NEW Plan Text for the Public Service Superannuation Plan
The first five-year comprehensive review of the Public Service Superannuation Plan was completed in February 2017. The independent reviewer recommended a number of amendments to the Public Service Superannuation Act (Act), together with the development of a plan text.
The Plan’s Trustee considered the independent reviewer’s recommendations, and put forward Act amendments. Those amendments were included in the Financial Measures (2018) Act and received Royal Assent on April 18, 2018.
Among other things, the Act amendments enable certain terms of the Pension Plan to be moved from formal regulations (the Public Service Superannuation Plan Regulations) into a discrete document referred to as the “plan text”. A link to the plan text document is set out below.
The regulations were under the control of the Plan’s Trustee, subject to limitations as set out in the Act. The plan text remains under the Trustee’s control and subject to limitations. The primary purposes for moving Pension Plan terms from formal regulations into a discrete document are to make available to members and employers a more user-friendly version of key terms and to facilitate the Trustee’s ability to effect revisions from time to time.
The Public Service Superannuation Plan Regulations are anticipated to be repealed shortly.