Imagine you’re offered two jobs. Same job description, same salary, same city. The only difference: one has a pension that guarantees your income for life, and the other has no pension at all.

This distinction is the reason many firms are signing up for DBplus offered through Lawyers Financial. DBplus is a defined benefit pension plan that allows firms of all sizes to attract talent and reward them with reliable retirement income.

The 3 Rs of defined benefit pension plans

Lawyers have long been left to their own devices when it comes to retirement planning. And for most Lawyers, that adds a layer of stress to an already demanding career. Firms that offer a defined benefit pension have a distinct competitive advantage.

• Recruitment
  When you offer a financial path that culminates in guaranteed retirement income for life, you signal to prospective employees that they can focus on being their best today knowing their future is secure.
• Retention
  Two kinds of people hate employee turnover: senior partners and senior clients. Keeping top talent is good for everyone. A secure retirement plan goes a long way toward creating a less stressful environment, with fewer sick days and fewer disability claims. Engaged employees are less likely to leave when they know the grass is greenest beneath their feet.
• Reputation
  Most firms live up to their reputations. The best places to work are the ones that are committed to their people. A defined benefit pension plan is a meaningful way to show that commitment.

A better pension plan model

DBplus is the solution to an industry-wide problem. Most firms have been unable to put a pension plan in place due to high start-up and administration costs coupled with the pressure of taking on long-term fiduciary responsibility.

All those barriers have been removed thanks to the turnkey solution of DBplus and the strength of its financial backing through CAAT. As an existing plan with a stellar track record, it guarantees predictable, inflation-adjusted retirement income—for life.

Type of plan	Defined Benefit (DBplus)	Defined Contribution
Who contributes?	Employees contribute through payroll and employers match each contribution dollar for dollar.
How is the money invested?	Invested by professional portfolio managers who have access to alternative investments not available to individuals.	It’s up to the employee to decide how to invest. They’re typically given a range of fund options based on their risk tolerance.
Retirement income	Guaranteed, predictable, adjusted for inflation and immune to market shocks.	Hard to predict because it depends on how well the investments perform.
What’s the risk?	No risk for the employee or the employer. Employees receive guaranteed retirement income for life plus other benefits including a no-cost survivor pension, inflation protection and early retirement options.	Employees run the risk of outliving their savings. At retirement, employees have a bucket of money that remains susceptible to market volatility.

Get started

All things being equal, a defined benefit pension plan can be the reason top recruits choose your firm—and the reason star employees stay. Whether you’re an employee, a partner or human resources leader, we invite you to consider the advantages of DBplus.

Visit lawyersfinancial.ca/pension to get started.