Saskatchewan Pension Plan Calculator (Canada)

Pension Payout Assumptions:

• Assumed Annuity Payout Rate: 5.0% of balance per year
  3.0% 7.0%

  This rate converts your final balance into an estimated annual pension. Actual annuity rates vary.

• Projected Pension Duration: 20 Years
  10 Years 30 Years

  For illustrative total pension received calculation.

About Saskatchewan Pension Plan (SPP):

• Defined Contribution (DC) Plan: The SPP is a voluntary defined contribution pension plan. This means your pension amount at retirement depends on the total contributions made by you, plus the investment returns earned on those contributions. It is not a guaranteed amount based on salary and service.
• Voluntary Contributions: Anyone aged 18 to 71 with Canadian earned income can contribute to the SPP, regardless of where they live in Canada.
• Contribution Limits: There is an annual contribution limit, which is currently C$6,000 (subject to change by the Income Tax Act).
• Investment: Contributions are pooled and invested by professional money managers. SPP offers a balanced fund approach.
• Retirement Options (Pension Types): At retirement (as early as age 55, or as late as age 71), members typically have several options for converting their accumulated balance into retirement income:
  • Life Annuity: Provides a guaranteed monthly income for life. The amount depends on your accumulated balance, age, gender, and prevailing annuity rates at the time of purchase.
  • Variable Benefit Payment: Allows for flexible withdrawals directly from your SPP account, subject to minimum and maximum annual withdrawal limits. The capital remains invested.
  • Transfer to a LIF/RRIF: You can transfer your SPP balance to a Locked-in Retirement Income Fund (LIF) or a Registered Retirement Income Fund (RRIF) with another financial institution, which also provides flexible income options.
  • Lump Sum Withdrawal (limited): Under specific conditions (e.g., small balance), a lump sum withdrawal might be possible, but funds are typically locked-in to provide retirement income.
• Portability: SPP is highly portable, meaning you can contribute even if you change jobs or move provinces within Canada.

For the most accurate and up-to-date information, please refer to the official Saskatchewan Pension Plan (SPP) website or contact them directly:

• Saskatchewan Pension Plan (SPP) Official Site →
• SPP Contributions →
• SPP Retirement Options →