Ready to save more?
Make your SLB Canada Retirement and Savings plan work for you. Learn about what’s available to you.
Retirement and Savings Products
We all know that saving for the future is a good idea, and while the government does provide some income when you retire, it’s often not enough. Your Retirement and Savings plan is designed to work for you to help you get the most out of your savings.
Products in your plan
Your workplace retirement and savings plan is made up of the following products to help you meet your unique needs.
Defined Contribution Pension Plan (DCPP)
Employer-sponsored retirement plan where both the employer and employee contribute a fixed percentage of the employee’s earnings into an individual retirement account. The contributions are tax-deferred, and the retirement benefit depends on the total contributions and investment returns over time.
Registered Retirement Savings Plan (RRSP)
A personal, tax-deferred retirement savings account that allows individuals to contribute a portion of their income each year, up to an annual limit. Contributions are tax-deductible, and investments grow tax-free until withdrawn, typically at retirement, when they are taxed as income.
Tax-Free Savings Account (TFSA)
A flexible, tax-advantaged savings account where individuals can contribute up to an annual limit set by the government. TFSA contributions are not tax-deductible, but all investment income and withdrawals are completely tax-free, even in retirement.
Non-Registered Savings Account (NREG)
An investment account that does not have the tax advantages of registered accounts. There are no contribution limits. Investment income—such as interest, dividends, and capital gains—is taxable in the year it is earned.
Click on the section below for more information.
Defined Contribution Pension Plan (DCPP)
This plan is an important part of your retirement income. SLB makes pre-tax contributions to your Defined Contribution Pension Plan (DCPP). When you contribute, SLB may match a portion of your contributions—helping your savings grow even faster. To ensure this money supports your future, your DCPP account is not accessible for withdrawal while you’re employed at SLB. Additionally, some contributions may be locked-in, meaning they cannot be withdrawn before retirement. You won’t pay taxes on contributions or investment growth until you start receiving the funds as retirement income. Pension regulations and retirement eligibility age vary by province.
Registered Retirement Savings Plan (RRSP)
This plan is designed to help you save for retirement, up to your RRSP contribution limit. When you contribute to an RRSP, SLB may match a portion of your contributions—boosting your savings. SLB’s contributions are considered a taxable benefit to you, while your own contributions are deducted from your pay before tax. You won’t pay income tax on your contributions or investment growth until you withdraw the funds. You also have the option to contribute to a spousal RRSP in your spouse’s name to support their retirement savings.
Tax-Free Savings Account (TFSA)
This plan is ideal for a wide range of savings goals—short-term or long-term—up to your TFSA contribution limit. Contributions are made with after-tax dollars, but all investment earnings and withdrawals are completely tax-free. When you contribute to a TFSA, SLB may match a portion of your contributions to help you save more. Keep in mind that SLB’s contributions are considered taxable income to you.
Non-Registered Savings Account (NREG)
This plan is funded with after-tax contributions and offers a flexible way to save extra money. When you contribute to a non-registered account, SLB may match a portion of your contributions. Unlike registered plans, there is no government limit on how much you can contribute. However, you’ll be taxed annually on any investment income and capital gains. SLB’s contributions are also considered taxable income in the year they are made.
More Information on these Products
| DCPP | RRSP | TFSA | NREG | |
|---|---|---|---|---|
| When can you join? | Immediately. You’re auto-enrolled | You’re immediately eligible to add these products | ||
| How much does SLB automatically contribute? | SLB contributes an automatic 6% of your earnings to the DCPP. | SLB doesn’t automatically contribute to these products. However, if you make contributions to these products, SLB will match your contributions (up to certain limits). | ||
| How does SLB’s matching contributions work? |
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| How much can you contribute? |
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| Can you make one-time contributions? |
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| How do you track your contribution limits for your registered products? |
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| What are the vesting rules? | Contributions and investment earnings belong to you immediately. We call this vesting. | |||
| Can I take my money out while employed with SLB? |
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* Contribution maximums – You may contribute up to 8% of your earnings to the DCPP and 50% of your earnings to each of the RRSP, TFSA and NREG Group. (Collectively, your contributions to the plan are limited to a maximum of 70% of your earnings.)
