WHEN YOU’RE READY TO COLLECT

SPP Provides Flexible Options

WHEN YOU’RE READY TO COLLECT

SPP Provides Flexible Options

Collecting Your SPP Pension

To start collecting pension payments, between the age of 55 and 71, there are a few options you can consider. All the decisions that come along with the big one – retirement – can make this an overwhelming time. But don’t worry – we’ve got your back.

 

If you’re an existing SPP member, please visit Member Services.

We’ll help you explore your options and provide guidance to get you started.


WHEN IT COMES TO COLLECTING YOUR PENSION,
YOU HAVE MULTIPLE OPTIONS:

  • SPP ANNUITIES
  • TRANSFER OUT
  • COMBINATION OPTION

SPP ANNUITY: INCOME FOR LIFE

Annuities offer an income certainty that many people prefer—without the potential risk that comes with other options. You receive your pension as a monthly payment for your lifetime. The monthly pension amount is determined by a number of factors, but the amount will never go down.


TRANSFER OUT: MOVE TO ANOTHER FINANCIAL INSTITUTION

You may transfer part or all of your pension to another financial institution in the form of a Prescribed Registered Retirement Income Fund (PRRIF), Locked-in Retirement account (LIRA), or Life Annuity. These options are best discussed with the financial institution you plan to invest with.


COMBINATION OPTION: USE A MIX OF ANNUITY AND TRANSFER

Use a portion of your balance to purchase an SPP annuity, and transfer the remaining funds to a LIRA or PRRIF to ensure a guaranteed monthly payment for your lifetime while maintaining the flexibility to manage your investment and income.

START BUILDING WEALTH FOR YOUR FUTURE RIGHT NOW!

Join SPP Member Requirements

Frequently Asked Questions

Can I get my money out in a lump sum?

After the age of 55, if you have a pension benefit of $24.46 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.

Will my monthly pension ever change?

No. Every month we set the earnings and annuity rates according to current markets. The month you retire determines your monthly benefit for the rest of your life.

Will my SPP annuity income qualify for the Pension Income Tax Credit?

Yes, your SPP annuity payment qualifies for the Pension Income Tax Credit.


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