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RPA1 EXAM Questions and Answers (latest version
verified for accuracy) | 2026\2027 Latest!! (Verified
Answers) Study Guide
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Terms in this set (206)
Registered Pension Plan refers to an arrangement offered by an employer or
union to provide retirement benefits to plan members
in the form of periodic payments during retirement.
Defined benefit (DB) pension plan refers to a registered pension plan that provides
benefits based on the plan member's years of service
and earnings.
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Defined contribution (DC) pension refers to a registered pension plan that provides
plan benefits based on the amount accumulated in the
plan member's account from the contributions made
by the employer and the employee, if it is a
contributory plan.
Career average or final earnings plan refers to the formula used to determine the retirement
benefits to be provided from a defined benefit
pension plan. A formula based on career average
earnings will base payments on the average annual
earnings spanning the employee's career as a plan
member; whereas a final earnings plan will base the
payments on the final years of service (typically 3-5
years).
Multi-employer pension plan (MEPP) refers to a plan to which two or more, usually non-
affiliated, employers contribute. Employers who are
part of the MEPP, allow employees to benefit from
pension entitlement that is based on the aggregate of
pension credits earned while employed with various
employer members of the plan.
Target benefit plan refers to a type of pension plan that is designed to
provide a defined benefit but is similar to a defined
contribution plan in that it has fixed contributions.
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Adequacy refers to the target level of retirement income to be
provided through an employer plan, that is intended
to supplement government programs and individual
savings to provide employees with a reasonable
income during retirement.
Equity refers to pension plans being equitable among
members with different employment histories;
however, several different concepts of equity exist.
Year's maximum pensionable earnings refers to the year's maximum pensionable earnings, as
(YMPE) defined under the Canada Pension Plan (CPP).
Bridge benefits refers to special benefits provided to pension plan
member's who take a reduced pension, prior to
reaching age 65. This payment supplements the
pension benefits until the plan member is eligible to
start receiving CPP or QPP retirement benefits.
Capital accumulation plan (CAP) refers to a tax-assisted registered savings plan that
offers a level of flexibility to plan members for making
investment decisions. Typically, with DC pension
plans, Group RRSPs and DPSPs, the employer will
offer options to employees with regards to the
investment of plan assets. This allows plan members to
take increased risk or invest more conservatively,
depending on their individual risk tolerance and
objectives.
Pension credit refers to a non-refundable tax credit that is applied to
the first $2,000 of eligible pension income that an
individual receives each year. The taxpayer can claim a
tax credit of the minimum federal tax rate (15%) of the
first $2,000 of pension income, for a maximum amount
of $300, regardless of the age of the taxpayer, or
minimum age of 65 for RRSPs, DPSPs and RRIFs.
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RPA1 EXAM Questions and Answers (latest version
verified for accuracy) | 2026\2027 Latest!! (Verified
Answers) Study Guide
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (206)
Registered Pension Plan refers to an arrangement offered by an employer or
union to provide retirement benefits to plan members
in the form of periodic payments during retirement.
Defined benefit (DB) pension plan refers to a registered pension plan that provides
benefits based on the plan member's years of service
and earnings.
https://quizlet.com/1196355239/rpa1-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest-verified-answers-study-guide… 1/30
,7/25/26, 9:17 AM RPA1 EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Verified Answers) Study Guide Flas…
Defined contribution (DC) pension refers to a registered pension plan that provides
plan benefits based on the amount accumulated in the
plan member's account from the contributions made
by the employer and the employee, if it is a
contributory plan.
Career average or final earnings plan refers to the formula used to determine the retirement
benefits to be provided from a defined benefit
pension plan. A formula based on career average
earnings will base payments on the average annual
earnings spanning the employee's career as a plan
member; whereas a final earnings plan will base the
payments on the final years of service (typically 3-5
years).
Multi-employer pension plan (MEPP) refers to a plan to which two or more, usually non-
affiliated, employers contribute. Employers who are
part of the MEPP, allow employees to benefit from
pension entitlement that is based on the aggregate of
pension credits earned while employed with various
employer members of the plan.
Target benefit plan refers to a type of pension plan that is designed to
provide a defined benefit but is similar to a defined
contribution plan in that it has fixed contributions.
https://quizlet.com/1196355239/rpa1-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest-verified-answers-study-guide… 2/30
, 7/25/26, 9:17 AM RPA1 EXAM Questions and Answers (latest version verified for accuracy) | 2026\2027 Latest!! (Verified Answers) Study Guide Flas…
Adequacy refers to the target level of retirement income to be
provided through an employer plan, that is intended
to supplement government programs and individual
savings to provide employees with a reasonable
income during retirement.
Equity refers to pension plans being equitable among
members with different employment histories;
however, several different concepts of equity exist.
Year's maximum pensionable earnings refers to the year's maximum pensionable earnings, as
(YMPE) defined under the Canada Pension Plan (CPP).
Bridge benefits refers to special benefits provided to pension plan
member's who take a reduced pension, prior to
reaching age 65. This payment supplements the
pension benefits until the plan member is eligible to
start receiving CPP or QPP retirement benefits.
Capital accumulation plan (CAP) refers to a tax-assisted registered savings plan that
offers a level of flexibility to plan members for making
investment decisions. Typically, with DC pension
plans, Group RRSPs and DPSPs, the employer will
offer options to employees with regards to the
investment of plan assets. This allows plan members to
take increased risk or invest more conservatively,
depending on their individual risk tolerance and
objectives.
Pension credit refers to a non-refundable tax credit that is applied to
the first $2,000 of eligible pension income that an
individual receives each year. The taxpayer can claim a
tax credit of the minimum federal tax rate (15%) of the
first $2,000 of pension income, for a maximum amount
of $300, regardless of the age of the taxpayer, or
minimum age of 65 for RRSPs, DPSPs and RRIFs.
https://quizlet.com/1196355239/rpa1-exam-questions-and-answers-latest-version-verified-for-accuracy-20262027-latest-verified-answers-study-guide… 3/30
