Saskatchewan’s deputy premier and minister of finance, Ken Krawetz, introduced legislation to enable the Saskatchewan Pension Plan (SPP) to apply for a pooled registered pension plan (PRPP) licence.

“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,” says Krawetz.

During its 27-year history, the SPP has been successful 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 Plans Act and the amendments to The Saskatchewan Pension Plan Act lay 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,” says Katherine Strutt, the plan’s general manager.

In Saskatchewan, only 47% 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.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required