement
foundational level of retirement income with:
decisions starting from early in their career
• Lower investment management fees
through to their retirement years
• Contribution flexibility
PLAN SPONSOR
PLAN ADMINISTRATOR
• Pension-like security
• Expert management and a governance
structure focused on the best interests of
plan members
The Advantages Retirement Plan
can help you reserve the retirement
that you deserve.
OMA Insurance is bringing the
Advantages Retirement Plan to
members based on its long-standing
track record of creating value for
To help create and deliver the plan, OMA
Insurance collaborated with Common
Wealth, a mission-driven business that
works with associations, unions, and
members through its existing group
employers to provide value-for-money,
insurance program. Given its group
collective retirement plans. As plan
purchasing power, OMA Insurance is a
administrator, Common Wealth is
natural fit as an effective sponsor of a
responsible for the necessary record-
group retirement plan and is also the
keeping for the administration of the
distributor for the annuities.
Advantages Retirement Plan and is legally
required to act in the best interests of plan
Authored by
experts
• Bernard Morency (Chair), Former Global
Retirement Practice Leader for Mercer
and public pension fund Executive Vice
President
members.
• Dr. Paul Healey, family and emergency
INVESTMENT COMMITTEE
physician, and founder of “Physician
Financial Independence (Canada)” online
To ensure the Advantages Retirement
community
ANNUITY PROVIDER
INVESTMENT MANAGER
Plan serves the best interests of its
members, OMA Insurance has put
together an expert-led Investment
Committee that includes physician
representation. The Investment
Committee reports to the OMA Insurance
Board and has a fiduciary duty with
respect to the selection of investment
managers and annuity providers and
the oversight of the plan’s investment
program. Current Investment Committee
members are:
• Dr. Audrey Karlinsky, family physician and
member of OMA Insurance Investment
Committee
• Morgan McCague, former investment
executive at the Ontario Teachers’
Pension Plan
The Investment Committee has selected
best-in-class partners and will monitor them to
ensure that they meet the collective needs of
our members.
Brookfield Annuity Company was
incorporated in 2016 and has a sole
focus on annuity solutions in the
Canadian market. It achieved a 5% share
of the group annuity market in both
2017 and 2018, its first two full years of
operations. Brookfield Annuity is a wholly
owned subsidiary of Brookfield Asset
Management, a global alternative asset
manager that currently has over $500
billion in assets under management.
Founded in 1975 on a simple but
revolutionary idea — that an investment
company should manage the funds it
offers in the sole interest of its clients,
Vanguard is one of the largest asset
managers in the world with more than
$7 trillion in assets under management.
Vanguard serves more than 20 million
investors worldwide.
4
5
An anecdote
on fees
By keeping investment management fees low, the plan helps your
savings go further. The Advantages Retirement Plan fees are in line
with those of large pension plans and are two to three times less
than what many Canadians pay to invest their retirement savings.
Advantages Retirement Plan members pay a fee of
0.6% of assets (+HST) and $10/month (+HST). (0.15% of
the asset fee will be paid to OMA Insurance for cost
recovery and services.) The fees are used to cover
the costs of the plan and go towards:
• OMA Insurance’s costs for setting up and running
the plan, providing education and support to
plan members, ensuring strong plan governance,
and evolving the plan over time for the benefit of
members
• Common Wealth’s fees for administering and
managing the plan, as well as providing and
maintaining the technology for the plan’s online
platform
for three years on premiums paid, which the plan
charges in lieu of the 0.6% annual fee charged on
investments through the plan.
Small differences in fees can make a big
difference to your retirement income because of
the effect of compounding.
The difference between paying average fees and
low fees could cost over $1 million in retirement
income for a 50-year-old physician with earnings
1. See illustrative example on page 11 for analysis.
of $200,000 before tax and after overhead. 1 7
• Vanguard’s fees for providing target-date fund
options in the program
• Canadian Western Trust’s fees for providing
custodial and trustee services for the plan
• The costs and fees associated with the delivery
of the guaranteed lifetime income program
The cost to purchase guaranteed lifetime income is
based on your age and sex, the insurer’s assumptions
about longevity and economic factors like interest
rates. Premium rates will be updated quarterly to
reflect changing market conditions. Members will be
able to access quotes through the online platform.
