Roles and responsibilities - public service pension plan

Treasury Board of Canada Secretariat

The President of the Treasury Board is responsible for the overall management of the public service pension plan on behalf of the Government of Canada, the plan sponsor. In support of the Treasury Board's role as employer for the public service, the Secretariat is responsible for policy development in respect of the funding, design and governance of the public service pension plan and other retirement programs and arrangements. In addition, the Secretariat is responsible for providing strategic direction, program advice and interpretation; developing legislation; communicating to plan members; and liaising with stakeholders.

Public Works and Government Services Canada

Public Works and Government Services Canada is responsible for the day-to-day administration of the public service pension plan. This includes developing and maintaining the public service pension systems, books of accounts, records, and internal controls, as well as preparing the Account Transaction Statements for reporting in the Public Accounts.

In addition, Public Works and Government Services Canada processes payments and carries out all accounting and financial administrative functions. Through its pay and pension services, Public Works and Government Services Canada’s Pay and Pension Services for Government Employees ensures that federal government employees and retired pension plan members receive their pay and pension benefit payments accurately and on time. In total, this involves payments of approximately $29 billion annually.

Public Sector Pension Investment Board

The Public Sector Pension Investment Board is a Canadian Crown corporation established by the Public Sector Pension Investment Board Act and is governed by an 11-member board of directors, accountable to Parliament through the President of the Treasury Board. Its legislative mandate is to maximize returns without undue risk of loss, having regard to the funding, policies and requirements of the public service pension plan, the Royal Canadian Mounted Police pension plan, and the Canadian Forces Regular Force and Reserve Force pension plans. The Public Sector Pension Investment Board has been investing on behalf of the pension plans the amounts transferred by the Government of Canada since April 1, 2000.

Office of the Chief Actuary

The Office of the Chief Actuary, an independent unit within the Office of the Superintendent of Financial Institutions Canada, provides a range of actuarial services and advice to the Government of Canada that includes the public service pension plan. The Office of the Chief Actuary is responsible for conducting an annual actuarial valuation of the pension plan for accounting purposes as well as a triennial (i.e., once every three years) funding valuation.

Public Service Pension Advisory Committee

The Public Service Pension Advisory Committee, established under the Public Service Superannuation Act, provides advice to the President of the Treasury Board on matters relating to the public service pension plan’s administration, benefit design, and funding.

The committee is composed of 13 members: 1 pensioner, appointed from pensioners nominated by the public servant pensioner associations; 6 members representing employees, appointed from the employees nominated by the National Joint Council of the Public Service of Canada; and 6 members nominated by the President of the Treasury Board, who are traditionally chosen from the executive ranks of the public service. All members are appointed by the Governor in Council to hold office for a term not exceeding three years and are eligible for reappointment for one or more additional terms.