Annuity Options

All SPP annuities pay you a monthly pension for the rest of 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). SPP annuity income qualifies for the pension income credit and for pension income splitting. 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 the rest of your life. When you die any balance remaining in your account is paid to your beneficiary in a lump sum. If you name your spouse as beneficiary of your account, CRA allows death benefits to be transferred, tax-deferred, directly to his or her SPP account or to an RRSP, RRIF or guaranteed Life Annuity. Tax-deferred transfer options are also available if the beneficiary is a financially dependent child or grandchild. Please contact SPP or CRA for further information.

Joint Survivor Annuity

The joint survivor annuity also pays you a monthly pension for the rest of 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.