All SPP annuities pay you a monthly pension for your life. The amount of your monthly pension is based on your account balance, your age at retirement, interest and annuity rates in effect, and the age of your joint survivor (if applicable).

Each annuity option treats death benefits differently.

Life Only Annuity

This annuity provides you with the largest possible monthly pension for your life. When you die all payments stop.

Refund Life Annuity

This annuity pays you a monthly pension for your life. When you die any balance remaining in your account is paid to your beneficiary in a lump sum. If your beneficiary is your spouse or a dependant child or grandchild, the payment can be transferred to their SPP account, an RRSP, or a life annuity.

Joint Survivor Annuity

The joint survivor annuity also pays you a monthly pension for your life. If you choose this option you must name your spouse as survivor. When you die monthly payments continue to your spouse. If your spouse predeceases you, the payments stop with your death. Benefits are based on your age and the age of your joint survivor.

If you are considering retiring from SPP, call the toll-free line (1-800-667-7153) for an estimate of your monthly pension.