Author: communications

PSPP is proud to join partners across Canada to celebrate Pension Awareness Day on Thursday, February 20!

This year marks the third annual Pension Awareness Day, an initiative started by Ontario’s financial services regulator in 2023 to raise awareness about the value of pension savings, the many benefits a workplace pension plan offers, and the need to develop a retirement plan as early as possible.

We are also proud to be a founding member of the new Pension Centre of Excellence, a world-class, non-partisan, research-informed, and action-oriented knowledge exchange platform launched by the National Institute on Ageing.

PSPP is commemorating this year’s Pension Awareness Day with the launch of our new, 40-minute podcast: A Future You Can Count On.

Click Here to listen to A Future You Can Count On!

In this episode, Chief Pension Officer Kathleen Rivest talks to three employees about the value of their pension. One of the employees has just begun with PSPP, another is mid-career, and the third is the happiest retiree you will ever meet! We wrap up the podcast by chatting with an employer about the pension’s benefits to the employee and the organization.

We invite you to listen to the podcast and let us know if you have any questions. We would love your feedback.

You are also welcome to learn more about Pension Awareness Day on February 20, and about the terrific partners raising awareness about the value of a retirement pension plan.

We are thrilled to announce the launch of our brand-new website, and introduce our sparkling new logo! This exciting transformation marks a significant milestone in our commitment to being A Future You Can Count On, and we couldn’t be prouder to share it with you.

Our new look embodies both reliability and growth. The purple mountains remain: we have more than 75 years of tradition and commitment to ensuring that your earned pension is there for your retirement. The flowing curves of the river suggest the vibrant energy and forward-thinking spirit that PSPP has embraced since 2019, when we became the Trustee and Administrator of the Plan.

The website has been revised and updated to better reflect member searches. We have separated out information about the Plan itself from Member inquiries or things Employers need to know. You can read more about us, our Plan Funding, or simply reach out with the click of a button.

Finally, we understand that it has always been challenging telling the difference between PSPP Corporation and the Public Service Pension Plan. As a result, we have simply decided that from now on, we will simply refer to both as PSPP. This will make it easier for our members, retirees and stakeholders.

Please understand that this is more than just a visual update; it’s a testament to our commitment to evolving and staying ahead of the curve.

Why did we decide on the changes?

• Reflecting Innovation and Growth: Part of our Strategic Plan is a commitment to diversification and growth. Our new logo and website reflect our continuous pursuit of excellence. We wanted our visual identity to mirror our progress and forward momentum, representing our readiness to embrace the future.
• Enhancing User Experience: Since another part of our Strategic Plan is our commitment to communication, our updated website is designed with our members, employers and stakeholders in mind. We understand the importance of a seamless and enjoyable online experience, and our new design aims to provide just that. With a sleek, modern interface and intuitive navigation, finding the information and services you need has never been easier.
• Strengthening PSPP’s Identity: Our logo is the face of our brand, and we wanted it to be a strong representation of who we are today. The new design is bold, distinct, and memorable, capturing the essence of PSPP’s values and vision. We want to show our dedication to quality and our promise to deliver exceptional value to our partners.

We invite you to explore our new website and experience the changes firsthand. This launch is just the beginning of an exciting new chapter for PSPP, and we’re so grateful to have you along for the ride.

Thank you for being a part of our journey, and we can’t wait to share what the future holds with you!

To increase account security, members and pensioners will be required to set up multi-factor authentication (MFA) as part of Your Pension Profile (YPP). Members will no longer be able to verify their identity using security questions that might be guessed.

MFA is a security process that requires users to provide two or more verification factors before gaining access to an application, online account or other resource. This makes it harder for unauthorized users to access sensitive information even if your password or security questions have been compromised.

Remember that, when you log in to YPP – after entering your password – a verification code will be sent to your current email or phone number to allow you to complete the login process.

Starting in 2025, PSPP members benefit from a new feature allowing employers to electronically authorize retirement applications through PensionEase.

Currently, active members must pause their online application in PensionEase to obtain employer authorization for their retirement date. To streamline this process, an automated verification system will be introduced for members in Your Pension Profile (YPP) and for employers in the Employer Hub.

This enhancement will provide several advantages:

• Faster application processing times,
• A fully electronic employer verification process with no need for a paper application,
• Enhanced security,
• Simplified date changes without multiple forms,
• Increased self-service options in YPP, and
• A seamless and automated experience for both members and employers, with automated notifications.