6
These rates are inclusive of a fee of 0.33% per year
7
HOW & WHY
the plan works for you at
your life stage.
YOU’RE AT THE PINNACLE OF YOUR CAREER
You are likely at the pinnacle of your career, both in terms of income generation and
professional reputation.
As retirement approaches — and unlike many other Canadians — physicians typically
have the option to gradually wind down income-earning activities, rather than facing
a sudden shift from working full-time to being in full retirement. Evidence shows that,
compared to the average Canadian, physicians retire about seven years later. 1
At this point in your life, financial preparedness for retirement may become a
growing priority for you, as the number of years available to finance your retirement
decreases. A “slow taper” from full-time to part-time practice can mean that you have
more options for retirement savings, and that you can benefit from more customized
solutions.
As you’re transitioning through the peak years of practice to your eventual retirement,
your retirement planning priorities may include:
• A focus on retirement income. You will likely want to create detailed plans
for converting savings to income in retirement, protecting against the risk of
outliving your savings and fluctuating investment value as retirement draws
closer, succession planning for your medical practice, and for integrating various
retirement income sources (e.g. government benefits such as the Canada Pension
Plan and Old Age Security)
• Minimizing investment costs to ensure that more of your saved earnings
contribute to your retirement income
• Adjusting your investments so that you are exposed to less risk as you approach
retirement, while leaving some room for growth
WHY THE ADVANTAGES RETIREMENT PLAN TM
WORKS FOR YOU
The Advantages Retirement Plan TM can help you understand your retirement savings
options (e.g. balancing the growth and security of your retirement income) as you
approach and transition into retirement by providing you:
• Expertise: The Advantages Retirement Plan TM offers you investment options
provided by some of the world’s leading asset management and annuity firms.
The Investment Committee has selected Vanguard and Brookfield Annuity to offer
products that will serve your retirement planning needs. The role of these providers
is strictly to manage plan members’ investment assets and underwrite the annuities
to help members achieve their retirement goals.
• Curated investment options tailor-made for retirement: The Advantages
Retirement Plan TM offers several curated investment options to help address
physicians’ multiple retirement objectives, including investment growth and income
certainty.
The Advantages Retirement Plan is a group retirement income plan composed
of a group Registered Retirement Savings Plan (RRSP), a group Tax-free Savings
Account (TFSA), and a group Registered Retirement Income Fund (RRIF). It is your
responsibility to ensure any contribution you make to the Advantages Retirement
Plan is allowable under the Income Tax Act (ITA).
• Low fees: The Advantages Retirement Plan TM ’s fees are comparable to the costs of
a large pension plan, and are two to three times lower than what typical Canadian
investors pay. 2 Lower fees ensure that more of your savings goes to your retirement
income and not to management.
• Options for lifetime income certainty: The Advantages Retirement Plan TM offers
you options to help meet your need and desire for income certainty in retirement
through the use of deferred income annuities.
