I work for a small business that currently offers no retirement plan. A few of my coworkers and I are more or less couch potato investors, but we each manage our own self-directed RRSPs or mutual fund RRSPs. Given that we're all of the same mindset, we would like to pool our funds to save costs and make it easier to diversify our investments. How can we pool our tax-deferred investments?
One of our ideas was to form an investment club that was completely independent of the company, but I don't know what we have to do to be able to hold investment club units inside an RRSP.
We also considered forming some type of defined contribution pension plan managed by the company, but my concern was that the overhead costs of that would eliminate the benefits of pooling our funds. Also at least one person would prefer not to do tax deferral.
There are about 5 of us who are talking about this. Our company is has about 15 employees, and I bet at least another 5 employees would participate if we implemented something.
I apologize if my question is kind of vague, but is there any ideas on how we can accomplish our goals? Thanks!