The employer chooses whether to establish a defined benefit pension plan or a defined contribution pension plan. The pension plan can be dedicated to only the employer’s employees or can be a multi-employer pension plan covering employees of more than one employer.
The final selection of a pension plan must have the support of at least 50% (+ 1) of the employees who were present at the meeting to approve the plan, or who voted through a poll. The employer must ensure the employees are notified of the particulars of the plan prior to the meeting or conducting the poll.
Employers may register their own plan with the DLP or participate in one of the following registered Multi-Employer Pensions Plans:
Last Updated 2022-06-16