SPP – NOW LIMITLESS
NO TRANSFER-IN LIMITS. NO CONTRIBUTION CAPS.
Using SPP for your employee’s pension? Your plan just got even better! SPP has gone limitless. No transfer-in limits. No contribution caps.
If members have available RRSP room, they can contribute however much they want (within RRSP limits), whenever they want, with the same flexible and easy-to-use payment options!
Review/Update Your Contributions10 FACTS ABOUT SPP
- People between 18 and 71 years of age can join
- May pay less in taxes each year with this tax-sheltered investment
- Choose how often and how much you want to contribute
- No minimum and no maximum contributions*
- Contribute using lump sums, automated withdrawals, or by credit card
- Historical returns of 8%** with less than 1% management fees
- Transfer up to your SPP individual pension plan from other unlocked registered retirement investments***
- Your spouse can contribute to your account****
- Begin receiving pension income anytime from age 55 to December of the year you turn 71***
- Received income is eligible for the Pension Income Tax Credit and Pension Splitting.
*Within available RRSP limits.
**Past performance does not guarantee future results.
***Funds are locked in until age 55.
****Provided they have RRSP contribution room.
SPP contributions are locked in and earn interest until you start collecting funds as pension income. The Plan provides a number of options for receiving pension income depending on your readiness to retire and financial plans.
Download the complete guide with all the information you need about SPP membership and how you can join.
Membership Guide
CHOOSE THE RIGHT INVESTMENT OPTION FOR THE FUTURE YOU
There’s a fund that’s right for you and your preferred approach to investing. Find out which option fits you.
Learn about Balanced and Diversified Income Fund.
*Past performance does not guarantee future results.
WEALTH CALCULATOR
CALCULATE YOUR SPP WEALTH GROWTH IN SECONDS
Use our Wealth Calculator to get an idea of how much you could potentially save for your retirement if you started now.
TRANSFERRING MONEY FROM OTHER INVESTMENTS TO SPP
You can transfer into your SPP account from existing unlocked RRSPs, RRIFs, DPSPs and unlocked RPPs. Learn how easy it is to transfer.*
*Funds are locked in until age 55.
REDUCE YOUR TAX IN RETIREMENT WITH PENSION INCOME CREDITS
When it comes time to start collecting your pension, the first $2,000 is eligible for a Pension Income Credit if your investment remains with SPP as an annuity, or is transferred to a Prescribed Registered Retirement Income Fund (PRRIF). Learn more about the options for collecting your pension after the age of 55.
Learn MoreSTART BUILDING WEALTH FOR YOUR FUTURE RIGHT NOW!
WHAT’S YOUR PLAN?
SIGN UP FOR YOUR FUTURE TODAY.
Simply fill out your information in this form or call us at 1-800-667-7153 and take the first step toward a more comfortable future.
Frequently Asked Questions
Can I take my money out of SPP?
SPP is a locked-in pension plan which means your contributions must stay with the Plan until you are at least 55 years old. In the event of your death, the money in your account will be paid to your beneficiary.
Members may receive a refund of their account if they change their mind within 60 days of their date of application or their first contribution, whichever is later.
What is the difference between SPP and an RRSP?
SPP follows the same income tax deferral rules as an RRSP, but SPP is locked-in until age 55. Once you start collecting SPP annuities they are eligible for the Pension Income Tax Credit (you may be able to claim up to $2,000).
You record your SPP contribution tax receipts the same way you would record a regular RRSP contribution tax receipt. Under tax rules contributions to SPP can be used as repayments to the Home Buyers Plan (HBP) and the Lifelong Learning Plan (LLP) – However, withdrawals are not permitted for this purpose.
How much can I contribute to SPP?
SPP regulations have been amended to remove the limits. Members can now contribute within their RRSP contribution room. There are no yearly minimums, and no obligation to contribute on a set schedule. In addition, you can Transfer-In from existing unlocked RRSPs, RRIFs, RPPs, and DPSPs.
Do I have to contribute the same amount each year?
There is no minimum contribution. SPP is designed to be very flexible and to accommodate your individual financial circumstances. How often you contribute is entirely up to you.
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