update plan

How to update your Common Wealth plan when employees leave

Keeping your retirement plan up to date


When employees move on from your organization, whether it’s to a new role or into retirement, you want the transition to be as smooth as possible.

Regardless of where they go next, it’s important for members to know that they can keep their Common Wealth plan for life so they can continue to manage their RRSP and TFSA through their working years and into retirement.

Once you remove an employee from your Common Wealth workplace plan, all employer and employee contributions that are processed through your payroll will stop and they will be automatically transitioned into an individual plan.

As the plan administrator for your organization, you play a key role in helping employees understand the actions they need to take. To ensure members retain access to their retirement accounts and have an opportunity to save for their future, there are also some important tasks for you to complete.

Here are some best practices to incorporate into your employee offboarding tasks.

Actions you, the employer, need to take

Remove the employee from the plan as soon as possible. To update your employee list inside the plan, you’ll need to follow these instructions specific to your payroll provider.

Key information for your employee

To retain access to their RRSP and TFSA and to keep saving, your employee needs to take the following actions on a desktop or laptop computer:

As a helpful resource for your employees, you can share this article, one-pager, and video in your offboarding communications.



If you have questions or need help in the process, reach us at support@commonwealthretirement.com or book a call with our Customer Care team.

Common Wealth

Common Wealth

Common Wealth is on a mission to make it possible for every Canadian to have a financially secure retirement. We provide a quick and easy retirement planning and saving experience, powered by a turnkey digital platform.

You’ll also like

Stay Connected

Sign up today to get the latest retirement savings advice delivered straight to your inbox


Find what you’re looking for:

We use cookies on our website so we can continually improve your online experience. Cookies allow us to have an overview of your visit so we can ensure you get the most relevant information.