Forty years later, Saskatchewan Pension Plan continues to take on Canada's pension gap

Saskatchewan Pension Plan marks 40 years of helping Canadians build retirement security in the face of declining workplace pension coverage

SASKATOON, SK, Oct. 29, 2026 /CNW/ -- In 1986, shoulder pads were big, colours were bold and the World Wide Web was still three years from being conceived. Canada had about 26 million people and just over one in ten was 65 or older. Forty years later, Canada has more than 41 million people and one in five is 65 or older. Canadians are living longer, too. At age 65, men can now expect nearly 20 more years of life and women more than 22, up from about 15 and 19 years in the mid-1980s.

But while retirement is lasting longer, access to a workplace pension remains limited. In 2024, only 37.6 per cent of all paid workers in Canada were covered by a registered pension plan, while coverage for those in the private sector was just 22 per cent. Many Canadians also struggle to prepare for retirement on their own. In 2024, only 49 per cent of Canadians who had not yet retired were financially preparing for retirement, and just 31 per cent felt confident about their expected retirement income.

While a lot has changed since its creation, the importance of addressing the gap Saskatchewan Pension Plan (SPP) was created to fill hasn't. Forty years later, retirement security remains a concern for many Canadians.

"Retirement planning can feel overwhelming. People are being asked to make decisions today about what their life might look like decades from now," said Chad Hilton, CEO of Saskatchewan Pension Plan. "A pension can make part of that process simpler."

When SPP was established, workplace pensions played a central role in retirement planning, while individual retirement saving was far less common. For Canadians without access to a workplace pension, the options were more limited. That gap in pension access is exactly what spurred the Government of Saskatchewan to establish SPP – to help those with little or no access to a workplace pension save for retirement.

Now, with the rise of self-serve investing, robo-advisors and online brokerages, it's less a question of available options and increasingly one of complexity. A pension offers a simple, consistent way to save, with professional investment management taking much of the decision-making off the shoulders of individual savers. Rather than choosing investments, monitoring markets and managing a portfolio themselves, members can focus on contributing consistently and let the Plan do the investing for them.

That simplicity is particularly valuable for people who don't have a workplace pension to do that work on their behalf. And unlike a traditional workplace pension, participation in SPP is voluntary and not tied to a single employer, so members can continue contributing to SPP as their careers and employment circumstances change.

Canadians aged 18 to 71 with available RRSP room are eligible to sign up and contribute to SPP to begin building their retirement savings – no minimum contribution required. Employers can also offer SPP as a workplace pension without having to build and administer a traditional plan themselves. That Saskatchewan idea has grown into a national plan with more than 32,000 members and more than $900 million in assets, making SPP the 22nd among defined contribution pension plans in Canada in Benefits Canada's most recent Top 50 DC Plans report.

For SPP, turning 40 is worth celebrating. But the bigger story is why the Plan remains relevant. Forty years after it was created, SPP's purpose remains much the same: give more people a way to build financial security for retirement, whether they join on their own or through an employer.

"Looking back on 40 years, we're very proud of how far we've come," said Hilton. "But this anniversary is also an opportunity to look forward. There are still millions of Canadians without access to a workplace pension. We want more individuals and businesses across Canada to know that there is another option."

About Saskatchewan Pension Plan
Saskatchewan Pension Plan is a voluntary, professionally managed defined contribution pension plan established in 1986. It gives people in Canada aged 18 to 71, and businesses that want to offer a pension benefit, a flexible way to save for retirement.

SOURCE Saskatchewan Pension Plan

Media contact: Chad Hilton, Chief Executive Officer, Saskatchewan Pension Plan, [phone], [email protected]