Saskatchewan Pension Plan employees trust 30 years of simplicity and securityOctober 18, 2016
Seeing what the Saskatchewan Pension Plan has done for its members is giving Debbie Dand confidence about her own retirement.
“I usually talk to people who are inquiring about retiring,” said Dand, who works as a retirement officer for the plan.
“I educate them the best I can as to what their options are with the plan so they can make the best decision about what to do with their retirement savings.”
She discusses those options on the phone with members, knowing in detail what the plan has done over the last 30 years, first as a member and then, as an employee.
“Since 1986, when the plan started, it has accumulated an average return of 8.1 per cent less administration fees, so it has been a very good plan.”
It’s not just the return history that has benefited members.
“Saskatchewan Pension Plan has very low management fees at around one per cent, which is very low if you look around at some of our competitors,” said Dand.
“(The competitors) fees could be quite a bit higher. Over the years, it makes a quite a difference in what you are going to make in the long run.”
Now, after working for the Saskatchewan Pension Plan for the last 26 years, Dand is looking ahead to her own retirement.
“I myself have been a member of the plan right from 1986. The accounts have grown very nicely,” said Dand.
Her co-worker, Melody Lamont, sees the plan having a solid future capable of taking caring of members in retirement.
“For anybody that’s a member, they have the opportunity to receive an annuity if they remain with the Saskatchewan Pension Plan, guaranteed for the balance of their life,” said Lamont.
“So we’re offering the members something that’s very simple to work with. It’s a fit for anybody who’s interested in obtaining a wonderful pension plan.”
That’s why she encouraged her husband and daughter to join the plan while Dand says her husband and four children are also members.
Canadians between the ages of 18 and 71 with room to make RRSP contributions are eligible to become members. Your Notice of Assessment from Canada Revenue Agency will tell you what amount you are eligible to contribute each year. There is no minimum contribution amount and members have options about how they will make their contributions, including through online banking or directly from a bank account.
“I believe it’s something that’s there for the long term and that’s what’s very important for anyone who wants to look toward retirement and a good pension plan,” said Lamont.