2. Morningstar, “Global Fund Investor Experience Study” (2019).
• Planning the timing of your retirement, including how much part-time work you
want (or need) to do
1. Sources: OMA Economics, Research, and Analytics, Statistics Canada, CANSIM Table 282-0051.
8
9
The Advantages Retirement Plan TM in Action
How low fees
work for you
• Winds down work to part time from age 66 to 69
Illustrative example 2
previous year, to save for retirement 3
• Physician with earnings of $200,000 before tax • Full retirement at age 70 4
and after overhead
• In retirement, draws down enough from their
• Saves 15% of earnings from age 50 to age 65
• Has already saved $650,000 prior to age 50,
and transfers the $650,000 into the Advantages
Retirement Plan TM in the “low fees” scenario
• Maximizes and uses RRSP contribution room
account to replace 60% of their pre-retirement
earnings (averaged over last 5 years before age
66 when part-time work starts) 5
• Gross investment returns at 5% per year 6
• 2% annual inflation
each year, created by taking salary in the
LOW FEES
AVERAGE FEES
DIFFERENCE
Even if you join the Advantages Retirement Plan TM
later in your career around age 50, you can see a
considerable benefit to paying lower fees with the
Fee structure
0.6% (+HST) of assets 7 plus $10
per month (+HST) (similar to the
cost of a large pension plan) 8
2.1% of assets (the cost
of an average Canadian
mutual fund) 9
About 1.5%
per year
plan than you would with the average Canadian
mutual fund. 1
Projected nest egg
size at age 70
$2,353,726
$1,841,757
$511,968
The difference between paying average fees and low
fees could cost you more than $1 million in retirement
Projected retirement
assets left at age 85
$1,141,470
Money runs out
around age 85
$1,141,470
income. In the following example, the physician
paying low fees ends up with more than $500,000
in additional retirement income than the physician
paying average fees by age 70, and more than
$1 million by age 85.
Projected retirement
assets left at age 90
$331,828
Money runs out
around age 85
$331,828 (plus
approximately 5
additional years of
retirement income)
1. The mutual fund’s industry association reports that the average total cost of ownership for actively managed mutual funds in Canada as 2.10%. See
Investment Funds Institute of Canada, “Monitoring Trends in Mutual Fund Cost of Ownership and Expense Ratios” (2019).
2. Other assumptions include the following: 1) Physician defers Canada Pension Plan (CPP) until age 70 and receives some enhanced CPP benefits; 2)
Physician receives no Old Age Security (OAS); 3) Contributions are made regularly throughout the year; 4) Earnings grow by inflation. These numbers are
for illustrative purposes only and are based on a limited number of assumptions as stated.
3. To maximize and use RRSP contribution room, the physician takes earnings in the form of a salary. For 2020, the maximum RRSP contribution room is
$27,230; a salary of $151,278 from 2019 is required. Every year, the maximum possible RRSP contribution increases, as does the corresponding salary
amount required to make the maximum contribution to an RRSP. Investment earnings while your savings are in your RRSP do not get taxed until you
withdraw funds from your RRSP, in which case your withdrawal (you must withdraw money from your RRSP the year that you turn 71) will be taxed as
income, except in a few special situations. Future TFSA and RRSP contribution rooms are estimated from 2020 onwards, assuming 2% annual inflation.
See https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html.
4. Data from the Ontario Medical Association indicates that the median physician retirement age is 70.
5. The 60% is based on an income replacement ratio of 60%, meaning that it would be 60% of the user’s pre-tax, pre-retirement income. The 60% figure
10
is based on a study that economist Keith Horner conducted for the federal government, which found that higher-income individuals such as physicians
require a lower replacement rate than the often-cited 70% figure. While this study recommended a slightly lower replacement ratio of ~53% for higherincome
Canadians, it did not factor in out-of-pocket health care costs such as home care and long-term care, so for conservatism we assume a slightly
higher number. See Keith Horner, “Retirement Saving by Canadian Households” (Finance Canada, Report for the Research Working Group on Retirement
Income Adequacy, December 2009).
6. The FP Canada Standards Council, which sets guidance for financial planners, suggests a gross return assumption of 4.99% for a diversified, balanced
portfolio. See FP Canada Standards Council, “Projection Assumption Guidelines” (April 2019).
7. 0.15% of the asset fee will be paid to OMA Insurance for cost recovery and services. Also, if a plan member chooses to purchase guaranteed lifetime
income, the member would pay premium rates (updated quarterly to reflect changing market conditions) that are inclusive of a fee of 0.33% per year for
three years on premiums paid, which the plan charges in lieu of (and amounts to less than) the 0.6% annual fee charged on investments through the plan.
