Address Changes
How do I change my address online?

Beneficiaries
What happens to my money when I die?
Who can I name as beneficiary?
Can I change my beneficiary?

Contributions
How do I make my contribution?
Do I have to contribute the same amount each year?
Why is the contribution limit only $600?
Can I transfer money into SPP?

Pension Payments
How much will my pension payment be?
Can I transfer my money out?
Can I get my money out in a lump sum?
Which annuity do people usually choose?
Will my monthly pension ever change?

Rate of Return
What is the Plan's rate of return?
Who will invest my money?

Retirement
Do I have to wait until I’m 65 to retire?
Do I have to retire at 65?

Tax information
Who can use my SPP contribution for a tax deduction?
When will I get my tax receipt?

Withdrawals
Can I take my money out of SPP?

Address Changes
How do I change my address online?
You can change your address online by completing this form.

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Beneficiaries
What happens to my money when I die?
If you die before you begin receiving payments from SPP, the funds in your account are paid in a lump sum to whomever you have named as beneficiary. If you die after you retire, the death benefits are paid out according to the pension option selected. See our Annuity Options page for more information.

Who can I name as my beneficiary?
You may name whomever you wish as beneficiary. Click here for additional information about naming a beneficiary.

Can I change my beneficiary?
While you are contributing to SPP you may change your beneficiary at any time by notifying the Plan in writing. If you retire under the Refund Life Annuity, you may also change the beneficiary at any time. Click here to down load a Change of Beneficiary Form.

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Contributions
How do I make my contribution?
Contributions can be made directly from your bank account using the PAC system on the 1st or 15th of the month; at your financial institution using a contribution form; using your VISA or MasterCard; through telephone banking; or by mail to the Plan office in Kindersley. SPP also provides the option to make your contribution on-line using your VISA or MasterCard.

Do I have to contribute the same amount each year?
SPP is designed to be very flexible and to accommodate your individual financial circumstances. There is no minimum contribution. Even contributing $10 per month will build your SPP account and provide you with additional pension at retirement. The maximum contribution is $600 per plan year.

Why is the contribution limit only $600?
The rules for contribution limit and tax deduction are set out in The Income Tax Act (Canada) and were established in 1986 when the Plan was created. Several requests to increase the contribution limit have been directed to the federal department of Finance. SPP will continue making this request in the future.

Can I transfer money into SPP?
SPP is unable to accept transfers from other pension funds or RRSPs.

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Pension Payments
How much will my pension be?
The amount of your monthly payment will depend on which annuity option you choose, your age at retirement, your account balance and the interest and annuity rates in effect when you retire. SPP can provide a personal pension estimate for you if you call the toll-free line at 1-800-667-7153.

Can I transfer my money out?
At retirement time, one of the options is to transfer your account to a Locked-in Retirement Account (LIRA) or a prescribed RRIF with another financial institution.

Can I get my money out in a lump sum?
At retirement time, if you have a small pension benefit of $19.67 or less per month, you may choose to take your money out in cash less a 10% withholding tax (sent to Canada Revenue Agency) or transfer your account into an RRSP.

Which annuity do people usually choose?
Each retirement option is different. Each member must choose the option best for them.

Will my monthly pension ever change?
No, every month we set the interest and annuity rates according to current markets. The month you retire determines your monthly benefit for the rest of your life.

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Rate of Return
What is the Plan's rate of return?
The Plan returned an average of 8.4% to members from 1986 to 2009. The ten year average is 5.45% and the five year average is 3.8%. The highest return during that period was 21% while the lowest was -16.2%. View return history.

Who will invest my money?
SPP has independent, professional money managers. The funds are invested in a diversified portfolio of high quality investments to ensure a competitive rate of return. Your investments are monitored regularly.

Leith Wheeler Investment Counsel Inc. and Greystone Managed Investments Inc. are the Plan investment managers.

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Retirement
Do I have to wait until I’m 65 to retire?
You may retire from the Saskatchewan Pension Plan anytime between the ages of 55 and the end of the year in which you turn 71.

Do I have to retire at 65?
No, you can continue contributing to your account until you retire from SPP which can be delayed until the end of the year in which your turn 71

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Tax Information

Who can use my SPP contribution for a tax deduction?
SPP contributions may be claimed by you or your spouse within CRA guidelines. The person using the contribution as a tax deduction must have income from wages or a business.

When will I get my tax receipt?
Receipts for contributions made between March 1 and December 31 are issued in early January. Receipts for contributions made in the first 60 days of the year are issued regularly through that period. Members using the pre-authorized contribution system receive one receipt for contributions made between March 2 and December 31 and another receipt for contributions made between January 1 and March 1.

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Withdrawals
Can I take my money out of SPP?
SPP is a locked-in pension plan which means your account must stay with the Plan until you are 55 years old. In the event of your death, the money in your account will be paid to your beneficiary.

If you decide, within six months of joining SPP, that you do not wish to participate in the Plan you would be able to withdraw your contributions. After six months has passed, the funds are locked in.

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