Variable Benefit: SPP’s flexible retirement option is now available to all Canadians
October 24, 2023
The Saskatchewan Pension Plan is making its Variable Benefit retirement option – previously available only to Saskatchewan residents – available to all members across the country.
This great news – which delivers more flexibility for retirees – was announced via this media release.
With the Variable Benefit, retiring members can choose to leave their savings with SPP, where they will continue to be invested, and can decide how much money they want to receive from SPP, and when. And as well, members can still consolidate their unlocked savings from other registered retirement savings within SPP even after they select the VB option.
“SPP has always been committed to giving members control of their retirement savings – both
in how they contribute and how they choose to collect once it’s time to retire,” says Shannan
Corey, Executive Director. “Until now, legislation has limited the choices members outside of
Saskatchewan had for collecting their pension funds. We’re excited that we can now extend that freedom of choice to all of our members, regardless of where they choose to live.”
The option has been very popular with Saskatchewan SPP members, says Shannan.
“Members outside of Saskatchewan have been asking for the Variable Benefit for some time,” she says. “Until recently, legislation meant that wasn’t possible. They had to either choose an
SPP Annuity or switch their money to a financial institution. Now, members who live all across
Canada have access to the flexibility of a Variable Benefit.”
The removal of interprovincial barriers for the Variable Benefit is the latest major SPP improvement in recent months. Earlier, SPP removed pre-existing limits on how much members can contribute to SPP each year, and on how much they can transfer into SPP from an unlocked registered plan.
“We’ve made significant changes to SPP this year in order to make the plan as flexible and
beneficial for our members as possible,” Shannan says. “For a plan with almost 40 years of history, we’re constantly searching for ways to evolve to better serve our members. Everyone’s situation is different; how much they’ve saved and how they want to spend their retirement. This is just one more way we can help them live the retired life they’ve always dreamed of.”
For further details about the SPP and the Variable Benefit option, please visit.
Join the Wealthcare Revolution – follow SPP on Facebook!
Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock, and playing guitar. Got a story idea? Let Martin know via LinkedIn.