Saskatchewan Pension Plan

In a Toronto Star article late last year, the Saskatchewan Pension Plan was described as “Canada’s best kept secret”.

The Saskatchewan Pension Plan (SPP) an easy-to-understand, well-managed retirement savings plan that is open to all Canadians.. It was introduced by the Saskatchewan government in 1986, originally designed to provide a nest egg for homemakers and self-employed people who had little or no access to other pension plans.

Anyone between age 18 and 71 is eligible to join, regardless of where they live and whether they are members in other plans, as long as they have unused RRSP contribution room.

The Saskatchewan Pension Plan is a voluntary program operated at arms length from the government by an independent Board of Governors appointed by the Lieutenant Governor in Council. Because it is a pension plan, contributions are locked in until age 55.

The Saskatchewan Pension Plan is managed independently and maintains a balanced portfolio of 55 per cent stocks, 5 per cent real estate, 35 per cent bonds and mortgages and 3 per cent T-bills. There is also a short-term fund for members who want to minimize risk and preserve capital.