OPA is making it easier than ever to invest in your financial future with confidence. As part of our commitment to supporting Ontario’s pharmacy professionals, we are proud to introduce an exclusive new member benefit: the OPA Group Savings and Pension.
The group savings and individual pension plan is designed to help members build long-term financial security. After a thorough evaluation, OPA selected Manulife, a nationally recognized leader in group retirement solutions, to administer the plan.
The program offers competitive rates, professional management, and the peace of mind that comes with planning ahead.
Who Is It For?
The program is open to all OPA members. Whether you’re a pharmacist, a pharmacy technician, or a student, the plan has been designed to ensure everyone can participate and start building their retirement savings. OPA’s goal is to provide an inclusive solution that supports the diverse needs of its entire membership.
Why Do You Need It?
OPA created this program because, as all members know, there is no formal pension plan for pharmacists. We recognized the need to support our members’ long-term financial security, so we developed a solution that gives you access to professional retirement savings tools, flexible options tailored to your career stage, and group pricing advantages. This is part of our commitment to empowering your financial well-being, both today and in the future.
Key Benefits:
Designed for Pharmacy Professionals
Competitive Group Rates
Long-Term Savings and Retirement Options
Support and Education from OPA and Manulife
Products
IPP (Individual Pension Plan)
A personalized, CRA-registered pension plan tailored for pharmacists, offering:
- Higher contribution limits than an RRSP
- Fully tax-deductible contributions made by the corporation
- Defined benefit structure, providing predictable retirement income
Group RRSP
A payroll-deducted Registered Retirement Savings Plan designed for pharmacy employees, offering:
- Immediate tax relief through source deductions
- Potential employer matching, enhancing long-term savings
- Flexible investment options
Group TFSA
An after-tax savings plan with tax-free growth, providing:
- No tax on withdrawals
- Employer matching eligibility, increasing the value of contributions
- No impact on government benefits
DPSP (Deferred Profit Sharing Plan)
A CRA-registered profit-sharing plan that allows employers to share profits with employees in a tax-efficient way.
- 100% employer-funded contributions
- Tax-deferred growth within the plan until withdrawal
- Cost-effective compensation tool, ideal for rewarding performance without raising salaries
Why Choose the OPA Plan?
The OPA Group Savings & Pension Plan is a purpose-built retirement solution designed specifically for pharmacy professionals. Unlike general retail offerings, this plan gives OPA members access to tax-efficient savings tools, personalized support, and professionally managed investment options —all through Manulife, one of Canada’s most trusted leaders in group retirement solutions.
Whether you’re a pharmacist, technician, or student, the plan offers a flexible suite of options—including the IPP, Group RRSP, Group TFSA, and DPSP—each designed to help you grow your savings faster, reduce taxes, and plan confidently for the future. Backed by OPA’s commitment to your professional and financial success, and powered by Manulife’s industry-leading expertise, this plan gives you the structure, flexibility, and guidance to build the retirement you deserve.
Frequently Asked Questions
What is a Group RRSP?
A Group Registered Retirement Savings Plan (RRSP) is a workplace savings plan that allows employees to make regular contributions through payroll deduction. Contributions are tax-deductible and grow tax-deferred until withdrawal. It functions like a personal RRSP but is administered by the employer, often with employer matching and lower fees.
What is a Group TFSA?
A Group Tax-Free Savings Account (TFSA) allows employees to save after-tax dollars through payroll deductions, with all growth and withdrawals being tax-free. Funds can be withdrawn at any time without tax, employer matching is optional, and Group TFSAs offer similar investment options to RRSPs.
What is a Group DPSP?
A Group Registered Retirement Savings Plan (RRSP) is a workplace savings plan that allows employees to make regular contributions through payroll deduction. Contributions are tax-deductible and grow tax-deferred until withdrawal. It functions like a personal RRSP but is administered by the employer, often with employer matching and lower fees.
What is an IPP (Individual Pension Plan)?
An IPP is a defined benefit pension plan for incorporated business owners or key employees, designed to provide a predictable retirement income. It allows for higher contributions than an RRSP, especially for those over age 40. Contributions are made by the employer and are a deductible business expense.
How much can I contribute to each plan, and do employer contributions count toward my limits?
- Group RRSP: Personal and employer contributions count toward your RRSP limit (as shown on your CRA Notice of Assessment).
- Group TFSA: Personal and employer contributions count towards you TFSA limit.
- DPSP: Employer contributions do not use your RRSP room but are subject to the pension adjustment (PA).
- IPP: Contributions are employer-only and reduce your RRSP contribution room through the PA.
Are contributions deducted from my paycheque automatically, and can I change the amount?
Yes. You choose your contribution amount and it is automatically deducted each pay period. You can increase, decrease, or stop contributions at any time, subject to plan rules.
Is the employer required to match contributions, and how does that work?
No, the employer is not required to match contributions. However, many employers will choose to offer a match (e.g., dollar-for-dollar up to 3% of annual salary).
What happens to my account if I leave the pharmacy or switch employers?
Your Group RRSP and TFSA are yours and can be transferred to a personal plan. DPSP and IPP funds are subject to vesting — if you’re fully vested, you keep them; otherwise, unvested employer funds may be forfeited.
Can I choose how my money is invested, and what options are available?
Yes. Manulife offers a range of investment options — You can choose based on your goals and risk tolerance.
Are there any fees or penalties if I withdraw early from these plans?
- RRSP: Early withdrawals are taxable and subject to withholding tax.
- TFSA: No penalty or tax on withdrawals.
- DPSP: Withdrawals are taxed, and may be restricted before vesting or termination.
- IPP: Typically no withdrawals before retirement age.
Can I have a personal RRSP or TFSA outside of this group plan, and how does it affect my contribution room?
Yes. You can contribute to both group and personal RRSPs/TFSAs. However, the combined contributions must stay within your CRA annual limits.
Can the plan be personalized to my goals or risk tolerance?
Yes. You can choose your own investments or use a pre-built portfolio.
Get Started Today
Contact one of our plan administrators to learn more and get set up.
Alex Bertola
Account Executive Toronto West GTA, Golden Horseshoe Region
Osgoode Certificate in Pension Law
416-522-6057