8. For more details on the typical costs of large pension plans, see Healthcare of Ontario Pension Plan, Common Wealth, National Institute on Ageing, “The
Value of a Good Pension: How to improve the efficiency of retirement savings in Canada” (November 2018).
9. The mutual fund’s industry association reports that the average total cost of ownership for actively managed mutual funds in Canada as 2.14%. See
Investment Funds Institute of Canada, “Monitoring Trends in Mutual Fund Cost of Ownership and Expense Ratios” (2017).
11
The Advantages Retirement Plan TM in Action
How the plan
helps you avoid
investment
mistakes
The Advantages Retirement Plan has
compare the performance of investment
funds to that of the individual investors whose
money is invested in those funds, taking into
account factors such as the timing of when
investors bought and sold those funds.
A 2017 study by Morningstar examined just
this over a five-year period from 2011 to 2016 .1
The study found that the average mutual fund
investor underperformed the funds they were
invested in by 1.09% per year. One reason for
this was “performance chasing”: the tendency
of investors to purchase funds that have
performed well in recent years, even though
recent outperformance is often an indicator of
future underperformance.
Illustrative example 2
• Physician with earnings of $200,000 before tax
and after overhead
• Saves 15% of earnings from age 50 to age 65
• Has already saved $650,000 prior to age 50,
and transfers the $650,000 into the Advantages
Retirement Plan TM
• Maximizes and uses RRSP contribution room
each year, created by taking salary in the
previous year, to save for retirement 3
• Winds down work to part-time from age 66 to 69
• Full retirement at age 70 4
Starts saving at age 50
AVOIDS COMMON
INVESTMENT MISTAKES
• In retirement, draws down enough from their
account to replace 60% of their pre-retirement
earnings (averaged over last 5 years before age
66 when part-time work starts) 5
• Gross investment returns at 5% per year 6
• 2% annual inflation
• Assumes common investment mistakes reduce
returns by 1% per year 7
• Fees of 0.6% (+HST) of assets plus $10 per
month (+HST) (similar to the cost of a large
pension plan) 8
MAKES COMMON
INVESTMENT MISTAKES
DIFFERENCE
incorporated lessons learned from investment
experts to avoid common investment mistakes
and can help you achieve more retirement
savings than you might achieve by investing
your nest egg on your own.
The following example illustrates the impact
of avoiding common mistakes. Note that, in
this scenario, the mistake-avoiding physician
is not “beating the market.” The returns
are generally tracking the market, but this
Projected nest egg
size at age 70
Projected retirement
assets left at age 85
$2,353,726
$1,141,470
$1,987,793
$189,424
$365,933
$952,046
Common investment mistakes can consist of
individual is avoiding the kind of mistakes
inappropriate asset allocation, attempting to
time the market, and making suboptimal fund or
stock selection decisions. One way to measure
the impact of such investment mistakes is to
that cause many investors to underperform
the market. Not committing these mistakes
can create more than $900,000 in additional
retirement assets by age 85.
Projected retirement
assets left at age 90
$331,828
Money runs out
around age 87
$331,828 (plus
approximately 3
additional years of
retirement income)
1. Morningstar, “Mind the Gap: Global Investor Returns Show the Costs of Bad Timing Around the World” (2017).
2. Other assumptions include the following: 1) Physician defers Canada Pension Plan (CPP) until age 70 and receives some enhanced CPP benefits; 2)
Physician receives no Old Age Security (OAS); 3) Contributions are made regularly throughout the year; 4) Earnings grow by inflation. These numbers are
for illustrative purposes only and are based on a limited number of assumptions as stated.3. To maximize and use RRSP contribution room, the physician
takes earnings in the form of a salary. For 2020, the maximum RRSP contribution room is $27,230; a salary of $151,278 from 2019 is required. Every
year, the maximum possible RRSP contribution increases, as does the corresponding salary amount required to make the maximum contribution to an
RRSP. Investment earnings while your savings are in your RRSP do not get taxed until you withdraw funds from your RRSP, in which case your withdrawal
(you must withdraw money from your RRSP the year that you turn 71) will be taxed as income, except in a few special situations. Future TFSA and RRSP
contribution rooms are estimated from 2020 onwards, assuming 2% annual inflation. See https://www.canada.ca/en/revenue-agency/services/tax/
registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html.
