Saskatchewan Pension Plan

Saskatchewan Pension Plan

April 08, 2013 17:19 ET

A New Phase for Saskatchewan Pension Plan

KINDERSLEY, SASKATCHEWAN--(Marketwired - April 8, 2013) - Minister of Finance Ken Krawetz introduced legislation to enable the Saskatchewan Pension Plan (SPP) to apply for a Pooled Registered Pension Plan (PRPP) license.

"Saskatchewan has consistently been supportive of voluntary approaches to improving retirement savings. Our government believes PRPPs - and the SPP - can provide an important new choice for Saskatchewan residents in saving for retirement" said Krawetz.

During its 27 year history, the SPP has demonstrated its success at providing a simple, low-cost and voluntary pension arrangement. In fact, the SPP was often described as a working model during the development of the federal PRPP legislation. The introduction of The Pooled Registered Pension Plan Act and the amendments to The Saskatchewan Pension Plan Act, lays the foundation for the people of Saskatchewan to have access to PRPPs.

"We are excited by the opportunities this legislation presents for the SPP as the Plan works through the licensing process" said Plan General Manager Katherine Strutt.

In Saskatchewan only 47 per cent of workers have access to a workplace pension plan. A PRPP is a new kind of retirement savings plan designed for those employees without access to an employer-sponsored pension plan and for self-employed individuals. Because individuals' assets will be pooled, the PRPP will offer investment and savings opportunities at lower administration costs.

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