IPPs are usually appropriate for key executives of an organization, self-employed professionals or owner-managers who are over 45 years of age, earning approximately $100,000 and already maximizing their RRSP contribution. The plan is ideally suited for individuals who feel their retirement income may be insufficient because of their RRSP contribution limit or the benefit structure of their company's pension plan.

Maximize contributions. Unlike standard pension plans or RRSPs, there are no prescribed contribution limits for IPPs. Contribution limits assume certain standards across the board that may not be relevant for every individual. IPPs are structured around individual factors - age, gender, and other specific aspects - to help an individual achieve the maximum allowable pension benefit.

Maximize retirement income. IPPs also offer advantages regarding the treatment of plan surplus, tax-deductible contributions and sheltered growth, and the maximization of your estate. It is important to enlist the assistance of an independent advisor specializing in this area and an actuary to determine whether an IPP is an appropriate way to meet retirement needs.

Note: Individual Pension Plans require actuarial services and valuations not provided by Mackenzie and MRS. Consult your independent financial advisor for the specific advantages an IPP holds for you.