3. To maximize and use RRSP contribution room, the physician takes earnings in the form of a salary. For 2020, the maximum RRSP contribution room is
$27,230; a salary of $151,278 from 2019 is required. Every year, the maximum possible RRSP contribution increases, as does the corresponding salary
amount required to make the maximum contribution to an RRSP. Investment earnings while your savings are in your RRSP do not get taxed until you
withdraw funds from your RRSP, in which case your withdrawal (you must withdraw money from your RRSP the year that you turn 71) will be taxed as
income, except in a few special situations. Future TFSA and RRSP contribution rooms are estimated from 2020 onwards, assuming 2% annual inflation.
12
See https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html.
4. Data from the Ontario Medical Association indicates that the median physician retirement age is 70.
5. The 60% is based on an income replacement ratio of 60%, meaning that it would be 60% of the user’s pre-tax, pre-retirement income. The 60% figure
is based on a study that economist Keith Horner conducted for the federal government, which found that higher-income individuals such as physicians
require a lower replacement rate than the often-cited 70% figure. While this study recommended a slightly lower replacement ratio of ~53% for higherincome
Canadians, it did not factor in out-of-pocket health care costs such as home care and long-term care, so for conservatism we assume a slightly
higher number. See Keith Horner, “Retirement Saving by Canadian Households” (Finance Canada, Report for the Research Working Group on Retirement
Income Adequacy, December 2009).
6. The FP Canada Standards Council, which sets guidance for financial planners, suggests a gross return assumption of 4.99% for a diversified, balanced
portfolio. See FP Canada Standards Council, “Projection Assumption Guidelines” (April 2019).
7. Morningstar, “Mind the Gap: Global Investor Returns Show the Costs of Bad Timing Around the World” (2017).
8. For more details on the typical costs of large pension plans, see Healthcare of Ontario Pension Plan, Common Wealth, National Institute on Ageing, “The
Value of a Good Pension: How to improve the efficiency of retirement savings in Canada” (November 2018).
13
The Advantages Retirement Plan TM in Action
How the plan can give you
the guaranteed
lifetime income
The Advantages Retirement Plan offers
you the option of purchasing deferred group
annuities from your RRSP to protect you
against the risk of outliving your money and
against investment risks.
You will likely want to start thinking about ways
to turn your savings into income that will last
throughout all your retirement years. Two new
risks that come into play in your retirement
years include longevity risk and sequence of
returns risk:
• Longevity risk refers to the possibility of
living a very long time in retirement, longer
than you expect and have planned for
financially
• Sequence of returns risk is the possibility
that even if your invested funds achieve
the investment growth you’re looking for
over the long term, a market downturn in
the years leading up to or early in retirement
(when you start to withdraw funds for your
monthly retirement income from your nest
egg portfolio) will negatively affect how
long your funds will last. That is, the order
or sequence of returns of your investment
returns permanently impacts how much
income your funds can generate in
retirement
One way can help to protect your retirement
income against these two new risks is through
a life annuity – an insurance product that will
provide monthly income for as long as you are
alive, regardless of what age you live to be.
Annuities can either be immediate or deferred.
Payments for immediate annuities start right
away whereas payments for deferred
annuities start at a later date.
The Advantages Retirement Plan offers you
deferred annuities and allows its members
to purchase life annuities in increments over
time. You can choose how much of your
retirement income from your RRSP savings
you want to guarantee, if any, starting as
early as age 50. If you opt to purchase
guaranteed lifetime income, the Advantages
Retirement Plan will shift a portion of your
RRSP contributions into the guaranteed
lifetime income offering based on your
instructions, which will guarantee you some
level of steady income payments for your
retirement years.
