The Saskatchewan Pension Plan is removing its annual contribution and transfer-in limits.
Starting on April 13, 2023, as long as plan members have room in their registered retirement savings plans, they can contribute as much as they want to the SPP, within RRSP limits. In addition, if they have other unlocked investments they’d like to move over to the SPP, they can do so, no matter the amount.
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“SPP is one more tool to help reach a policy goal of retirement income adequacy in Saskatchewan,” said Donna Harpauer, the province’s minister of finance, in a press release. “It works in tandem with the private sector providers to help people save for their own retirement in a cost-effective way. Plan participants and, in particular, small and mid-size businesses requested this change and we are responding.”
The SPP is a voluntary defined contribution pension plan established by the government of Saskatchewan. It offers an alternative for small- to mid-size businesses that don’t offer their own pension plans and allows employees full portability of pension savings between employers.