Group Plans
In group RESPs (otherwise known as Group Scholarship RESPs), individual contributions are pooled with those of other contributors. In a pooled group plan, the interest that is left behind from cancelled RESPs gets paid out with the matured plans. This excess "interest" is also called attrition.
Read more about this topic: Registered Education Savings Plan
Famous quotes containing the words group and/or plans:
“The trouble with tea is that originally it was quite a good drink. So a group of the most eminent British scientists put their heads together, and made complicated biological experiments to find a way of spoiling it. To the eternal glory of British science their labour bore fruit.”
—George Mikes (b. 1912)
“In preparing for battle I have always found that plans are useless, but planning is indispensable.”
—Dwight D. Eisenhower (1890–1969)