VARIABLE BENEFIT NEWSLETTER
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Your Financial Year
in Review
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As 2025 winds to an end, it’s a natural time to reflect on the year behind and look forward to the year ahead. How did it go? Did you encounter any financial challenges? What can you adjust next year? What plans do you have that may require a bit more financial flexibility?
A short check-in now can give you the confidence that your SPP Variable Benefit (VB) continues to fit your goals and lifestyle through 2026 and beyond.
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Your Variable Benefit Check-in
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Not sure where to begin? Here are four simple ways to make sure your VB account continues to work for you in the year ahead.
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Take a look at how much you’ve withdrawn this year and whether it matched what you actually needed.
- Did you take more or less than expected? Have your spending needs changed?
- Maybe you’re traveling more or helping family?
You can adjust your VB payment amount and frequency for free once each calendar year; a $50 fee applies to each additional change or extra lump-sum payment. A small change now can keep your income balanced for the year ahead.
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Check your investment mix
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Your VB account continues to grow (or fluctuate) with investment returns.
- Review your current balance on MySPP to see how your balance has performed.
- Have markets changed or your comfort level shifted?
You can adjust your investment option between the Balanced Fund and the Diversified Income Fund twice per calendar year for free; a $50 fee applies to additional transfers in the same year. If changing markets are a concern, you have options!
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Your VB payments count as taxable income, so a little planning can go a long way.
- Review your total income for the year (including CPP, OAS and any other pensions) to determine which tax bracket you fall into.
- Consider income-splitting with a spouse if you qualify. If you had too much or too little tax deducted this year, you can change your VB tax withholding.
A quick check before year-end can help avoid surprises at tax time.
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As you look toward 2026, think about how your goals and lifestyle may be changing. Have your income needs shifted? Are there new priorities or opportunities on the horizon?
- Should you adjust your withdrawal frequency or amount?
- Are extra funds needed for travel, family, or other plans?
Your VB offers the flexibility to adapt to your needs and lifestyle. Make the most of it!
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Make sure your account information, like your address, phone number, beneficiary and other personal information, are up to date.
Check MySPP to review your info and contact our office if you need to make changes.
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Variable Benefit is all about flexibility. Odds are, that’s why you chose it as your preferred method to collect your pension. Once you’re in the midst of collecting, though, it can be easy to forget all the options at your fingertips.
Here’s a quick reminder of the things you can do to take full advantage of your VB pension.
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Have unlocked registered funds elsewhere that would benefit from SPP’s low MER (Management Expense Ration) and strong returns? With VB, you can transfer-in even once you’ve started collecting.
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Need a little extra? You can set up either recurring annual lump sum payments or collect a one-time lump sum at any time for any amount (less tax and applicable fees).*
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You can receive monthly payments directly to your bank account for consistent, regular income.*
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Craving extra payment predictability? You can convert your VB funds to an Annuity at any time.
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While you can begin collecting once you reach age 55, there’s no minimum payment required until the year you turn 72.
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Payments are made by the 20th of each month. Any changes you’d like to make to payment amount or frequency must be made by the 10th of the month prior.*
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For more details on the structure and features of your Variable Benefit pension, download the Variable Benefit Guide.
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*One free change to payment amount, frequency or lump sum payment is available per calendar year. A $50 fee is charged for each subsequent change or additional lump sum payment within the year.
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1 (800) 667 7153
info@saskpension.com
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