Back to top

Annuities From SPAF

The Saskatchewan Pension Annuity Fund (SPAF) was created for members of the Public Employees Pension Plan (PEPP) who want an annuity as their source of retirement income. Members of PEPP are able to purchase annuities from SPAF at retirement.


If you decide to purchase an annuity from SPAF, an amount will be transferred from your PEPP account balance.  SPAF will then make payments to you at the end of every month based on the terms of your contract. You will receive these monthly payments for your lifetime, and continuing for your spouse’s lifetime if a joint life annuity is purchased.


The amount of your monthly annuity payment is determined by:

  • The amount of money used to purchase the annuity;
  • The type of annuity you choose (single life or joint life annuity);
  • Your age (and your spouse’s age if you purchase a joint life annuity) at the time you purchase;
  • The guarantee period chosen (single life only, 5 years, 10 years, or 15 years);
  • The market conditions at the time you purchase your annuity.

PEPP members that are within one year of retirement can contact PEPP
 to request an estimate of monthly annuity income that may be provided by SPAF.


If you are over 50 years of age and no longer working for a PEPP participating employer and wish to purchase an annuity from SPAF, please contact our office for a current estimate and application form.


We will require 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)

A spouse's waiver form allows the member to designate someone other than their spouse to be the beneficiary of their pension survivor benefits. Legislation stipulates that a member's spouse must be the beneficiary in the event of the member's death. By completing the waiver the spouse (common-law, legally married, or estranged) may waive all or a portion of their right to survivor benefits in the event of the member's death. The member may then designate anyone he/she wishes as beneficiary to the survivor benefits waived by the spouse.


See the PEPP Talk... on Waiver of Spousal Benefits for detailed information on a spousal waiver.

No. There is no indexing or cost of living allowance built into your pension benefit from the Saskatchewan Pension Annuity Fund.

No. Your pension is not integrated with Federal Government benefit programs. Your SPAF pension will not be reduced once you start to draw from another benefit program such as CPP and/or OAS.

No. There is no option available to purchase a term annuity with SPAF.

No. The insurance company must agree to provide you with a lifetime annuity; however, you may choose alternate guarantee periods.

Yes, according to the federal government provisions pension funds are taxed as they are received.