vciwork, Author at Public Service Pension Plan

As of December 5, 2022, your Public Service Pension Plan will no longer accept forms submitted by your employer. Any updates or changes to your pension, pension partner, beneficiary or contact information should be communicated in Secure Messages through the Your Pension Profile (YPP) sign-in at the top right of this website. All documents can be submitted through the Document Centre.

The first time you log in to YPP, you can use your Member ID or the last four digits of your SIN with a personal email address. Registration is secure through a two-step process and only you will have access to your pension information.

Why are we making this change?

The secure online portal strongly limits privacy risks.
You will be able to take a more active role in managing your own pension.
Direct, online engagement supports PSPP’s paperless strategy.

The kinds of forms affected by this change include designation of beneficiaries and pension partner, pension partner waivers, service records, election forms such as Buyback Proposals, and member documents such as marriage certificates or tax forms.

If you have any questions, please send a Secure Message through YPP.

Thank you to everyone who attended the PSPP employer year-end training session on September 27, 2022. A total of 57 participants representing 89% of PSPP employers attended – what a great turnout!

Your roles in the year-end process are very important to ensure timely and accurate data submissions toward your employees’ retirement benefits. The sooner that all employers’ year-end files are closed, the sooner PSPP can determine possible contribution changes and communicate that to you prior to finalizing budgets.

All of your favorite topics were reviewed including

Testing data prior to year end
Year-end submission
Leaves of Absence
Validations
Remittances
Reconciling & reports
Closing & After-Closure Activities

Next year, we are planning for a more streamlined valuation rate setting timeline: your help on ensuring the year end gets done on time this year will be even more important. We are shortening our timeline for the valuation to the end of May instead of June.

By doing so, our Sponsor Board will be able to look at the funding of the Plan in June instead of September. This will, in turn, provide us with an opportunity to communicate any contribution rates changes much earlier, around the beginning of July instead of September. The red outlined boxes show the proposed new dates coming in 2023. This in turn will give you more time to ratify your new upcoming budgets for the next year in 2024.

For further detailed information on this, keep your eyes on upcoming announcements in the Pension Dispatch. Until then, please refer to your PSPP Pension e-guide year-end section.

As of January 1, 2023, your Sponsor Board has changed PSPP contribution rates to the following:

	January 1, 2022	January 1, 2023
Below YMPE	9.6%	8.3%
Above YMPE	13.7%	11.9%

For more information on how your pension contributions are calculated, please click here.

Today, research released by the Canadian Centre for Economic Analysis (CANCEA) confirms that public sector pensions contribute significantly to the provincial economy, providing value to all Albertans and benefitting the local communities in which they live.

The economic research was commissioned by PSPP, the Local Authorities Pension Plan (LAPP), the Alberta Teachers’ Retirement Fund (ATRF) and the Special Forces Pension Plan (SFPP), to see exactly what impact these plans, their investments, and their retirees have on the Alberta economy each year. How many jobs are created? How much money do retirees contribute back into the economy? How much do they pay in taxes? What percentage of the annual provincial GDP results from these plans?

In addition, PSPP, LAPP and SFPP were interested in exploring the social value that returns to Alberta as a result of members and retirees benefitting from the many features provided by a Defined Benefit (DB) pension and how that compares with other arrangements. That resulted in a second research paper from CANCEA, also released today, on the social value of the plans.

Economic Contribution of Public Pension Plans in Alberta – July 2022

Social Value Benefits of Public Pension Plans in Alberta – July 2022

As of July 1, terminated members may withdraw the commuted value of their pension up to the age of 55. After the member turns 55, the funds will be held in the Plan until their retirement.

2022 COLA

The Cost of Living Adjustment for 2022 is 1.56% on base pension. This increase was effective as of January 1, 2022 and was automatically applied to your pension. Members who retired during 2021 will receive a prorated portion of this increase. Those who retired in, or prior to, 2020 will receive a full COLA.

COLA is currently granted at 60% of the increase in the Alberta Consumer Price Index (ACPI).

Find out what the pension payment dates are for 2022.

2021 Tax Slips

Tax slips for 2021 will be available on Your Pension Profile (YPP) starting early February 2022. You will receive an email notification once your tax slip is ready. Please log in to YPP at the top of this page to access and print.

If you would like to make changes to your income tax deductions, please send us a Secure Message once you are logged into YPP.

Now Available

PSPP Corporation is pleased to present the September 2021 PSPP Report to Members.

In this issue:

Highlights of our key successes from the last 12 months
2022 contribution rates
Our investment framework
New asset mix

… and more!

The PSPP Report to Members is an online-only publication. To ensure you receive an email notification regarding future issues, please register for or log in to Your Pension Profile and sign up to “Go Green.”

We are pleased to announce a reduction in member and employer contribution rates effective January 1, 2022.

This reduction means that more money will remain in your pocket. A member earning $70,000 a year will save around $640 next year.

The rates below reflect the change to both member and employer contributions.

	Contribution rates for 2021	Contribution Rates for 2022
Below YMPE*	10.47%	9.6%
Above YMPE*	14.95%	13.7%

*YMPE – Year’s Maximum Pension Earnings. It is set by the Government of Canada each year. In 2021, the YMPE is $61,600.

This decrease will not affect the benefit you will receive when you retire – the PSPP Sponsor Board is able to reduce contribution rates because the Plan is in a strong financial position.

July 12, 2021

PSPP Corporation is pleased to present the 2020 PSPP Annual Report. The PSPP Annual Report provides a snapshot of Plan performance and the story of the work we do on behalf of PSPP members and participating employers.

This year’s report details:

Investment performance for 2020 – Despite the unexpected challenges experienced over the last year, 2020 was a year of progress. It was a volatile year for the financial marketplace. The Plan fund ended 2020 with low returns, but over the long-term, it continues to be well-positioned to cover financial obligations to the Plan and members.
Pension administration – Pandemic or not, the show must go on. In-person services stopped in 2020, but the important behind-the-scenes work at PSPP continues. We made several improvements to ensure you are supported wherever you are in your pension journey.
Governance and accountability disclosures – Transparency fosters trust with members and demonstrates accountability. In keeping with principles of good governance, we report on the performance of the Corporation and its directors.

And more!

PSPP Corporation is pleased to present the M arch 2021 PSPP Report to Members.

In this issue:

Your Pension Profile website integration
Survey results and contest winner
Buybacks now online
Ready, Set, Retire series – pension options

… and more!