SECURING THE SUSTAINABILITY OF THE PUBLIC SERVICE PENSION PLAN (PSPP)
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).