vciwork, Author at Public Service Pension Plan

Our thoughts are with the families and communities impacted by the wildfires in Alberta, and we are here to support you during this time.

If you are affected by any of the wildfires in the province and have concerns about your pension, or need assistance submitting documentation, please log in to your secure online account – Your Pension Profile – or call the Member Service Centre.

Thank you, and stay safe.

PSPP Corporation has published its 2023 Annual Report, where you will see that the Public Service Pension Plan Fund has grown to $18.46 billion with a 9.2% investment performance, net of fees!

In this year’s Annual Report, you will find some Plan demographics about our members and employers. Both Board Chair David Lardner and CEO Lynette Martin offer their perspective on the Public Service Pension Plan and the Corporation’s activities over the course of 2023. Make sure you take a look at a summary of the organization’s Purpose, Promises and Values!

The next series of sections offer a range of analysis.

Dig in to Plan Funding for information about the Plan valuation, the funding principles used, as well as contribution rates for members and employers. The overall financial health of the Plan is explored in Plan Financial Highlights.
The Investment Performance section examines the financial health of the Plan. Its performance in 2023 is detailed, and then the oversight information is provided: PSPP Corporation shares its investment framework, policy and asset mix, as well as Responsible Investment policies.
Under Pension Administration Expenses, readers can discover management discussion and analysis as well as expenses associated with pension administration.
In a new section this year, member and employer outreach and engagement efforts are outlined in Serving our Members and Employers.
Finally, available for download are the financial statements and auditor’s report for both the Plan and the Corporation, as well as a PDF version of the entire Annual Report.

You can find the 2023 Annual Report, previous Annual Reports, and other important documents on our Funding & Investment Publications page.

The next time you log in to Your Pension Profile (YPP), you’ll be seeing a brand new tool!

A new feature in the YPP menu is the Document Centre. This easy to use feature allows you to upload and download any documents you need to share with us.

Do you need to send us a proof of age or a certificate of name change? The Document Centre can safely and securely manage sharing all of your electronic documents. Simply log in to YPP and you will see Document Centre in the drop down menu.

The Document Centre makes managing your documents with PSPP easier.

Our Online Application Solutions team has been working diligently to enhance the Buyback Purchase tool to offer a new payment option for members. If a member was off work for a period of time without contributing to their pensionable service (a “Leave of Absence”) or earned pensionable service with another Registered Pension Plan (“Prior Service”), they can use a Buyback to add to their pensionable service with PSPP.

Previously, available options for buying back service included regular payroll deductions, paying the lump sum, or transferring funds from a registered retirement savings vehicle.

Beginning June 22, 2024, the Buyback Purchase tool will allow for members to make their first buyback payment through preauthorized debit when electing to purchase service. Preauthorized debit payment for buyback purchases is convenient for members as well as providing automation within the payment process.

To view your buyback options and make plans for purchasing service, please log in to Your Pension Profile (YPP). If you have no buybacks available, nothing will be displayed. Please see our Paying for Buybacks page for more information.

On the third Thursday of every February, Financial Services Regulatory Authority of Ontario (FSRA) promotes Pension Awareness Day. This February 15, PSPP Corporation has joined organizations such as Healthcare of Ontario Pension Plan, OPTrust, University Pension Plan Ontario and CAAT Pension Plan to spread the word about the value of a workplace pension.

Check out the Pension Awareness Day website.

To many employees, retirement seems like a lifetime away, but it’s never too early to develop a plan. The more you can save and invest today, the better off you will be at retirement.

Does your employer offer you a pension plan?
If yes, are you a member?
If no, do they offer any other alternative retirement savings plan?

Take the time to learn more about your retirement savings.

For employers, a workplace pension plan can help you attract and retain employees. A pension benefit is a significant component of the value of your employment offer. Your pension organization can help you learn how to educate your employees: host an information session or provide information about their pension plan if they have questions.

Listen to the podcast series developed for Pension Awareness Day.

On Pension Awareness Day, our goal is to bridge the information gap about pensions – we know pensions can be complex. We want to encourage people with a workplace pension to learn more about it and how it fits with their retirement goals. We also want to encourage people who are starting out in their career or looking for a job, to ask their employer or potential employer if they offer a pension plan.

The core message of Pension Awareness Day is to promote the value of workplace pensions and the importance of retirement planning. We want to raise awareness about the benefits of workplace pension plans and encourage individuals to take proactive steps towards securing their financial future. The campaign focuses on financial security in retirement, the benefits of starting to save early and regularly. Workplace pension plans are a great way to do this.

