No Frills

Employees Retirement Plan

Program Summary
No Frills is pleased to support you in building financial assets toward future income and to plan for retirement through
the No Frills Employees Retirement Plan (“Plan”). Along with your other potential sources of retirement income, including
government-sponsored benefits and your personal savings, this Plan will help you towards your financial future.
The Plan is voluntary, registered, Defined Contribution pension plan available to all Full Time and Part Time No Frills
employees, excluding store owners.
No Frills has designated The Canada Life Assurance Company (“Canada Life”) to act as the administrative agent of the Plan.

Pension Plan
Highlights Contributions to the Plan
 Participation in the Plan is voluntary*.
Your contributions:
 If you’ve met the eligibility requirements and decide to join
Based on an hourly rate (specific to your store) and your years
the Plan, you must make contributions to the Plan. of employment. Note that the contribution rates are typically
 Your No Frills store (“the Store”) will match 100% of your
between $0.10/hour to $0.40/hour.
contributions to the Plan (subject to provincial vesting Store’s contributions:
legislation). Match 100% of your contributions to the Plan. The Store’s
 Both your contributions and the Store’s contributions are contributions to your account are subject to vesting
directed to your Plan account. requirements in accordance with provincial pension
 You choose how your Plan account is invested from a range legislation.
of investment options. Note that any contributions to the plan will reduce your RRSP
 Investment earnings accumulate in your Plan account on a room in the following year. To find out your available RRSP
tax-free basis until you (or your spouse or designated room, check your Notice of Assessment provided by the CRA.
beneficiary) begin to receive income upon retirement,
termination, or death. Income Tax Limits
 The amount available for your retirement depends on the The Income Tax Act restricts the amount of money that can
total amount of contributions made by you, the Store and be contributed to the Plan each year. This includes both your
the investment returns earned on the total contributions. contributions and the Store’s contributions. Based on the
*If you’re employed in the province of Manitoba, pension provisions of the Plan, these limits are not applicable to you.
legislation requires that you join the Plan once you’ve met Investment Options
certain eligibility criteria You decide how your Plan account is invested by selecting
Eligibility to join the Plan from the investment options available to you. You can select
You are eligible to join the Plan after you have completed your investments by accessing your account on Canada Life’s
two years of continuous employment at your Store and have Plan member website (www.grsaccess.com).
attained one or both of the following criteria (depending on If you do not make a selection, your Plan account will
your province of employment and whether you are a full time automatically be invested in the Fidelity ClearPathTM
or part time employee) during two consecutive calendar Retirement Portfolio target-date fund which targets a
years: retirement date nearest the date you turn age 65.
• Earnings of at least 35% Years Maximum Pensionable
Earnings (YMPE). Detailed information about the investment options available
to you can be found on Canada Life’s Plan member website
• 700 hours worked. (www.grsaccess.com).
Speak to your store owner to determine which of the above
criteria apply to you.
Store owners are not permitted to participate in the Plan.

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No Frills
Employees Retirement Plan
Changing your investments or transferring Plan Enrollment
assets between investment options Once you become eligible to join the Plan, you will receive a
task in Workday to enroll. You will have 30 days to complete
You may change the investment of future contributions or
the task. After 30 days, you may enroll in the Plan at any time
transfer your existing assets between investments options at
by initiating a benefit event change in Workday.
any time through your online account on the Canada Life’s
Plan member website (my.canadalife.com/sign-in). For more After enrolling in Workday, a Plan account will be set up for
information or if you need help setting up your account, you automatically with Canada Life. You will receive an email
please contact Canada Life at 1-800-724-3402. 1-2 weeks after enrolling giving you the information required
to access your account online.
If you terminate employment
Contact your store owner or bookkeeper if you have further
If you terminate employment, you are entitled to the balance
questions about plan enrolment.
in your Plan account.
Your options for your Plan account balance will be to: Manage your Account Online
 Transfer your Plan account to a Locked-In Retirement As a Plan member, you’ll be able to manage your
Account (“LIRA”) with another financial institution; account online using GRS Access which is Canada Life’s plan
 Transfer your Plan account to a LIRA with Canada Life member website (my.canadalife.com/sign-in).
which allows you to maintain your account with the same
Through this website you’ll be able to:
investment options;
• View your personal account information and
 Transfer your Plan account to your next employer’s
current investments
pension plan (if that plan permits such a transfer); or
 Use your Plan account to purchase a deferred annuity • Find information about the investment options
from a life insurance company. available to you
• Change investment direction for future contributions
If you terminate employment and are eligible • Transfer existing assets between available investment
to retire (Age 55 and older): options
If you are retirement eligible, you are entitled to the
Key Pension Terms
options above plus the additional option to use your Plan
Annuity: a guaranteed payment that can be purchased from
account to purchase:
an insurance company.
 a Life Income Fund (LIF) with another institution, in Life Income Fund: a tax-sheltered vehicle that is used to
accordance with applicable legislation: or, generate retirement income.
 an immediate or deferred annuity from a life insurance Locked-In: funds must be set aside for retirement in a
company. prescribed vehicle. The balance cannot be withdrawn as a
lump-sum.
In the event of your death Locked-In Retirement Account (LIRA): like an RRSP but with
If you die before retirement and have a spouse at the time of
your death, they may: certain restrictions. The funds must remain in your account
 Transfer your Plan account to a LIRA with another until age 55, after which you can convert it to a Life Income
financial institution; Fund (LIF) or use it to purchase an annuity.
 Transfer your Plan account to their employer’s pension Spouse: the person to whom you are legally married, or a
plan (if that plan permits such a transfer); common-law spouse (as defined by pension legislation in
 Use the Plan account to purchase an immediate or your province).
deferred annuity from a life insurance company; or,
 Withdraw the Plan account in cash, less withholding
taxes, if allowed under applicable legislation.
If you do not have a spouse, your beneficiary (or estate, if no
beneficiary has been designated) will receive the Plan account
in cash, subject to applicable withholding taxes.

The Plan will be administered in accordance with the official Plan text, the Company’s administrative policies and applicable legislation. Every effort has been made to
accurately reflect the terms of the Plan; however, in cases where there is an error or conflict between this summary document and the official Plan text or administrative
policies, the Official Plan text, administrative policies, and applicable legislation will govern. The Plan is registered in the Province of Ontario (Registration Number:
1137181).