The Advantages Retirement Plan also takes
into account your other sources of retirement
income such as government benefits (e.g.
CPP and OAS) so that you can see a more
holistic picture of how much you may wish
to purchase in deferred annuities available
to you through the plan. In Canada, most
retirees will receive some form of guaranteed
income in retirement through the Canada
Pension Plan (CPP) and Old Age Security
(OAS); both benefits are paid monthly,
indexed to inflation, and will continue for your
lifetime (thus both protect against longevity
and sequence of returns risks).
But you will likely not have enough monthly
income during your retirement years if you
choose to rely only on CPP and OAS, and may
wish to purchase additional guaranteed income
for your retirement years. If you were receiving
the maximum payment from both CPP and OAS
today, in total you would have about $21,215
per year (~$13,855 from CPP and ~$7,360 from
OAS, using 2019 benefit amounts). 1,2 Note that
the OAS benefit can be “clawed back” if your
income is above a minimum threshold and
eliminated completely once your income is
above about $126,000 per year as of 2019. 3
1. See https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
2. See https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html
3. See https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html
14
15
3 easy ways to contribute.
1 2 3
Automatic, flexible
monthly contributions
Transfers from other
registered investment/
retirement accounts
Lump sum
contributions
There is still time to receive a
2019 tax deduction for RRSP
contributions.
These can be set up during the
enrollment process or at any point in
time as pre-authorized withdrawals from
your bank account. You can also take
advantage of the plan’s auto-escalation
feature, which automatically increases
your monthly contributions on an
annual basis. Keep in mind your RRSP
contribution deduction limit for 2020
is the lesser of $27,230 or 18% of your
pre-tax employment income for 2019
and your TFSA annual limit contribution
limit is $6,000.
This is a great way to get the plan working
fast by transferring funds from other
existing RRSP, TFSA or RRIF accounts into
the plan without affecting your RRSP or
TFSA contribution limits. This can be set
up during the enrollment process or at a
later point in time.
Lump sum contributions can happen at
any time and on a cycle convenient for
you (e.g. annually, semi-annually).
The plan goes live in early
2020 so your contributions
up until the March 2 nd RRSP
deadline are eligible to be used
towards the previous tax year.
Turn the page on your retirement plans
Get all the details and visit the the new and
comprehensive Advantages Retirement Plan website
omainsurance.com/retire
16
17
Part of the plan’s efficiency and low cost comes from its simplicity, and its focus on providing retirement
income. Designing a cost-effective, easy-to-use plan meant saying no to many potential features. For example,
the plan is not:
• A marketplace for investment options, with
hundreds of choices of funds and individual stocks
to choose from 1
• An individual wealth management model, that also
includes advice on estate planning, tax planning,
and other individualized guidance
• An all-purpose savings program, to help you save
for a house, your child’s education, or other nonretirement
purposes
• A mechanism for saving within your corporation or
for making non-registered investments – it is based
on RRSPs/RRIFs and TFSAs
The Advantages Retirement Plan is just that – a retirement plan. It is designed for physicians or their
spouses/common-law partners who want a simple, cost-effective vehicle for building retirement security.
1. Donald B. Keim and Olivia S. Mitchell, “Simplifying Choices in Defined Contribution Retirement Plan Design”. Pension Research Council.
omainsurance.com/retire
The information contained in this article is provided for educational purposes only and should not be construed as advice to be acted upon. The information
is not intended to offer investment, taxation, accounting, financial or similar professional advice, nor is it intended to replace the advice of independent tax,
financial, accounting or legal professionals. This information is based on the common circumstances of the Ontario physician community who are Canadian
residents and does not take into account any individual’s particular financial needs, circumstances, residency and objectives. Employees of OMA Insurance
are not licensed or authorized to provide investment products, services or advice to you, except as it relates to insurance.