Tune in to the first, 30-minute episode of the Pension Awareness Day 2024 podcast series! “A good workplace means more than just financial security” features our very own Chief Pension Officer Kathleen Rivest moderating a discussion with Canadian Centre for Economic Analysis’ Paul Smetanin, the Government of Alberta’s Haripaul Pannu, the Behavioural Insights Team’s Sasha Tregebov and National Pensioners Federation’s Trish McAuliffe. They explore the value pensions bring to individuals, employers, government and society.

PSPP Corporation is joining with the Financial Services Regulatory Authority of Ontario (FSRA) and other public sector pension plans across Canada to support the 2024 Pension Awareness Day on February 15.

This annual event on the third Thursday of February is intended to promote public education and create awareness of workplace pensions.

Our goal is to bridge the information gap about pension and to encourage, in particular, young workers to start saving for retirement.

We know that pensions can be complex. PSPP wants to encourage people with a workplace pension to learn more about it and how it fits with their retirement goals. We also want to encourage people who are starting out in their career or looking for jobs to ask their employer or potential employers if they offer a pension plan.

PSPP Corporation, in collaboration with the Healthcare of Ontario Pension Plan, produced one of the podcasts in Financial Freedom: Pensions and Retirement, a podcast series that explores the impact of pensions in our communities. Tune in to the first episode on Pension Awareness Day, February 15!

PSPP has published its 2022 Annual Report! Please visit our Annual Reports page and click on “2022 Annual Report”!

Buyback Proposal Information for Members

Who would receive a Buyback Proposal: all active members at 2022 year-end whose employer reported non-contributory Leave Without Salary (LWOS) and non-contributory Parental LWOS details for 2022.

When: Buyback campaigns are run annually from February to August dependent on when employers have submitted their member LWOS details. Members will have 90 days from the date of the proposal to make their election to acquire the leave.

Deadlines: If member would like to purchase, member must submit election and payment within 90 days from the date the Buyback Proposal was produced; the due date is noted on page 1 of Buyback Proposal.

Payment options:

Member can send payment directly to the Plan (in the form of personal cheque or bank draft) as a lump sum or as a first installment (where member balance is over $500) for the purpose of keeping buyback contract open.
Member may pay for their buyback with RRSP and LIRA transfer payment(s) from their financial institution; since these take more time, member should complete the T2033 with their financial institution as soon as possible once they receive their Buyback Proposal.
Member can pay by installments selected in their buyback election (where member balance is over $500), via payroll deduction. Their employer may need up to eight weeks processing time, so member needs to set up payroll deduction at least eight weeks before the first payment due date.

Other important info:

Member balance(s) remaining after an initial lump sum or installment payment (if applicable) will start accruing daily interest after the first payment due date at the interest rate specified on the Buyback Proposal.
If member submits election to purchase before May 1, 2023, their employer will adjust the Pension Adjustment value on their 2022 T4.
If member submits election to purchase on or after May 1, 2023, APS will submit a Past Service Pension Adjustment directly to CRA.

PSPP Corporation has developed a video for new members, or anyone who wants to learn more about their defined benefit plan through the Public Service Pension Plan.

Please visit https://pspp.ca/members/videos-forms-resources/webinars/ to watch the 15-minute video, or select from other webinars that will teach you more about this fantastic employment benefit!

PSPP Corporation ordered sound baffling panels to cut down on ambient noise in the office. Since the panels could feature images, we decided to search for a local photographer whose work we could use.

We found Kim Tannas (@kimtannas), whose Instagram feed had breathtaking photos from across the province. In talking with her, it turned out that she was also a PSPP Member, as a Ministerial Correspondence Writer with the Government of Alberta’s Department of Municipal Affairs!

“I started taking pictures on my phone about ten years ago,” Kim says. “A couple of people encouraged me to share them on Instagram – I had no idea what I was doing at first, posting a photo was so foreign to me. Then I started getting positive feedback, which motivated me to keep going.”

Kim started with photos around the city, mostly focused on quieter, natural environments. In the past few years she has been visiting the mountains more. However, it certainly isn’t something she considers an income stream.

“I’m really drawn to nature,” she admits. “And without the desire to capture these photos, I wouldn’t have had these kinds of experiences. Sunsets, mountains and reflections are some of my favourite things and it’s rewarding to capture them on camera.”