Achievers, a Toronto-based employee recognition platform, switched from an inherited defined benefit pension to Wealthsimple for Business' group RRSP to gain flexibility, cut administrative burden, and raise plan participation — especially among its mostly-under-35 workforce. After the switch, enrolment rose 30% while the company kept its existing employer match and dropped third-party filings.
Wealthsimple changed the way Canadians do finance. Now Wealthsimple for Business is doing the same for retirement and group savings plans.
About Achievers
Achievers is a global employee recognition platform with over 600 employees across seven countries. Headquartered in Toronto, they help companies worldwide build high-performing cultures through frequent recognition and rewards.
The challenge: a legacy plan that no longer fit
When Achievers spun off from their former parent company, they inherited a traditional defined benefit (DB) pension plan with a lot of limitations:
Low flexibility — locked-in contributions created friction and employee dissatisfaction.
Heavy admin — loads of regulatory paperwork and third-party management made it difficult to use.
Low participation — especially among younger employees.
Kristy Jones, Achievers' Vice President of Employee Success, quickly saw the disconnect. The legacy plan didn't align with Achievers' forward-thinking, employee-first culture or the needs of a diverse team with most employees under the age of 35.
They needed a flexible savings program that was intuitive to use and supported a variety of financial goals, from buying a first home to funding career-building education. Their legacy plan also came with heavy admin requirements, reporting obligations, and third-party management, making it resource-intensive and costly to maintain.
“Wealthsimple is easier to explain to new hires. Employees manage their own contributions and withdrawals. HR isn't the go-between anymore. It feels like a benefit that meets employees where they are in their lives."
— Kristy Jones, Vice President of Employee Success, Achievers
Why Wealthsimple for Business was the perfect partner
After a thorough vendor review, Jones chose Wealthsimple for Business over three other vendors. These key benefits made Wealthsimple stand out:
A clean, intuitive app that employees actually wanted to use
Inclusive investing options (like Halal or socially responsible portfolios)
Self-serve onboarding and contribution management
Seamless payroll integration with little to no manual lift.
Achievers switched to Wealthsimple for Business' Group Registered Retirement Savings Plan (RRSP), keeping their existing employer match formula and quickly delivering more flexible, easier-to-use, and inclusive savings benefits with less admin burden.
Key results and benefits
30% increase in plan participation — employee enrollment grew after the switch.
Significant reduction in admin work — no more third-party filings or manual tasks.
More financial flexibility for employees — savings and withdrawals are effortless.
Faster, simpler onboarding — new hires can access the plan from day one.
Financial wellness by design
For Achievers, the shift to Wealthsimple for Business was more than a platform change. With financial well-being as a core pillar of their employee wellness strategy, it was a crucial move to align their benefits with their values.
Achievers actively promotes financial education and enables employees to take ownership of their financial futures. They found a natural partner in Wealthsimple for Business, a platform that delivers financial flexibility with intuitive tools built around employees' real-life needs.
Building a benefit that fits your team
Achievers' switch shows what happens when a savings benefit is built around how people actually work and save. A modern group RRSP can lower the day-to-day admin for employers while giving employees a plan that's flexible, inclusive, and easy to use.
If you're rethinking your group savings plan, Wealthsimple for Business can help you offer a benefit your team will value. Get started.
Frequently asked questions about group RRSPs
What's the difference between a group RRSP and an individual RRSP?
A group RRSP is set up by an employer and funded through payroll deductions, often with employer matching and lower fees. An individual RRSP is one you open and manage on your own.
Are group RRSP contributions taxable?
Your contributions are tax-deductible and any growth is tax-deferred. You pay tax when you withdraw the money, usually in retirement when your income may be lower.
What happens to a group RRSP when an employee leaves the company?
The savings stay yours. When you leave, you can typically transfer the funds to an individual RRSP or another registered plan in your name.
How is a group RRSP different from a defined benefit pension plan?
A defined benefit pension promises a set payout based on salary and years of service, with contributions often locked in. A group RRSP is more flexible: you control the investments and can access the savings under the plan's rules.