vciwork, Author at Public Service Pension Plan

Update: January 28, 2021

In late 2020, we ran a survey and prize draw during the launch of the new secure online portal, Your Pension Profile.

The survey response rate was high and we received excellent feedback that will help fine-tune the website and online tools to meet your needs at any stage of your life. Read more about what our members had to say in our Member Newsletter in March.

The winner of VISA gift card was Venessa:
Vanessa first became a PSPP member 10 years ago and says she enjoys the convenience of the online portal where she can update her information easily. When asked about where she finds information about her PSPP pension, she told us, “The website is the first place I would go!”

November 25, 2020

Your Pension Profile has launched! We are excited to bring you the new integrated portal that allows you to access, edit and manage your pension information online. Until December 18, you have the chance to win when you tell us what you think of the website and Your Pension Profile.

If you haven’t checked it out yet, you can log in or register using the “login” button at the top right of this website.

You can log in to win in 3 simple steps.

Three simple steps to share your feedback and be entered to win a $250 VISA gift card!

Register
Log in and look around
Complete the survey

1. Register

Your mypensionplan username and password can be used to log in. If you are registering for a new account, click on “login” at the top right and launch the easy registration tool.

2. Log In and Look Around

There is a lot to see when you log in! Your information is used throughout the website to help you understand your pension. For example, when you are learning about pension partners, we’ll show you who you have on file as a spouse or partner. If you need to make changes to this information, in one click we’ll take you to the Secure Messages area where you can contact a representative from our Member Services Centre.

3. Complete the Survey

Share your feedback on the website and Your Pension Profile and you can enter to win a $250 VISA gift card. The contest runs from November 25 – December 18, 2020 and the winner will be announced on the website. Find the link to the survey on your dashboard in Your Pension Profile – all you have to do is log in using the button at the top right of the website.

Full contest rules can be found here.

We appreciate your comments, and your feedback will help shape any future changes or developments to the website and portal.

Legislation changes made in 2019 by the Government of Alberta make the Alberta Investment Management Corporation (AIMCo) the permanent exclusive investment manager for PSPP. As a result of this change the Investment Management Agreement (IMA) that was previously in place between PSPP Corporation and AIMCo needed to be renegotiated by December 31, 2020. Over the past year PSPP Corporation negotiated with AIMCo in an effort to reach mutually agreeable terms for a new IMA.

Despite extensive negotiations, we were unable to reach an agreement by the December 31st deadline. As a result of not having an IMA in place between PSPP Corporation and AIMCo, the Government of Alberta exercised its authority under legislation to impose investment terms through a Ministerial Order effective January 1, 2021. This Ministerial Order establishes interim terms and conditions of the investment relationship between PSPP Corporation and AIMCo until such time as an IMA is finalized. PSPP Corporation intends to continue working with AIMCo to establish a mutually agreeable IMA.

The Ministerial Order does not impact your PSPP pension benefits. PSPP Corporation is still managing your pension plan and the Plan continues to be well funded. Your PSPP pension is secure.

PSPP Corporation will update members once a new agreement is reached.

We are excited to introduce Your Pension Profile, the secure, online portal integrated into this website. You no longer have to visit two websites or wait to call us during business hours to check on or change your pension information. The portal is here for you, whenever you need it.

Features of Your Pension Profile

Your pension information can be found in appropriate places throughout the website, and you can also access features of the portal by using the drop-down menu that appears at the top right after you log in.

Make changes to your address, communications preference, beneficiaries, banking information and more.
Securely submit your pension documents electronically using the Document Centre.
Contact the Member Services Centre at any time using Secure Messages.
View pension documents, such as your annual statements and tax slips.
Find the details of available buyback proposals and start the buyback process.
Access PensionEase, the retirement application tool.
View and manage your pension information on-the-go – the portal is mobile-friendly!

Read all about the portal and the features at About Your Pension Profile.

Log In Now

If you previously had a login for mypensionplan, you can use that same username and password to log in to www.pspp.ca using the login button at the top right.

To sign up for a new account, click on “login” at the top right and find the “register now” button on the popup screen. You will register by verifying your identity or using your PSPP Member ID, the 10-digit number on your annual statement or any pension correspondence from PSPP.

Read the Log In Help page before you register.

Explore!

After logging in, you’ll find your personal information alongside related pension information as you explore the website. For example, explore these pages to see the new features:

View the Beneficiaries page to find out who can receive a benefit should you pass away, and see who you have listed on your account. If you need to make edits you can do so by clicking on the link.
If you have already retired, view the Pension Options page to view the details of your pension.

Contest coming soon! Watch our website the week of November 23 for the chance to win some great prizes.

November 12, 2020

Please be aware of the following changes to the Public Service Pension Plan (PSPP) text.

Removal of Coordination

The Coordination pension option allows eligible members who retire before age 65 to receive a temporary pension payment increase. However, it also results in a permanently reduced pension after age 65 when this temporary increase is removed, and a lifetime coordination reduction begins.

