Effective December 7, 2010, the annual maximum SPP contribution was raised from $600 to $2,500. This applies to the 2010 tax year.
This increase allows members to make their SPP account a much more significant part of their overall retirement strategy. For example, with the new contribution limit and the Plan's historic average rate of return of 8%, a member who is eligible to contribute for the next 30 years could potentially realize about $294,000 at retirement.
It is important to note that the other key benefits for members do not change. The Plan is:
Please note that SPP contributions are now subject to RRSP contribution rules.
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