As the plan administrator of your GRPS plan, you can choose to allow your employees to update their GRSP contributions at each pay date - or not.
1. How to lock a plan
If you do not want to allow employees to update their contributions at each pay date, we recommend that you "lock your plan".
- Head to the Tab_Plans
- Click on the plan you wish to lock
- Click on the button "Lock contributions" as shown on the screenshot below.
Once you complete this task, all the employees assign to this plan will not be able to update their GRSP contribution directly from their Wealthsimple account.
You may lock and unlock plan as many times as you want and whenever you want to.
How to lock a plan
2. How to unlock a plan
- Head to the tab > Plans.
- Select the plan that you wish to unlock.
- On the right side, click on “Unlock contributions”. This means that all the employees assigned to this plan will now be able to adjust their contributions for the time the plan remains unlock. Any changes made by employees will surface on the next open pay date.
- Don't forget to lock back the plan once the change by the employee has been done!