A SPAF annuity provides guaranteed monthly income for you and your spouse's lifetime (if you buy a joint life annuity).
When you buy an annuity, you enter into a contract, which cannot be modified. The amount of your monthly annuity payment is determined by:
- the type of annuity you buy (single or a joint life);
- the guarantee period you choose (life-only, 5, 10, or 15-year guarantee);
- the survivor benefits you choose (100%, 75%, 66 2/3%, or 60%);
- the amount used to buy the annuity;
- your age (and the age of your spouse if you buy a joint life annuity); and
- the current market and interest rate environment.
If you are over 50, and are retiring from a PEPP participating employer, you may wish to buy an annuity. If that sounds like you, please contact our office for an estimate and application.
Single Life Annuity
A single life annuity provides monthly annuity payments for your lifetime.
In the event of your death:
- with a life-only guarantee period option - all payments stop.
- with a 5, 10, or 15-year guarantee period - if you die during the guarantee period the single life annuity provides a benefit to your beneficiary(ies) equal to a monthly payment for the rest of the guarantee period.
When you buy an annuity, you enter into a contract that cannot change.
- If you do not have a spouse at the time you buy an annuity, or if your spouse waives the right to the survivor benefits, you may buy a single life annuity.
- If you enter into a spousal relationship after purchasing an annuity, you cannot convert your single life annuity to a joint life annuity.
You may amend your beneficiary(ies) at any time.
Joint Life Annuity
A joint life annuity provides monthly annuity payments for your lifetime; if you die, monthly payments (survivor benefit) will begin for your spouse and continue for their lifetime. When you buy a joint life annuity from SPAF, you have the option to leave your spouse a survivor benefit equal to:
- 66 2/3%; or
The higher the survivor benefit the lower your monthly benefit. You also have the option to add a guarantee period of 5, 10, or 15-years.
Survivor benefits are only payable to the spouse you have on the purchase date of the annuity contract. If you enter into a new spousal relationship, the survivor benefits do not extend to your new spouse.
PEPP Talk - Annuities From SPAF
We need these documents:
- Application for SPAF
- Certified copies of:
- your birth certificate
- your spouse's birth certificate (if you have a spouse)
- marriage certificate or declaration of common-law spouse (if you have a spouse)
- TD1 (federal and provincial)
- Spouse's Consent and Waiver of Post-Retirement Survivor Benefits *
- Declaration of Common-law Spouse to be Completed by Member *
- Application for Saskatchewan Pension Annuity Fund * (Please contact our office for an up-to-date estimate of monthly income that may be provided by SPAF.)
- TD1 Personal Tax Credits Return
Complete this form to determine the amount of your federal tax deductions from your Pension Plan or Saskatchewan Pension Annuity Fund retirement income.
- TD1 Saskatchewan Personal Tax Credits Return
Complete this form to determine the amount of your provincial tax deductions from your Pension Plan or Saskatchewan Pension Annuity Fund retirement income.
*Please contact our office for a current estimate of your monthly income and for a SPAF application.
110 - 1801 Hamilton Street
REGINA SK S4P 4W3
Toll Free: 1-877-275-7377
Monday to Friday
8:00 a.m. to 5:00 p.m.