Stay tuned for more details and instructions on accessing this new feature!

As a member of the Public Service Pension Plan (PSPP), you have dedicated years of service to your career. Whether you are early in your career, approaching retirement or already retired, it is natural to wonder:

Will my pension be there when I need it?

Will it last as long as I need it?

We understand that planning for retirement can sometimes feel overwhelming, and concerns about the security of your pension are natural. We want to reassure you that your pension is safe and will be there for you when you retire, for as long as you need it.

PSPP Corporation is the Trustee, fiduciary and administrator of the Plan. We have a legal obligation to act in the best interest of our Plan members.

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Our Purpose: To ensure that your earned pension is there for your retirement.
PSPP Corporation’s 2024-2026 Strategic Plan

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One of our strategic promises to you, as a member, is that the Plan is managed sustainably so it is secure for you and future generations.

We employ comprehensive financial strategies to ensure the sustainability and growth of the pension fund. PSPP’s diversified investment portfolio is governed by our Board of Directors, assisted by an Investment Committee, external investment advisors and our own corporate resources. We set the fund’s asset mix and investment policies and oversee the investment services provided by Alberta Investment Management Corporation (AIMCo).

Due to our oversight, leadership changes at AIMCo have no impact on the fund’s asset mix or investment policies. The PSPP fund can only be used for the benefit of Plan members and beneficiaries.

PSPP: Standing on Solid Bedrock

• Membership strengths: With over 90,000 active, deferred and retired members across 27 employers, PSPP is a robust community. It’s not just a pension plan: it’s a collective commitment to your well-being between you, your employer and PSPP.
• Financial resilience: PSPP is well funded with a fund size over $20 billion. We have proven processes to manage investment risks and optimize returns.
• Governance excellence: The Plan is managed by PSPP Corporation. Our commitment to best practices in governance, risk management and investment decisions ensures that your pension remains secure.

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PSPP Corporation’s 2023 Annual Report

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PSPP: A Defined Benefit

Your PSPP pension is a defined benefit plan. What does that mean? It’s simple: Your lifetime pension is calculated based on your salary and years of pensionable service. Whether the stock market soars or stumbles, your pension remains secure and reliable. Market volatility does not impact the pension you receive.

Rest assured, your pension is more than just numbers on paper. It’s a tangible reality – a future you can count on. As you approach retirement, remember that your dedication and service have built a solid foundation. Your pension is ready to support you in the next chapter of your life.

PSPP is a robust, well-managed Plan that provides our members secure, reliable retirement income. We will keep it that way. Your pension is in good hands.

Our members have a future they can count on.

On November 7, 2024, the Government of Alberta rescinded all AIMCo Board appointments and appointed President of the Treasury Board and Minister of Finance Nate Horner as sole director and Chair.

PSPP Corporation assures our members and employers that their pension fund and benefits remain secure.

PSPP Corporation oversees the $20 billion fund and sets our investment strategy, while the Alberta Investment Management Company (AIMCo) implements our portfolio as the asset manager appointed by provincial legislation. Our investment management and relationship with capable AIMCo staff will continue through this change in leadership.

We look forward to working with AIMCo and the Government of Alberta to build a new foundation for success.

PSPP’s purpose is to ensure that your earned pension will be there for you at retirement. We will continue to monitor the situation and will inform members and employers if there are any impacts on the Plan.

Your PSPP pension fund and benefits remain a future you can count on.

Your spouse or pension partner receives special protection under the Plan rules and in the sole beneficiary of your pension benefit if you pass away before or after retirement.

Currently, PSPP rules do not allow you to add a pension partner in retirement.

Starting in January 2025, Plan rules are changing!

If you get married, remarried, or enter a common law relationship during your retirement, you may be able to provide your partner with your pension’s survivor benefits should you pass away before they do. If you are eligible and you agree, your pension may be reduced to reflect the survivor pension available to your pension partner.

Please note that applying to add a pension partner does not mean that you automatically agree to add them or change your monthly pension benefit: if you are eligible, you will receive an option package that you can review before deciding.

Please contact the Member Services Centre to discuss your options.

As of January 1, 2025, your Sponsor Board has announced there will be no contribution rate changes.

Member and Employer Contribution Rates for 2025