Kindersley Chamber Feature Saskatchewan Pension Plan
There’s an unassuming-looking building at 608 Main Street that you may have passed countless times but didn’t know what it was about. It’s at the east end with the Red Lion at the west end. Lo and behold, it is the Saskatchewan Pension Plan!
It started in 1986 in Regina as a way to help people save for their retirement – especially those who did not have a company pension plan. The Kindersley office opened in 1990 and has been going strong ever since. Shannan Corey is the new Executive Director, taking over from the recently retired Katherine Strutt. The beauty of the plan is its simplicity – it’s a plan for everyone. Anyone between the ages of 18 and 71 can join and contribute as long as they have RRSP contribution room.
Corey said they have over 32,000 members from all walks of life and who live all across Canada. She also suggests people think about retirement savings like a subscription. Similar to how people purchase meal kits, entertainment and fitness plans, think of contributions to SPP like a subscription that your future self will benefit from.
Small businesses especially can benefit from adding the SPP to their employee benefits package–they are not required to make contributions if they don’t want to, contributions can be made through payroll deductions and SPP handles all the administration. Often business owners think they need to be really big to offer a pension plan and SPP allows them to offer this benefit, no matter how big or small they are.
A lot has changed over the past 36 years; the contribution limit has increased from the original $600 to $7,000 and is now indexed. Also, the introduction of automatic contributions and credit card contributions, website and social media/blogs/videos, the introduction of a variable benefit as an additional retirement option and a focus on small businesses.
The Sask Pension Plan’s success boils down to having a highly motivated and committed staff of 18 people who take enormous pride in the superior service they provide to members.
With over $700 million in assets under administration, SPP has grown to be the 23rd largest DC plan in Canada and is a role model for how a pension plan should operate. Helping people save for their retirement is easy and cost-effective. Their expense ratio target is to be less than one percent which means all members, regardless of how much money they have invested, benefit from these low fees and strong returns.
Thanks to the SPP, everyone can have a pension, not just those lucky enough to work for an employer who offers a pension. That’s empowering!
Call the Saskatchewan Pension Plan today at 1-800-667-7153 to see how they can help you!
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