Alongside many organizations across the country, CSS celebrates Ontario’s Pension Awareness Day on the third Thursday of February. We commemorate this day by emphasizing the importance of pensions to our members nationwide.

Did you know that one of the most valuable tools for building a secure future is a workplace pension plan? 

In a defined contribution (DC) pension plan like CSS, your membership provides you with a foundation to build a secure retirement income stream, along with many other benefits that can help you grow your savings – some of which you may not even realize. 

In honour of Pension Awareness Day, we compiled a list to help bring greater awareness to some of the key advantages of contributing to your pension plan:

1. Automatic payroll deductions  

Your contributions to the CSS Pension Plan are automatically deducted from your payroll, which makes it easy to consistently contribute to your pension plan. This ‘set-it-and-forget-it’ approach makes it simple to stay on track with your retirement savings without any extra effort. Plus, since your contributions are made with pre-tax dollars, they lower your taxable income, giving you an automatic financial advantage. While this automated approach is convenient, it is still a good idea to review your retirement plan each year to make sure you’re staying on track.

2. Employer-matched contributions

As a member of the CSS Pension Plan, your pension contributions are automatically deducted from your payroll each pay period – but did you know that your employer also matches your contributions, dollar for dollar? With matching contributions from your employer, you have double the earning power to help maximize your pension’s growth.

3. Contribution flexibility 

Did you know you have the option to make additional voluntary contributions (AVCs) to your CSS account? In other words, you can make extra contributions to your CSS account on top of the required pension contributions you and your employer make each pay period, much like contributing to an RRSP. Although AVCs are not matched by your employer, making AVCs – even just a small amount – can help maximize your pension’s growth. To set up AVCs, talk to your employer.

4. Opportunity to save taxes

All contributions you make to your CSS Pension Plan – including your required-matched contributions and any AVCs – are tax deductible, meaning they reduce your taxable income for the year. ​Your investment earnings are also sheltered from income tax – this means your contributions can grow more quickly.

5. Power of DC compound returns

The longer you are in a DC pension plan like the CSS Pension Plan, the more time your money can grow through compound returns. Compound returns occur when your investment earnings start earning interest on themselves, which can help maximize growth. Even contributing small amounts of money towards savings, such as making AVCs to the CSS Pension Plan, can add up in the long term through the power of compounding. For example, here’s how your savings could potentially grow at different ages if you contribute $250 a month and retire at age 65: 

• Starting at age 25 (40 years of saving): 

  Final balance: $479,264.0912 

• Starting at age 35 (30 years of saving): 

  Final balance: $251,120.8612 

• Starting at age 45 (20 years of saving): 

  Final balance: $116,462.8212 

As an example, assuming the value of your investments rises by an average 6% annual compounded rate of return, starting at 25 results in more than double the savings compared to starting at 35 and almost four times as much as starting at age 45 (Financial Services Regulatory Authority of Ontario, 2025).

6. Increased financial security

At CSS Pension Plan, our purpose is to empower our members to achieve financial security in retirement. Taking full advantage of a pension plan can be one of the best ways to allow your money to grow and provide you with the financial wellness you deserve when you reach retirement age. 

And remember: It’s never too early or too late to start saving for retirement. While there are advantages to starting young, starting at any age can still provide significant benefits. Learn about your pension plan today and start securing your financial future.