The primary objective of the Public Service Pension Plan (PSPP) is to provide retirement income to participating members. The PSPP also provides benefits in the event of death, disability or termination of employment.The pension plan is a valuable part of your overall retirement savings.
Your eventual lifetime pension benefit is based on years of service and salary, not the state of the markets. Although the financial status of the plan can impact contributions rates, it does not affect your pension benefit.
Members and employers make contributions to the pension plan and the contributions are based on a percentage of your pensionable salary under and over the annual Yearly Maximum Pensionable Earnings (YMPE). Contributions are made through payroll deduction.
Employee and Employer Contribution Rates Effective January 1, 2018
|Up to YMPE $55,900
|10.47% or pensionable salary
|14.95% or pensionable salary
The PSPP Member Handbook provides a detailed description of the plan benefits. You can print a copy from from the PSPP website at http://www.pspp.ca.
Employees who meet the following criteria must be enrolled in the PSPP:
- Part-time Regular employees appointed into a continuing position of 30 or more hours per week.
- Employees appointed as “auxiliary salaried” where the terms of the contract specify that the employment is to last for a period greater than one year and the regularly scheduled hours are not less than 30 hours per week.
Effective January 1, 2018, employees have the option of participating in the PSPP if one of the following criteria are met:
- A part-time regular employee who occupies an appointment where the hours worked are a minimum of 14, but less than 30, shall have a one-time irrevocable option to join the pension plan upon appointment. If they decline to participate in the pension plan, they will not be eligible to join the plan at a later date unless they move to a mandatory membership position.
- A part-time auxiliary salaried employee where the terms of the contract specify that the employment is to last for a period greater than one year and the regularly scheduled hours are a minimum of 14, but less than 30, shall have a one-time irrevocable option to join the pension plan upon appointment. If they decline to participate in the pension plan, they will not be eligible to join the plan at a later date unless they move to a mandatory membership position.
- When an employee changes from a mandatory participation position to a part-time position, the employee can inform the employer, in writing, of their intent to withdraw from the pension plan as a result from the change in their employment. This decision shall be irrevocable until a termination of employment occurs or the employee is appointed to a mandatory membership position.
- If a participating employee moves to an “auxiliary salaried” position without a break in service, pension deductions will continue.
Employees occupying mandatory membership positions will commence pension on the date of eligibility.
Employees who have a voluntary option of participating in the pension plan will have 90 days from date of eligibility to inform the employer, in writing, of their intent to join the pension plan. Pension commencement will begin 1st of the month following notification to the employer.
The PSPP Member Handbook provides a detailed description of the plan benefits. You can obtain a copy from Human Resource Services or print a copy from the PSPP website at http://www.pspp.ca.
Help the environment and eliminate paper waste by registering on https://mypensionplan.apsc.ca/pspp
mypensionplan is a secure pension information service sponsored by the Public Service Pension Plan. Through this Web site you can access:
- your information on file
- your annual statements
- calculators to generate pension estimates
- newsletters and other publications
- pension related forms
Review your information carefully. Updates to your address and beneficiary information can be made on https://mypensionplan.apsc.ca/pspp or by calling the Member Services Centre at 1-877-453-1PSP (1777).