Voluntary Contributions
Voluntary Contributions to STRP (YouTube)
Members of the STRP who are actively teaching under a contract of employment may make voluntary contributions to the STRP. Voluntary contributions are optional contributions to the pension plan that are separate from regular teacher contributions.
Like Registered Retirement Savings Plan contributions, voluntary contributions are tax deductible for income tax purposes and can be an important part of your retirement planning. Alternatively, your accumulated voluntary contributions may be used to purchase eligible pension service in the STRP, such as for a leave of absence for parenting purposes.
Voluntary contributions will not increase your monthly pension from the STRP.
How to Make Voluntary Contributions
Cash contributions can be made through:
- regular payroll deductions that come directly off your pay cheque. Required forms and documents:
- A lump-sum payment directly to the Plan. For lump sum contributions to be claimed as a deduction for income tax purposes, your personal cheque must be received by our office before December 31. Post-dated cheques are not accepted. Required forms and documents:
- Authorization to Deposit Funds to Voluntary Contribution Account form
- Personal cheque made payable to the Saskatchewan Teachers’ Retirement Plan
Voluntary contributions for any one calendar year cannot exceed the annual maximum limit allowed under the Income Tax Act. For tax purposes, voluntary contributions made in a calendar year will be shown on your T4 slip.
For the 2026 calendar year:
- annual maximum = $3,000
- payroll deduction option = $300/month
- part-time members = maximums are prorated based on the contract percentage
Funds can also be transferred from another registered retirement plan any time you are under contract or in receipt of benefits from the Teachers’ Long-Term Disability Plan. There is no dollar limit on the transfer in of these funds. The STRP will accept the transfer of locked-in funds only if the funds are locked in under The Pension Benefits Act, 1992, Saskatchewan. Spousal RRSP accounts are not eligible for transfer into the STRP. Post-date cheques are not accepted. Required forms and documents:
- Authorization to Deposit Funds to Voluntary Contribution Account form
- Direct Transfer from an RRSP to an RPP form to be completed by your financial institution
- RPP/RRSP cheque made payable to the Saskatchewan Teachers’ Retirement Plan
Voluntary contributions are credited to your voluntary contributions account and earn the pension fund’s net rate of return. The balance in this account must remain in the Plan until the earlier of your termination from the Plan, your retirement date or December 1 of the year you attain age 71.
When you terminate or retire, you will be required to remove your voluntary contributions from the Plan. You will be requested to transfer them to an RRSP (if you are still eligible), receive them in cash (less taxes), or a combination of both.