In late 2016, Public Service Superannuation Plan Trustee Inc. (Trustee) commissioned a comprehensive review (Review) of the Public Service Superannuation Plan (Plan), as mandated by Section 47 of the Public Service Superannuation Act (Act).
An independent reviewer (Independent Reviewer) was selected by the Trustee following a robust request-for-proposals process. The Independent Reviewer, jointly comprised of Blake, Cassels & Graydon LLP, Pink Larkin LLP, and Eckler Ltd., has now delivered its written report (Report) to the Trustee.
The Trustee has begun to study the Report and the Independent Reviewer’s recommendations, and has formed an internal working group to facilitate this. The Trustee anticipates releasing the full Report, along with supporting documents, once this process is complete.
The Trustee would like to thank all members and stakeholders who submitted input for the purposes of the Review. Over 70 submissions were received, and all input was considered by the Independent Reviewer. A summary of the input is set out in the schedule at the following link: Independent Reviewer’s Recommendations Summary.
The Report states that the “Plan has had a successful initial period as a jointly sponsored pension plan” and that the “Plan has been diligently and thoughtfully managed by the directors of the Trustee.”
The Report lists 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.” Those recommendations fall into the following primary areas:
- Benefits and Eligibility, Funding Policy, and Actuarial Assumptions;
- Governance;
- Strategic Considerations;
- Plan Text Updates and ‘Housekeeping Matters’.
You can read a summary of the recommendations at the following link: Summary of Member and Stakeholder Input.