The Public Service Pension Plan (PSPP or the Plan) has served employees of the Government of Alberta and its agencies, boards and commissions, and other participating public bodies since 1947.
On March 1, 2019, PSPP transitioned to a joint governance model. Prior to that, the Plan was governed under the Public Sector Pension Plans Act (PSPPA) and its regulations. The Government of Alberta’s President of Treasury Board and Minister of Finance was the Trustee of the Plan and was also responsible for administering the Plan and managing its assets. Government approval was required to make changes to the Plan which limited the scope and decision-making ability of employer and employee representatives who serve as Board members on the former PSP Board.
Joint governance is widely adopted in other major public sector pension plans across Canada. It allows pension plans to operate independently from government and gives them the ability to make their own decisions and plan rules. The functions of the plan sponsor and plan administrator are separate. Broadly speaking, the PSPP Sponsor Board makes and amends Plan rules, while the PSPP Corporation is the Trustee and Administrator of the Plan.
Just as before joint governance, administration of the Plan benefits, and investment and management of the Plan’s assets continue to be provided by Alberta Pensions Services Corporation and Alberta Investment Management Corporation, respectively.