Coordination will no longer be available to members who start their pension on or after January 1, 2021.

Learn more about Coordination.

Change to Joint Lifetime Reduced by 1/3

The pension option of Joint Lifetime Reduced by 1/3 Guaranteed at Least Five Years will change in reference to when and if the pension reduces.

Starting January 1, 2021, the pension option of Joint Lifetime Reduced by 1/3 Guaranteed at Least Five Years is reduced by 1/3 on the death of the member only, rather than on the death of either the member or pension partner. If the member dies before the pension partner, the monthly payment to the pension partner is reduced by 1/3. Members who retire with this option on, or after January 1, 2021, will no longer see their pension amount reduce if their pension partner dies first.

Learn more about PSPP Pen sion Option s.

Buyback Payments at Retirement

Effective January 1, 2021:

Members commencing to receive a pension must complete any outstanding buyback payments prior to their pension commencement date. Buyback payments will not be allowed after a member’s pension commencement date. If the buyback is not paid in full before their pension commencement date, the buyback will be prorated.
- Members who have a Leave Without Salary (LWOS) will not be allowed to apply for or purchase a LWOS after their pension commencement date.
There are no changes to payment timelines for members who are not commencing to receive a pension; the rules continue to be the same as the rules prior to January 1, 2021.

Learn more about Buybacks.

Gender Neutral Mortality Assumptions used in the Calculation of Pension

Since the Plan is now registered under the Employment Pension Plans Act (EPPA), changes are required to the Plan’s administrative assumptions to ensure that the Plan complies with the EPPA and does not discriminate based on gender.

All members, regardless of gender, contribute the same rate of contributions to the Plan and the monthly pension payable under the normal form of pension, being a single life with a 5-year guarantee, is not impacted by gender. However, prior to January 1, 2021, the expected value of a member’s future lifetime pension stream, also known as a commuted value, would be higher for a female than for a male, given the assumption that females live longer. Since all optional forms of pension are calculated to be equal in expected value to the commuted value of the member’s normal form of pension, this distinction resulted in a larger pension for a female member than for a male. Going forward, this distinction is being removed to ensure equality between all members. A blended unisex mortality table will now ensure that all members, whether male, female or non-binary, receive the same value of pension, all other factors being equal. There is no more distinction in benefits based on gender (including lump sum commuted values).

This change only impacts members that opt to take an optional form of pension, such as the Joint Life Option. Those that opt for a Single Life pension with a 5-year guarantee are not impacted by this change.

If you would like more information on the above changes, please log in to Your Pension Profile and contact us using Secure Mail.

PSPP Corporation is pleased to present the September 2020 PSPP Report to Member s.

In this issue:

Q&A with our Chair
A look back at 2019
2021 contribution rates
Feature: Graham Statt, newest member on our Board of Directors

… 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 Y our Pension Profile and sign up to “Go Green.”

A number of members have communicated concerns regarding the investment decisions made by AIMCo on behalf of PSPP Corporation and the PSPP fund. We appreciate hearing from our members and acknowledge the concerns raised.

The Government of Alberta has mandated that AIMCo is the exclusive investment manager for the PSPP fund. PSPP Corporation is required to engage AIMCo to provide investment management services to the PSPP fund. AIMCo is responsible for making investment level decisions within the policy asset mix and the investment policies approved for the Plan. AIMCo’s Responsible Investment Policy and approach is publicly available on their website.

PSPP Corporation is responsible for establishing the Plan’s policy asset mix and investment policies and guidelines. The asset mix is determined using a comprehensive modelling approach to Plan liabilities and required cash flows to determine an optimal, risk-adjusted investment strategy. PSPP Corporation receives regular reporting and communicates frequently with AIMCo regarding investment performance and compliance with investment policies. The Plan fund is well positioned to meet the long-term return objectives of the Plan to ensure plan benefits are funded.

PSPP Corporation is in the process of renegotiating its investment management agreement with AIMCo by the end of 2020. A focus of this process is working with AIMCo to enhance alignment on the objectives and risk tolerances for the PSPP fund.

Members are welcome to write to the PSPP Corporation Board of Directors at board@pspp.ca.

The 2019 P SPP Annual Report is now available online.

PSPP contribution rates for 2021 will remain unchanged from 2020. The PSPP Sponsor Board strives for contribution rate stability while ensuring benefit security and Plan sustainability. Member and Employer contribution rates for 2021 are:

Rate on salary up to YMPE : 10.47%

Rate on salary over YMPE: 14.95%

The 2021 contribution rates were determined based on the results of an actuarial valuation of the Plan as at December 31, 2019. An actuarial valuation helps us determine whether there is enough money in the pension fund to pay benefits to members and to determine whether contribution rates are sufficient to fund benefits currently being earned. The 2019 valuation results are great news!

