Ready to save more? Make your SLB Canada Retirement and Savings plan work for you. We all know that saving for the future is a good idea, and while the government does provide some income when you retire, it’s often not enough. Your SLB Canada Retirement and Savings plan is designed to work for you to help you get the most out of your savings.
Products in your plan
Your workplace retirement and savings plan is made up of the following products to help you meet your unique needs.
| Defined Contribution Pension Plan (DCPP) |
This product is a big part of your retirement income. SLB contributes money, before tax, to an account with Sun Life. If you contribute money to an account with Sun Life, you may benefit from a match from SLB on your contributions. We want this money to be there for you when you retire, so while you’re working for the company, your DCPP money is restricted from being withdrawn. Some DCPP contributions may be considered locked-in, which means you’re unable to withdraw your money before you retire. You won’t pay any taxes on your contributions or investment gains until you receive it as retirement income. Pension regulation and the age you are eligible to retire may vary by province. |
| Registered Retirement Savings Plan (RRSP) |
This product is made for retirement saving up to your contribution limit. If you contribute money to an account with Sun Life, you may benefit from a match from SLB on your contributions. SLB’s contributions to your RRSP are considered a taxable benefit to you. However contributions from your pay are before tax, and you won’t be taxed until you take the money out in cash. You can also contribute to a spousal RRSP in your spouse’s name. |
| Tax-Free Savings Account (TFSA) |
This product is good for all kinds of saving goals up to your contribution limit. It’s for after-tax contributions, but you never have to pay tax on any investment earnings or withdrawals. If you contribute money to an account with Sun Life, you may benefit from a match from SLB on your contributions. SLB’s contributions to your TFSA are treated as taxable income to you. |
| Non-Registered Savings Account (NREG) |
This product is for after-tax contributions. It’s a way for you to save extra money. If you contribute money to an account with Sun Life, you may benefit from a match from SLB on your contributions. There’s no government limit on how much can go in this product, but you will be taxed on investment income and capital gains each year. Any contributions made by SLB are also considered taxable income for you in the year they’re made. |
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When can you join?
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- Immediately. You’re automatically enrolled in the Defined Contribution Pension Plan (DCPP) and begin receiving contributions immediately upon hire.
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- You’re immediately eligible to add these products
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How much does SLB automatically contribute?
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- SLB contributes an automatic 6% of your earnings to the DCPP.
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- SLB doesn’t automatically contribute to these products. However, if you make contributions to these products, SLB will match your contributions (up to certain limits). See How does SLB’s matching contributions work? below.
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How does SLB’s matching contributions work?
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- SLB matches 100% of your contributions (up to 4% of your earnings in total) that you make to the DCPP, Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) and/or Non-Registered Account (NREG).*
- Depending on your contributions, SLB’s match will be directed in the following order: first to the DCPP, next to the RRSP, then to the TFSA and NREG.
- You need to contribute at least 4% of your earnings to get your full SLB company matching contributions. (4% is the total across the four products – the DCPP, RRSP, TFSA and NREG.)
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How much can you contribute?
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- You can contribute any amount of your earnings to the DCPP, RRSP, spousal RRSP, TFSA and/or NREG. When making contribution decisions, keep in mind your RRSP and TFSA personal contribution limits as well as SLB’s contribution maximums.*
- You will receive a 100% company match on the first 4%.
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Can you make one-time contributions?
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- Yes, you can make one-time contributions at any time to the RRSP, spousal RRSP, TFSA and/or NREG.
- Set up one-time contributions on mysunlife.ca, the my Sun Life mobile app or by calling www.mysunlife.ca at the number on the back page of this document.
- Note: you must stay within your personal RRSP and TFSA contribution limits.
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How do you track your contribution limits for your registered products?
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- SLB keeps track of the limit for you.
- Once your annual DCPP limit is reached, SLB will automatically redirect (‘spill’) your contributions to the NREG.
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- It’s your responsibility to ensure your contributions don’t exceed your personal RRSP contribution limit each year.
- When you reach your contribution limit, you can redirect these contributions to the TFSA or NREG instead.
- You can add your personal RRSP dollar limit to your Sun Life account and we’ll notify you when you’re close to reaching your limit.
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- It’s your responsibility to ensure your contributions don’t exceed your personal TFSA contribution limit each year.
- When you reach your contribution limit, you can redirect these contributions to the RRSP or NREG instead.
- You can add your personal TFSA dollar limit to your Sun Life account and we’ll notify you when you’re getting close to your contribution limit.
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- There is no contribution limit.
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What are the vesting rules?
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- Contributions and investment earnings belong to you immediately. We call this vesting.
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Can I take my money out while employed with SLB?
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- All deposits must remain in the plan as long as you are globally employed with SLB.
- Since this is pension plan money, SLB’s matching and base contributions are locked- in. You can transfer this money to a different locked-in retirement savings arrangement, if you leave SLB or are ready to retire.
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- Balances on deposits made after July 1, 2023, can be withdrawn at any time.
- Cash withdrawals are considered taxable income and will be subject to withholding tax.
- Note: Previous withdrawal restrictions on existing balances still apply.
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- There are no restrictions on withdrawals in the TFSA.
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- There are no restrictions on withdrawals for your contributions or SLB’s matching contributions made after July 1, 2023.
- Withdrawals may result in a capital gain or loss which will be reported to you for tax purposes.
- SLB Spill money: You’re unable to withdraw:
- SLB’s base 6% contributions to the DCPP that ’spill’ to this account.
- Any NREG spill balances you have before July 1, 2023.
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* Contribution maximums – You may contribute up to 8% of your earnings to the DCPP and 50% of your earnings to each of the RRSP, TFSA and NREG Group. (Collectively, your contributions to the plan are limited to a maximum of 70% of your earnings.)