Frequently Asked Questions

All Your Need-to-Knows Are Below

Frequently Asked Questions

All Your Need-to-Knows Are Below

Popular Questions

Does SPP offer online access to member accounts?

Yes, MySPP is a portal which allows contributing members and members who are receiving a pension payment from us to access their account online.

Members are able to view their contact, beneficiary, power of attorney information, account balance or pension payment information, tax receipts, T4A or NR4 forms and member statements. We will post updates when these documents are available on the announcement page as members logon to MySPP.

You can check out this quick video on how to enroll for MySPP.

What is the plan's rate of return?

The Saskatchewan Pension Plan's average return to members since inception (1986) for the Balanced Fund (BF) is 8%. The five-year average is 5.82% and the ten-year average is 7.35%. Past returns do not guarantee future results - View all Fund & Performance Info.

What is the difference between SPP and an RRSP?

SPP follows the same income tax rules as an RRSP except 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.

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.

How much can I contribute to SPP?

SPP Regulations limit members to a maximum contribution of $6,300 each year (current year plus 60 days). In addition, you can transfer up to $10,000 per calendar year from existing RRSPs and unlocked RPPs (view Transfer-In for details). There is no yearly minimum and no obligation to contribute on a set schedule.

Check out these quick video about the Transfer in deadline and Contributing to SPP.


Beneficiaries

What happens to my money when I die?

If you die before you begin receiving payments from SPP, the funds in your account are paid in a lump sum to whomever you have named as beneficiary. If you die after you retire, the death benefits are paid out according to the pension option selected.

If you name your spouse as beneficiary of your account, Canada Revenue Agency (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.

Can I change my Beneficiary?

Contributors to SPP may change their beneficiary at any time by notifying the Plan in writing. If you retire under the Refund Life Annuity, you may also change the beneficiary at any time. Visit Member Services to download a Change of Beneficiary Form

Check out these quick video about Beneficiaries changes for contributing members and Beneficiaries changes for retired members.


Contributions

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.

How much can I contribute to SPP?

SPP Regulations limit members to a maximum contribution of $6,300 each year (current year plus 60 days). In addition, you can transfer up to $10,000 per calendar year from existing RRSPs and unlocked RPPs (view Transfer-In for details). There is no yearly minimum and no obligation to contribute on a set schedule.

Check out these quick video about the Transfer in deadline and Contributing to SPP.

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.

How do I make my contribution?

Contributions can be made in a number of ways: through online banking; directly from your bank account using the PAC system on the 1st or 15th of the month; at your financial institution using a contribution form; mailing it to the SPP office in Kindersley; or using your VISA or MasterCard online.

Is my spouse able to make contributions on my behalf?

Spousal contributions are permitted. Contributions you make to a spouse or common-law partner's account reduce your RRSP deduction limit. The total amount you can contribute for a given tax year cannot be more than your RRSP contribution limit.

Contribution and PAC forms have a section to designate contributions for spousal deduction. Visit Member Services to find the appropriate Account Forms.

Check out this quick video about Spousal contributions to SPP.

How much of my contribution can I claim as a yearly RRSP tax deduction?

When it comes to contribution limits, SPP rules and tax rules are often confused. SPP Regulations limit members to a maximum of $6,300 each year (current year plus 60 days).

CRA sets the rules as to when contributions are receipted and claimed for tax purposes. Even though the SPP limit is $6,300, there is the potential to have tax receipts totalling greater than $6,300 for a tax year. Here is an example:

DateContribution AmountSPP YearTax Year
January 31, 2020$6,30020192019
February 28, 2020$6,30020202019

The member made two contributions in the first 60 days of the year and will receive tax receipts totalling $12,600 to report on their 2019 tax return.

Check out this quick video about Why is your Notice of Assessment important?

What are the implications of contributing to SPP if you live outside of Canada?

Even if you are a non-resident of Canada, you may be eligible to contribute to SPP as long as you still have RRSP contribution room. The issue is if you are no longer filing income tax returns in Canada, you won't be able to receive the tax deduction and resulting tax benefit from these contributions. However, the contributions would allow your pension account to grow as a tax sheltered savings tool for retirement.