The funded status of the Plan at the end of 2019 was 104.9%, up from 94.4% in 2017, when the previous actuarial valuation of the Plan was completed. This means that as at December 31, 2019, the Plan was more than fully funded.

What does fully funded mean?

It means that the plan has sufficient assets to satisfy all obligations to current and future retirees.

Although the Plan is currently fully funded with a small surplus, a drop in the markets can impact the Plan quickly. Given the uncertainty of the markets in 2020, the PSPP Sponsor Board decided to maintain conservative contribution rates to protect the security of benefits. This allows the surplus to help offset potential 2020 market impacts. The PSPP Sponsor Board will continue to monitor contribution rates on an annual basis.

More information on PSPP’s funded status can be found in the PSPP actuarial valuation report.

Note: As of November 2020, mypensionplan is now Your Pension Profile.

May 13, 2020

Changes are coming to how some of your pension documents are sent to you. We are increasing our green measures and reducing print documents!

The impacts on members vary, depending on how you currently receive your annual statement and, if you are a pensioner, how you receive your annual tax slips.

Information for mypensionplan members

Are you already signed-up for Go Green?

If you are already signed-up for Go Green, please be aware that you will no longer receive print versions of two types of pension documents:

Member annual statements, called Pension Highlights, and
Pensioner documents, the Pensioner Annual Statement and annual tax slips.

When any of these pension documents are ready for you, an email notification will be sent to the address you provided in mypensionplan™. The notification email you receive will come from the email address memberservices@pspp.ca. After receiving the notification, you will need to log in to your account to view and/or print your pension documents. The login button is at the top right corner of this website.

As part of Go Green, you will continue receiving email notifications from PSPP about the newsletter and other pension news.

Remember, PSPP will never ask you to share personal information over email. Personal information is only shared over Secure Mail when you are logged in to mypensionplan.

Would you like to sign up for Go Green and receive less paper mail?

With your mypensionplan account, you can sign up to Go Green and reduce the amount of paper you receive from PSPP. By selecting Go Green you will receive two types of electronic messages:

PSPP news – Occasionally, you will receive notifications and emails about the PSPP newsletter, Plan news and other updates.
Personal pension documents – You will receive notifications when your annual statement or tax slips are available online.

Once logged in, select “Go Green” by changing your preference in Address and Contact Information under the Personal tab.

If you are signed up for Go Green but want to continue receiving printed copies, you will have to unsubscribe. You can do this by logging in to mypensionplan using the link in the top right corner of this website and changing your preference in the Address and Contact Information section under the Personal tab.

Having trouble logging in to your mypensionplan account?

Here are a few helpful tips if you are having trouble logging in:

Your login name may be the email address you provided at the time of registering for an account.
If you need to reset, use the “I forgot my login name” or “I forgot my password” options on the login screen. It could take up to 30 minutes for the reset email and verification code to be sent to you. The verification code is only valid for 12 hours from the time it is sent.
Contact the Member Services Centre if you need help logging in. Please have your 10-digital Member Identifier or Social Insurance Number (SIN) ready before calling.

Information about registering for mypensionplan

PSPP has an online portal for active members, deferred members and pensioners. You can read more information about the features and benefits of the portal and how to register.

To register, click on the login button at the top right corner of the website and then click on the register button near the bottom of the pop-up. You will be walked through the registration and verification process. Make sure you have your Social Insurance Number for the registration process.

April 22, 2020

There have been a number of recent media articles regarding the performance of the PSPP fund’s legislated investment manager, Alberta Investment Management Corporation (AIMCo). PSPP Corporation is aware of AIMCo’s performance as we receive regular reporting and communicate frequently with AIMCo.

The recent investment performance will not impact your pension benefit. Your defined benefit pension is based on a formula that reflects your salary and the number of years you contribute to the PSPP. That is the benefit of a defined benefit pension plan, such as PSPP. There are no changes to contribution rates being contemplated. Contribution rates are based on long-term funding requirements and are not directly affected by short-term market performance.

There has been an extreme decline in global investment markets arising from the global outbreak of the COVID-19 virus and the drastic drop in oil prices, that has affected all investors. AIMCo’s volatility trading strategy, which suffered losses, was one of the strategies within the diversified PSPP fund. The PSPP fund is invested globally in a wide variety of asset classes in accordance with the long-term investment policies and guidelines approved by the PSPP Corporation Board of Directors. Quarterly PSPP investment performance summaries are published on our website once results are received from AIMCo. Investment performance summaries from the last four quarters can be found under Funding & Investment Publications.

While the PSPP fund has suffered losses in the short term, it is well positioned to meet the long-term return objectives to ensure plan benefits are funded in compliance with the legislated funding structure. PSPP is secure for the long term.

Our main priority is delivering on the pension promise. We will continue to carefully monitor the impact of the markets on the PSPP fund throughout the COVID-19 pandemic.