Examlex
Discuss some of the key benefits of three-tier applications.
Contributory
Involving or denoting a pension, insurance plan, or other benefit scheme where both employers and employees make payments towards the cost.
CPP/QPP
Refers to Canada Pension Plan/Quebec Pension Plan, which are public pension plans in Canada designed to provide income for workers upon retirement.
RRSPs
Registered Retirement Savings Plans, a type of financial account in Canada for holding savings and investment assets to support retirement.
Reduced Pension
A retirement plan that provides beneficiaries with lower benefits than originally anticipated or agreed upon.
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