PSPP is proud to be part of the retirement plans of nearly 100,000 members across Alberta and around the world. Our 27 employers include the Government of Alberta, provincial agencies, boards and commissions plus nine post-secondary education institutions around Alberta.
We asked a few of our active, working members about their PSPP pension. What does it mean to them? Was it a factor in taking their position? What do their retirement dreams look like?
We are delighted to share some of their answers with you!
Whether retiree or active member, do you have a story of your own to share? Visit us at Member Stories and tell us all about it!
What does your PSPP pension mean to you?
I am the primary earner for our family. One of my deep worries was being an older woman living in poverty. Having a pension of the calibre of PSPP is a critical part of my retirement income and, as the years of employment added up, has given me great peace of mind.
Cathie C., University of Alberta Press
I have been in this role for 2 years, and I appreciate the pension. While I won’t be able to claim much of it, due to a shorter run until retirement, the value of a DB pension cannot be overstated.
Margaret, Alberta Post-Secondary Institution
After working abroad for much of my adult life, and primarily self-employed in Canada prior to that, I do not have much of a pension built up. However, knowing what I can expect from my PSPP pension as I approach retirement has helped reduce any anxiety I might have had. Life has been somewhat unpredictable these last few years and anything that can help bring in more certainty, like the PSPP pension, is more than welcome, as it allows me to sleep better at night with less worry.
Amar B., Alberta Ministry of Justice
It is a great asset and a unique one in Canada. It means the world to me, as I’ve worked for over thirty-four years for the Government of Alberta. I’ve invested a lot into this plan and my career. I appreciate how the plan works and the investments made to grow my pension.
Janice F., Alberta Ministry for Intergovernmental Relations
Was the pension a factor in applying for or accepting your position?
It was not originally a factor, but it is a great benefit. My PSPP pension means security to me: that I will be able to afford and enjoy my retirement.
Leanne L., Alberta Ministry of Children and Family Services
I didn’t think about it. Then I attended a webinar and now I realize how valuable it is to me in my retirement years.
Anonymous
Absolutely! And I advise young friends to seek out jobs that come with pensions too. The pension means the difference between a small but stable lifestyle and poverty, quite frankly.
Amy W., Alberta Ministry of Justice
Do you feel that you have learned about your pension and that you understand the benefit?
I attended a course a few years ago, offered by HR to U of A employees. It was a thorough grounding about the program. I wish I had attended it earlier in my career, as I did not know what my pension payment would be or what an “unreduced pension” was vs a full pension. I probably would have worked harder to save more via other tools (RRSP, TFSA).
Cathie C.
I am thinking of retiring in April – I will be 66. I do understand the benefits but will be taking the courses again just to make sure I understand everything.
Laurie P., Alberta Ministry of Transportation and Economic Corridor
What does your retirement dream look like?
Life has thrown me a few curveballs in the last decade or so, including a mid-life divorce, asset loss in the form of housing, and, on a more positive note, a wonderful and healthy baby boy and loving wife. As such, my retirement target has shifted somewhat, and I am hoping that I am able to work until I literally kick the bucket.
Most members of my family on both sides are exceptionally long-lived, and I would rather be working as a productive member of society for as long as I can, especially since I have a young family to provide for. I was fortunate as a young man to be able to travel considerably, and that is something I would like to continue to do with my family for as long as I can.
Amar B.
Retirement will include as much travel as possible, and my pension will fund part of that, perhaps allowing for a few upgrades.
Margaret
My retirement dream looks like spending time and visiting with family. Lots of camping and the occasional holiday to visit different parts of Canada.
Leanne L.
My dream retirement is long gone due to needing to provide financial support to some family members and the economy, which has also played a big factor. But I will still have a small but lovely retirement surrounded by those I love the most, with at least yearly trips back home to my hometown of Victoria, BC. I lived in Europe for 3 years and traveled the world quite extensively in younger years, so I am just fine with it all.
Amy W.
My dream is I will retire from government and go back to school to become the doctor I always wanted to be able to help others. I’m already in a health and wellness business and have looked into certification at a local university where I can go to school part time, build my business while working and then make a plan to start my next career. It is never too late to achieve your dreams!
Janice F.
What would you ask a retired PSPP member if you could?
What would you have waited to do and what would you have done asap or first? Would you retire at the same age?
Anonymous
Is your retirement what you thought it would be? Do you think that you waited too long to retire, or, conversely, do you wish that you had delayed your retirement?
Amar B.
How have you managed their money upon retirement? Did you work part time or just budget more wisely?
Janice F.
PSPP would like to thank all of our member storytellers for sharing their thoughts, hopes and dreams with us. We are proud to have been part of making their retirement dreams come true – and we will be proud to be part of yours.
Do you have a story of your own to share? Visit us at Member Stories.