Employees tend to focus on individual RRSP contributions this time of year, but many of them neglect group RRSP contributions, according to Sun Life Financial.

Of the nearly 500,000 Sun Life members eligible for employer-sponsored RRSP programs, only 230,000 take advantage of them.

“There are also many Canadians who don’t take advantage of their employer’s offer to match their contributions,” Mary De Paoli says, the company’s senior vice president, group retirement services.

Employers can also benefit from group RRSPs as well, says Sun Life. They sometimes receive a volume discount through group RRSP programs, which means mutual fund fees are usually lower than retail fund rates.

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