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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