VARIABLE BENEFIT NEWSLETTER
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40 years strong
thanks to you
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SPP is celebrating 40 years of helping members build retirement income. Thank you for trusting SPP with your savings and your retirement. From the beginning, our focus has been clear: to give everyone access to a pension and the comfortable retirement they deserve. Our commitment to helping you enjoy your retirement continues in 2026.
Your commitment adds up. With more than 32,000 members and over $900 million in assets, SPP is the 22nd largest defined contribution plan in Canada. Together, we’re building retirement security that’s strong and stable, so you can face the future with confidence.
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Variable Benefit (VB): Your key to flexible retirement income
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With SPP’s VB, you shape your retirement income to fit your lifestyle and needs. You decide how much to withdraw while your remaining funds continue to be invested, balancing flexibility with long-term growth.
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2025 returns as of December 31st
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Both funds have a target Management Expense Ratio (MER) below 1%, keeping more of your money working for you.
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What can I do with my Variable Benefit account?
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Variable Benefit gives you the flexibility to collect what you want, when you want. How you choose to decumulate is up to you!
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Set up monthly and/or lump-sum payments
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Choose whether you want monthly and/or lump sum payments deposited directly to your bank account.
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Make one-time withdrawals
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Need extra during the year? Whether you receive a monthly and/or a lump sum payment, you can call us to request a Payment Schedule Change form or download it from the SPP website. Once we receive your completed form, we’ll process your request.
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Move money between SPP funds
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Adjust your investment between the Balanced Fund and/or the Diversified Income Fund to align with your goals and your comfort level. You have two fund transfers at no cost each calendar year; a $50 fee applies to additional interfund transfers in the same year.
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Transfer in from other registered plans
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Grow your VB account by moving unlocked funds from RRSPs and RRIFs to SPP. Transfers from RPPs and DPSPs may also be available. Please contact us for details.
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Switch to an annuity at any time
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If you want steady, predictable income for life, you can convert your VB account to an SPP annuity. Our office is happy to provide more information if you’re considering this option.
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Payment dates and changes
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Your VB payments are deposited to your bank account by the 20th of each month. To change your payment, submit your request to SPP by the 10th of the month prior to the requested payment month. You can find the Payment Schedule Change form on the SPP website, or call SPP to request a copy.
You receive one free payment change each calendar year. A $50 fee applies to each additional change or extra lump-sum payment.
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If you received SPP payments in 2025, your T4A slip will be mailed to you and also available on MySPP. Your T4A shows any taxable benefits and income tax withheld in 2025. SPP income is taxable to the person named on the T4A.
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Freedom to retire on your terms
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Get a head start now to reduce stress and maybe save money at tax time. With the Variable Benefit (VB), you plan retirement on your terms. Here are some ways to make the most of your retirement years.
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Create a balanced routine that includes physical activity, social connection, and mental stimulation. Start with activities you enjoy and add variety over time to keep it fresh.
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Try new things (or reconnect with old favourites)
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Revisit long-lost hobbies or start a new passion. Join a local group, take a class, or return to something you loved.
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Make time for purposeful engagement
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If work brought you a sense of purpose, too much downtime may feel unfulfilling. Volunteering, mentoring, or occasional consulting can provide purpose without adding stress.
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Be mindful about sharing your wealth
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Protect your financial well-being. A quick check on MySPP will keep you up to date on your SPP balance.
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Welcome to our new CEO, Chad Hilton!
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As Shannan retires from her role as Executive Director, she and the Board are excited to welcome Chad Hilton as CEO. With more than 20 years of leadership experience in financial services, including roles as Regional Vice President at BMO and senior leadership at CIBC, Chad brings deep expertise and a member-centric focus to guide SPP through its next stages of growth.
We look forward to SPP’s continued success under Chad’s leadership and thank Shannan for her service and dedication to SPP. Welcome Chad!
