PSPP pension benefits are funded by employer and employee contributions, along with investment returns. We maintain a formal Statement of Investment Policy and Procedures (SIPP) to guide investment of the plan fund.
Alberta Investment Management Corporation (AIMCo) is PSPP’s legislated provider of investment management services, implementing the SIPP in the financial marketplace. PSPP carries out decision making and oversight responsibilities.
In late 2024, the Government of Alberta rescinded all AIMCo Board appointments and then appointed former Canadian Prime Minister Stephen Harper as AIMCo’s new board chair. The Honourable Nate Horner sent a mandate letter in January to The Right Honourable Stephen Harper.
The executive team at PSPP was pleased to note that the letter reinforces the Government of Alberta’s commitment to AIMCo providing independent, accountable investment management services to its clients and, when doing so, acting in client best interests.
The letter goes on to emphasize other important elements that AIMCo prioritizes as PSPP’s investment manager, including client-centered risk management, cost efficiency and returns that surpass asset class benchmarks.
“The letter sets a positive framework,” says PSPP CEO Lynette Martin. “By reinforcing AIMCo’s commitment to client best interests – along with a focus on careful risk management and independence from external influences – the Government of Alberta has shown support for a service model that will deliver responsible and accountable investment management services to the benefit of our members.”
“This letter clearly outlines that AIMCo’s mandate will remain intact. It also reaffirms AIMCo’s commitment to operational independence and accountability to our clients, ensuring that our investment decisions are guided by sound financial principles and long-term objectives,” said Mr. Harper in an AIMCo release. PSPP will continue working closely with AIMCo to achieve PSPP’s funding and investment objectives.
PSPP is one of Alberta’s largest public pension plans. It has served employees of the Government of Alberta and its agencies, boards and commissions, and other participating public bodies, since 1947.
Treasury Board and Finance Letter to AIMCo Board Chair – January 2025