The Saskatchewan Pension Plan is expanding its variable benefit option to all retiring plan members across Canada.
The option, which was previously only available to Saskatchewan-based plan members, allows for continued investment choice and income flexibility, according to a press release, which noted members who opt for the variable benefit can consolidate funds by transferring in unlocked amounts from registered retirement savings plans.
Read: Getting to know Shannan Corey and the Saskatchewan Pension Plan
“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,” said Shannan Corey, executive director of the SPP, in the release.
“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.”
Read: Saskatchewan Pension Plan removing annual contribution, transfer-in limits