Ready to retire? We’re here to help!

Deciding you’re ready for retirement is a big deal. There’s so much to consider that it can be hard to know where to start. Don’t worry, we’ve got your back!

Make your first call to Saskatchewan Pension Plan. Our staff will answer any SPP retirement questions and provide the information you need to reap the rewards of your well-earned dream retirement!

When do I need to decide?

Retirement should be about living your dreams no matter what your age. You can start receiving benefits from the plan anytime between the ages of 55 and 71, even if you’re still employed. CRA requires your funds to be converted into retirement income no later than December of the year you turn 71.

To start receiving your benefits, contact our office at 1-800-667-7153. We’ll explore your options and provide the forms to get you started.

What are my options?

How you collect your funds is up to you. Get in touch with us and we’ll help guide you through your options.

  1. Choose an annuity from SPP and receive a guaranteed pension for the rest of your life.
  2. Transfer your funds to a locked-in account at a financial institution.
  3. Combine annuity with the transfer option.

Annuity Options


Annuities are for life! They provide a guaranteed monthly payment for your lifetime in exchange for a lump sum of money. Your monthly pension amount is determined by examining your account balance, interest rates, date the annuity is purchased, type of annuity selected, and life expectancy of the member and the member's spouse.

SPP offers three types of annuities.

Life only annuity

Get the largest possible monthly pension guaranteed for your lifetime. Payments stop when you die. There is no death benefit payable to a beneficiary.

Refund life annuity

Receive the assurance of a death benefit to your beneficiary in the event you do not receive your account balance at retirement in pension payments. If you name your spouse as beneficiary of your account, CRA allows death benefits to be transferred, tax-deferred, directly to his/her SPP non-retired 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. You may change your beneficiary any time before your death.

Joint survivor annuity

Payable for the duration of your life and your spouse’ s. Benefits are based on your age and the age of your spouse. In the month following your death, payments continue to your surviving spouse for the remainder of his or her lifetime. Continuing benefits are selected at the time of retirement as 60%, 75% or 100% of annuity payments. If your spouse predeceases you, the payments stop with your death.

Transfer Options

Between the ages of 55 and 71, you may transfer your SPP account to a Locked-in Retirement Account (LIRA), Prescribed Registered Retirement Income Fund (PRRIF) or life annuity at another financial institution, subject to a transfer fee.

LIRA

A LIRA is an account to hold pension money and is basically what your active SPP account provides, except you cannot make further contributions. If you do not need income, a LIRA allows you to manage your money personally until you choose a retirement option. Funds remain tax sheltered until transferred to a life annuity or PRRIF. The LIRA is only available until the end of the year in which you turn 71.

Prescribed RRIF

A PRRIF is a retirement option that provides annual income. You maintain control of the investments, and investment earnings continue to accumulate on a tax-sheltered basis. CRA determines the minimum amount an individual must take as income each year, but there is no maximum. Funds withdrawn are taxable income in the year received.

Life annuity

This type of annuity is purchased from another financial institution. Payments must be guaranteed for life by the issuer and cannot be paid out in a lump sum.

Compare retirement options

Annuities

  • Members cannot outlive money
  • Provides guaranteed, stable income for your lifetime
  • SPP manages the investment decisions
  • No additional fees

LIRA

  • Ongoing investment decision required
  • Tax sheltered
  • No contributions or withdrawals
  • Holder assumes market risks and your account balance can increase or decrease depending on investments, choices and market volatility
  • May be subject to commissions, investment or management fees

PRRIF

  • Ongoing investment decisions required
  • Funds are tax sheltered until received as income
  • Flexibility in annual income
  • May outlive your money
  • Holder assumes market risks and your account balance can increase or decrease depending on investments, choices and market volatility
  • May be subject to commissions, investment or management fees

Combination Options

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.

Lump Sum

If your account balance is small, you may be able to receive a lump sum payment instead of monthly payments.

Small pension payout is available to retiring members whose monthly pension is less than $23.04.

If you qualify under this option, you can choose to have the funds paid directly to you, less withholding tax, or it can be transferred to an RRSP or RRIF at another financial institution. The small pension amount may change on January 1 each year.

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