Pension Update

Working to add value to pensions through exceptional service.

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A sustainable pension plan contributes to the retirement security of its members by being able to meet its long-term financial obligations while remaining affordable for sponsors and employers. OPB is continuously working to ensure that the PSPP is sustainable. We also strive to provide tools and services to members, so they can make informed decisions about their pension and finances in retirement. To support Plan sustainability, we filed a funding valuation with the Financial Services Regulatory Authority on December 31, 2021. A funding valuation is a snapshot of projected assets and liabilities at a point in time. The filing included a plan to discharge the PSPP’s funding shortfall as of year-end 2021 and a proposal for returning the Plan to a fully funded status through special payments by the Plan Sponsor over the 10 years following the valuation. Given the volatility that followed the pandemic, we made the decision to file the 2021 valuation ahead of schedule. This approach allows more time for the markets to recover and our assets to grow before we need to file again (as at December 31, 2024).


Our focus on pension modernization is to transform our pension administration processes and technology to meet evolving member and employer expectations, while continually keeping up with technological improvements. We have now transferred 95% of our applications to the cloud. As a result, we are more secure, efficient, faster, more responsive and better able to work across platforms. During the year, we enhanced the functionality of the member portal and improved security with MFA. In 2023, we will continue advancing our modernization efforts.

While 2022 was a challenging year in the markets, it was a good year for growing the Plan’s membership. We welcomed almost 7,000 new members to the PSPP. Continuing to grow our Plan membership is one of the ways we can help protect the long-term health of the Plan.”

Peter Shena
Peter Shena, Chief Pension Officer