Who can join the Saskatchewan Pension Plan?
Although it’s a provincial initiative, the SPP is on the market to all Canadians. It is now the twenty first within the countryst-Largest defined contribution pension with over $800 million in assets and greater than 33,000 members.
You can open an account online when you are between 18 and 71 years old. There are not any minimum contributions, so deposits are completely voluntary. You can contribute with automated withdrawals or lump sums.
The contribution limits were originally quite low, but in 2023 the SPP eliminated the annual contribution limit. Now, like an RRSP account, contributions are based on the account holder’s Registered Retirement Savings Plan Space (RRSP).
What are you able to spend money on through the SPP?
The investment options are easy: the Balanced Fund and the Diversified Income Fund. Investment fees for each are under 1% (0.91% and 0.89% respectively), which is competitive.
Balanced Fund: Growth-Oriented Investing
The Balanced Fund “invests in a diversified portfolio of SharesReal estate, infrastructure, bonds and mortgages. The goal of the fund is to have 40% of investments in stocks.” Stocks mean publicly traded stocks in Canada and abroad.
This is a really diversified investment opportunity with low to medium risk. The fund itself consists of investments made by skilled asset managers corresponding to TD Asset Management, Leith Wheeler Investment Counsel Ltd., Ninepoint Partners LP and Fengate Capital Management Ltd. be managed. A retail investor won’t otherwise have the option to speculate directly with these firms, however the SPP allows them access.
Diversified Income Fund: A conservative option
The Diversified Income Fund “invests in Canadian short-term investments, bonds and mortgages with an even target allocation between the two mutual fund types.” For conservative investors, this can be a very low-risk option.
As of December 31, 2025, the Balanced Fund’s 10-year annualized return was 7.07%. The Diversified Income Fund was just launched in 2020 and returned just 1.17% annually over 5 years. The FTSE Canada Universe Bond Index lost 0.35% on an annual basis over the identical five years, so it was admittedly a difficult time for bonds as a result of rising rates of interest.
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Can you transfer RRSPs or pensions into the SPP?
You can transfer money from other retirement accounts tax-deferred. The SPP allows transfers of:
Transfers should be made in money because the SPP only offers two investment options of its own. You cannot transfer investments into the SPP “as is” or “in kind”. Therefore, existing investments should be sold and the money proceeds transferred tax-deferred.
When and how will you withdraw from the SPP?
Because the SPP is technically structured as an outlined contribution pension plan, there are restrictions in your withdrawals. You cannot cancel the plan until age 55 since the funds are locked up.
You can defer withdrawals until age 71, but like an RRSP, minimum withdrawals must begin no later than the yr you switch 72. Unlike an RRSP, there are maximum annual withdrawals to make sure your money lasts.
Withdrawals are eligible for the Retirement Income Amount Tax Credit in addition to the retirement income split together with your spouse or common-law partner starting at age 55. RRSPs converted to RRIFs are only eligible starting at age 65.
How the SPP works for employers
The SPP offers a straightforward and versatile option for employers who need to introduce an organization pension plan. There are not any fees for the employer, no commitment period and no minimum variety of employees.
The employer can contribute as a lump sum or on an identical basis (i.e. matching contributions from an worker) through payroll. Member service staff provide all of the support required, meaning the employer shouldn’t be tasked with administering the plan.
Is the SPP price considering?
The SPP shouldn’t be for everybody, but it surely offers two relatively conservative investment options. Because this can be a pension plan, transfers and contributions are fixed and there are limits on withdrawals.
