The Saskatchewan Pension Plan is introducing a significant increase to the annual contribution limit available to participants.

Effective immediately, the annual limit will rise to $6,000, up from the current $2,500. The regulatory changes also provide for indexing the limit, which is subject to participants’ registered retirement savings plan contribution room, each year as of 2019.

“Providing tools for the people of Saskatchewan to save for their retirement is important to this government,” said Saskatchewan Finance Minister Donna Harpauer.

“Plan participants requested this change, and we are responding.”

Read: How can Canada’s retirement system better address pension portability?

The Saskatchewan Pension Plan is a voluntary defined contribution pension plan established by the Saskatchewan government that offers retirement options for small businesses that don’t offer their own plans.

Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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