A comprehensive review (Review) of the Public Service Superannuation Plan (PSSP) was completed in 2017-2018. Amendments to the Public Service Superannuation Act (Act) received Royal Assent on April 18, 2018.
The Review was mandated by Section 47 of the Act. The Public Service Superannuation Plan Trustee Inc. (Trustee) commissioned the Review in late 2016. The process spanned more than two years.
The Review sets out 12 main recommendations for the Trustee to consider, in response “to stakeholder concerns, changes in the Canadian pension landscape and to build on the Plan’s success.” The recommendations fall into the following primary areas:
1. benefits and eligibility, funding policy, and actuarial assumptions;
3. strategic considerations; and
4. plan text updates and ‘housekeeping matters’.
The Trustee would like to take this opportunity to thank all who participated in the Review and contributed to its success. The next Plan review pursuant to Section 47 of the Act will occur in 2022 (with preparatory work commencing in 2021.)