KINDERSLEY, SASKATCHEWAN--(Marketwire - Jan. 29, 2013) - A majority of Canadians feel anxious about RRSP deadlines, but Saskatchewan Pension Plan (SPP) General Manager Katherine Strutt says there's no need to stress.
"People often put off saving because they think they need a lot of money to do so. Even putting a little away each month will help your retirement savings grow over time. At SPP, our 26-year return rate has averaged nearly 8 per cent."
A recent BMO Financial Group study found that 60 per cent of Canadians feel anxious about trying to find money to save for retirement and that nearly half of Canadians who make annual RRSP contributions do so in one lump sum.
"Lump sum contributions are definitely popular," says Strutt. "People have busy lives complicated by many expenses, and it can be challenging to contribute the same amount to a retirement plan every month. SPP is designed to accommodate that. We understand that real life happens, and it's important to us that we continue to be a flexible retirement savings option."
SPP is a leader in its field and is open to all Canadians aged 18 to 71. Investors can put in up to $2500 per year. Established in 1986, the plan is professionally managed and offers low annual fees of about 1 per cent.
"Policy makers have spent a lot of time looking for ways to encourage Canadians to save more for retirement. But our 'one of a kind' program has been here all along," says Strutt.
Twenty-six-year-old Brady Hood is a big fan of SPP. Not only is he a plan member, but since last year his Saskatoon-based family business, Olympian Sports, has offered SPP as part of its employee benefit package.
"Even though I'm young, I see that SPP is a good place to start investing, and it will open doors for our staff to do their own investing too."
SPP is the 28th largest defined contribution plan in Canada, and has grown to over 32,000 members and more than 300 million dollars in assets.
The RRSP contribution deadline for 2012 is March 1, 2013. For more information, visit sppworks.ca.
Brady Hood, Olympian Sports, and Katherine Strutt, SPP, are available for interviews upon request.