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BACK: Kimberley Grainger, Dayo Ayanwale, Alycia Bitz FRONT: Rebecca Phillips, Laura Murphy, Jeannette Mesalucha, Grace Tan
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Our team is evolving and we’re excited to share a few updates. Join us in welcoming new colleagues and celebrating familiar faces in new roles while still providing the same member-first focus. The Member Service team welcomed Laura Murphy as a Member Service Representative and Grace Tan advanced to Member Service Officer.
Within the Pension Services team, Alycia Bitz transitioned to Pension Benefits Officer. Jeannette Mesalucha and Rebecca Phillips joined as Retirement Officers.
Finance welcomed Dayo Ayanwale as a Senior Financial Investment Officer.
Kimberley Grainger has been with SPP for over 12 years, most recently as Senior Pension Benefits Officer. In her new role as Manager of Pension Services, she’ll use her sharp attention to detail and her dedication to great service to lead Pension Services and help ensure accurate, timely service for members and the Plan.
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SPP is pleased to add a new fund manager, increasing our portfolio diversification.
Effective December 31, 2025, HarbourVest Partners, LLC, will join as our fifth investment manager, overseeing a private equity allocation representing 7.5% of the Balanced Fund. This move supports our commitment to maintaining strong, steady growth for your retirement savings while also working to keep your investment journey as smooth as possible.
We look forward to what this new partnership will bring for our members’ long-term financial security.
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Get a head start now to reduce stress and maybe save money at tax time.
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Split up to 50% of eligible pension income with your spouse or partner. For SPP VB recipients, this can start the year you turn 65. It can lower household taxes, reduce Old Age Security clawbacks, and improve eligibility for credits.
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If you’re 65 or older with income under $102,925, you may claim the federal Age Amount credit, worth up to $1,354. Any unused portion can be transferred to your spouse or partner.
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Claim a non-refundable tax credit for the portion of eligible medical expenses that exceeds the lesser of 3% of your net income or $2,834.
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If you receive eligible pension income, the first $2,000 each year qualifies–worth up to $300 in federal tax savings, plus an additional provincial credit in many provinces.
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With the VB, you choose how much to withdraw and when. That gives you more control over your annual income and, in turn, your tax bracket. Remember that there is a minimum annual withdrawal starting at age 72.
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Note: Your specific circumstances may vary. To determine which tax credits you’re eligible for, talk to a qualified tax professional.
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*VB payments only qualify once you turn 65 or if payments are received due to the death of a spouse or partner.
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(breakdown for each fund portfolio)
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Grow your savings steadily with careful risk management by investing in a diversified mix of investments
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Provide a low-risk option that pays regular income from a mix of investments
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Equities, real estate, infrastructure, bonds, and mortgages
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Canadian short-term investments, bonds, and mortgages
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40% equities, 60% real estate, infrastructure, bonds, and mortgages
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50% short-term 50% combined bonds and mortgages
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View your annual statements, tax slips and account balance. You can also confirm your contact and beneficiary information and update your communications preferences.
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An Enduring Power of Attorney (EPA) allows you to name one or more trusted individuals to manage your finances and property if you are unable to do so. When SPP has your EPA on file, we can communicate with your designated attorney(s) and act on allowable instructions to keep your account running smoothly and in line with your wishes.
To ensure your account information remains up to date, consider providing SPP with a copy of your EPA.
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Help us get back in touch
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Life takes us to new places, and it’s tough to keep contact information up to date. If you recognize a name below and know how to reach them, please contact SPP so we can keep them informed about their plan.
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The Tho Bao
Donald M Cambell
Lawrence J Gabriel
Kathleen I Jackson
Sharron M Miller
Phillip Ng
Lois A Renner
Barbara E Smith
Pamela Louise Staples
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Phyllis A Bingham
Wendy L Hillmer
Jocelyn R LaRocque
Elaine M J Beattie
Barbara L Bourassa
Donna L Kulach
Tie Nan Ma
Sarah Poblette
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1 (800) 667 7153
info@saskpension.com
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