Savings Plan for employees over 71

This is an interesting topic. Nowadays, more people continue working past their normal retirement age or even past 71. I think the industry need to create some new products / plans for this group.

We have Municipal Pension Plan where contributions stop at age 70. Employees are able to retire, collect their pension and still come back to work.

Currently we do not offer any savings plan to anyone over 71, however, now that we have more employees age 71 and up, we have been looking into different things such as a matching TFSA plan (within the individuals annual limits), but so far we have not proceeded with anything as of yet. I have been with my organization for 18.5 years and only in the last few years has this been something that we have needed to start thinking about and address.

We have a DPSP where the company makes a contribution once a year for employees. For these older employees, we pay the contribution to them as a bonus (of course, less taxes).