When it comes time to retire from SPP the pension income is taxable and will be subject to non-resident withholding taxes. These differ depending on your country of residence. Either way, as a non-resident, you are still able to receive your SPP pension income.


Fund & Performance Info

Looking for information about investment term?

Check out our investment terms playlist.

What is the plan's rate of return?

The Saskatchewan Pension Plan's average return to members since inception (1986) for the Balanced Fund (BF) is 8%. The five-year average is 5.82% and the ten-year average is 7.35%. Past returns do not guarantee future results - View all Fund & Performance Info.

Who will invest my money?

SPP has independent, professional money managers. The funds are invested in a diversified portfolio of high-quality investments to ensure a competitive rate of return. Your investments are monitored regularly.

Leith Wheeler Investment Counsel Inc. and TD Greystone Asset Management are the Plan investment managers.

Are there Fund Facts available?

Yes, we have Fund Facts for Balanced Fund (BF), Diversified Income Fund (DIF) and Short-Term Fund (STF). Fund Facts are easy-to-read documents designed to help you better understand the basic features of our funds and compare their differences.

Balanced Fund (BF) Facts

Diversified Income Fund (DIF) Facts

Short-Term Fund (STF) Facts

Check out this quick video about SPP portfolio and Fund Fact.


Pension Payments

Looking for more information about SPP retirement?

Check out our retirement playlist.

Do I have to wait until I retire to start collecting pension payments?

No. You can start collecting an SPP pension anytime between the ages of 55 and 71 regardless if you're retired from working. Once you start collecting pension payments you can no longer make contributions to SPP – Learn more about collecting pension payments.

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.

Can I transfer my pension out?

Between the ages of 55 and 71, one of the options available is to transfer to either a Prescribed Registered Retirement Income Fund (PRRIF) or a Locked-in Retirement account (LIRA) with another financial institution. Visit How to Collect for more information.

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.


MySPP Account

Does SPP offer online access to member accounts?

Yes, MySPP is a portal which allows contributing members and members who are receiving a pension payment from us to access their account online.

Members are able to view their contact, beneficiary, power of attorney information, account balance or pension payment information, tax receipts, T4A or NR4 forms and member statements. We will post updates when these documents are available on the announcement page as members logon to MySPP.

You can check out this quick video on how to enroll for MySPP.

What should I expect while using MySPP?

MySPP is a secure tool allowing members to access information about their account; contributions and address changes may not be reflected immediately. If you have submitted a change of account information or a contribution please allow up to five business days for our staff to apply the information to your account.

We intend that MySPP will be available 24 hours day; however we may have to perform maintenance on our servers which may require minimal scheduled outages.

You can check out this quick video about what you will find on MySPP.


SPP & My Taxes

What is the difference between SPP and an RRSP?

SPP follows the same income tax rules as an RRSP except 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.

Who can use my SPP contribution for a tax deduction?

SPP contributions may be claimed by you or your spouse within CRA guidelines. The person using the contribution as a tax deduction must have available RRSP contribution room.

Check out this quick video about Tax deductibility of SPP.

When will I get my tax receipt?

Receipts for contributions made between March 1 and December 31 are issued in early January. Receipts for contributions made in the first 60 days of the year are issued regularly throughout that period.


Join SPP

Looking for more information about retirement savings?

Is there a trial period in case my circumstances suddenly change?

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 information is needed to apply?

Personal contact details, name of a beneficiary, social insurance number, and proof of age documentation (e.g. photocopy of birth certificate, driver’s license, or passport).

When and how much can I contribute?

There is no set contribution schedule or minimum amount to invest, but SPP regulations limit members to a maximum of $6,300 each year. You can also transfer up to $10,000 per year from an existing RRSP or unlocked RPP.


STILL HAVE QUESTIONS? WE WANT TO HEAR THEM.

Contact SPP Call 1-800-667-7153