Public Service Pension Plan

PSPP has proudly provided pension benefits since 1947. Over the decades, hundreds of thousands of people have depended on this invaluable employee benefit, with countless stakeholders, employees, and employer representatives ensuring its continued reliability.

A Foundation of Collaboration

PSPP thrives on its relationship with members and employers. Together, we’ve built a future you can depend on—one that prioritizes stability and security for your retirement.

The Board of Directors is deeply committed to best practices in governance, risk management, and investment decision-making. With a focus on the long-term health of the Plan, the Board has set clear strategic objectives and diligently reviews and approves PSPP’s business plan and budget.

Working with the dedicated management team at PSPP, the Board ensures responsible stewardship of Plan funds and diligent oversight of services provided by our key service providers: Alberta Pensions Services Corporation (APS) and Alberta Investment Management Corporation (AIMCo). Maintaining collaborative relationships with our service providers is vital to delivering value and securing the best possible outcomes for Plan members.

Milestones of 2024

Renewing the PSPP Strategic Plan

Our core purpose remains unchanged: ensuring that your earned pension is there for your retirement. To deliver on this commitment, the Board’s strategic guiding principle and initiatives all revolve around protecting the sustainability of the Plan. Please visit Our Purpose, Promises and Values section of this annual report to explore our key areas of focus for the future.

The Asset Liability Study

Given the primary driver of investment returns is the asset class allocation decision, we regularly review the portfolio asset mix to maintain alignment with Plan funding objectives. In 2024, an Asset Liability Study explored opportunities to enhance portfolio diversification in consideration of long-term financial market return and risk expectations. A new asset mix was established, highlighted by additional movement into private market asset classes.

Funding for the Future

Strong investment returns in 2024 further bolstered the financial health of the Plan. Long-term investment performance has exceeded expectations and has contributed to a strong balance sheet. The Plan is well-funded, current assets are expected to be sufficient to service current benefit obligations, and we will continue to manage the balance sheet in the interest of meeting Plan funding objectives.

A Tradition of Excellence

As your Board, we take immense pride in protecting your pension benefits. I would like to thank my fellow Board members for their service and dedication to the PSPP.

I would also like to thank Chief Executive Officer Lynette Martin and the exceptional PSPP team. They work tirelessly to provide valued support to employers and members, ensuring they have the information needed for each stage of the pension journey, and delivering lifelong benefits for our members.

Your Future, Secured

Your pension is in capable hands. PSPP is committed to protecting your retirement security today, tomorrow, and for years to come.

David Lardner, Chair
PSPP Board of Directors

PSPP Corporation Board of Directors

Back row, L to R: Todd Gilchrist, David Lardner, Ross Prokopy, Liliana Cordeiro

Front row, L to R: Emilian Groch, Jan Goodwin, Bonnie Andriachuk, Kerry Swann

Plan members and employers share control of PSPP design and funding. This is what is known as joint governance. They share control through equal representation on the PSPP Sponsor Board.

The PSPP Sponsor Board’s roles and responsibilities are set out in the Joint Governance of Public Sector Pension Plans Act and include:

• making and amending Plan rules;
• setting contribution rates;
• establishing a funding policy;
• reviewing the Corporation’s annual budget;
• establishing a code of conduct and conflict of interest policy governing its members; and
• determining how much PSPP Corporation’s directors are paid.

PSPP Sponsor Board members in 2024

Four employee representatives

Mike Dempsey, Jason Heistad, and Justin Huseby were appointed by the Alberta Union of Provincial Employees.

Alex Long was appointed by the University of Alberta Non-Academic Staff Association.

Four employer representatives:

Shannon Marchand, Dan Stadlwieser, and David Williams were appointed by the Government of Alberta. Mike Van Hee was appointed by the University of Calgary. (Note: The power to appoint one representative to the PSPP Sponsor Board rotates every three years between the University of Alberta and the University of Calgary.)

Dan Stadlwieser was the Chair of the PSPP Sponsor Board, and Justin Huseby was Vice-Chair during 2024.