Innovative addition to the Canadian retirement landscape delivers long sought-after solution for the physician community
Toronto, May 30, 2023 – Today, the Medicus Pension Plan™, Canada’s first and only multi-employer pension plan designed exclusively for incorporated physicians, opened to a limited number of physicians. Established by Scotiabank and MD Financial Management Inc. (MD), the Medicus Pension Plan provides incorporated physicians with all the benefits of a multi-employer pension plan — including predictable lifetime retirement income and financial protection for their families — along with an expert focus on the unique needs of Canada’s physicians.
“The Medicus Pension Plan represents the next evolution in financial peace of mind for incorporated physicians and their families,” said Simone Reitzes, Managing Director of the Medicus Pension Plan. “Providing access to this long sought-after pension plan will offer a sense of financial stability in the personal and professional lives of physicians.”
This innovative pension plan combines Scotiabank’s expertise in pensions, investments and governance with MD’s commitment to physician financial well-being. The robust governance structure mirrors that of leading Canadian pension plans, with a highly experienced Administrative Board, Plan Sponsor Committee and leadership team who work together to enable the long-term success of the plan, including oversight of plan funding and investments. Investment and longevity risks are pooled across all participating members, reducing the individual risk of each member as compared to individual retirement savings options.
In 2023, the plan is open to a limited number of incorporated physicians in Ontario, Nova Scotia, Prince Edward Island, British Columbia, Alberta and the Territories.
To register for an opportunity to join Medicus this year, or be one of the first registrants in 2024, please visit medicuspensionplan.com.
Medicus Pension Plan™ is a trademark of The Bank of Nova Scotia (Scotiabank), used under licence. Scotiabank is the sponsor of the Medicus Pension Plan, which is a registered pension plan and is registered under the Pension Benefits Act (Ontario) and the Income Tax Act (Canada). To determine if the Medicus Pension Plan is appropriate for your retirement planning needs and retirement income objectives, please consult with a financial advisor.
About MD Financial Management Inc.
With more than 50 years of physician-focused experience, MD Financial Management Inc. (MD) is dedicated to providing financial peace of mind to Canada’s physicians and their families, so they can enjoy what matters most to them while achieving their career and life goals. MD had more than $54.6 billion in assets under management as of April 30, 2023. MD Management Limited was the first of the MD Group of Companies to be founded, in 1969. MD Financial Management Inc. wholly owns MD Management Limited. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies and Scotia Wealth Insurance Services Inc. For a detailed list of the MD Group of Companies visit md.ca and visit scotiawealthmanagement.com for more information on Scotia Wealth Insurance Services Inc.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as at April 30, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.
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