Roles and responsibilities - Public service pension plan
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President of the Treasury Board
On behalf of the Government of Canada, the President of the Treasury Board is responsible for the public service pension plan. The President is supported by the Treasury Board of Canada Secretariat as the administrative arm of the Treasury Board and by Public Services and Procurement Canada as the day-to-day administrator.
The President of the Treasury Board is also responsible for ensuring that the public service pension plan is adequately funded to guarantee full benefits for plan members.
To determine the plan’s funding requirements, the President enlists the help of:
- the Office of the Chief Actuary, to provide advice and a range of actuarial services
- the Public Sector Pension Investment Board, to manage the pension assets for the public sector pension plans
- the Public Service Pension Advisory Committee, to advise the President on the administration, design and funding of the benefits and on other pension-related matters referred to it by the President
Treasury Board of Canada Secretariat
The President of the Treasury Board is responsible for the overall management of the plan, including its funding and financing.
In support of the President’s responsibilities and the Treasury Board’s role as employer for the public service, the Treasury Board of Canada Secretariat is responsible for:
- developing policy for the funding, design and governance of the public service pension plan and other retirement programs and arrangements
- developing the Funding Policy for the Public Service Pension Plans
- providing strategic direction, program advice and interpretation
- developing legislation
- communicating with plan members
- liaising with stakeholders
Public Services and Procurement Canada
Public Services and Procurement Canada is responsible for the day-to-day administration of the public service pension plan, including:
- developing and maintaining the public service pension plan systems, books of accounts, records, and internal controls
- preparing the Account Transaction Statements for reporting in the Public Accounts
- processing payments and carrying out all accounting and financial administrative functions
- ensuring that federal government employees and retired pension plan members receive their pay and pension benefit payments accurately and on time
Public Sector Pension Investment Board
The Public Sector Pension Investment Board (PSPIB) is a Canadian Crown corporation established by the Public Sector Pension Investment Board Act and is governed by a 13-member board of directors, accountable to Parliament through the President of the Treasury Board.
The PSPIB has been investing on behalf of the public sector pension plans the amounts transferred by the Government of Canada since .
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 Armed Forces Regular Force and Reserve Force pension plans.
Office of the Chief Actuary
The Office of the Chief Actuary is an independent unit within the Office of the Superintendent of Financial Institutions. It provides a range of advice and actuarial services to the Government of Canada pertaining to the public service pension plan, including:
- actuarial valuations
- financial projections
- risk assessment and management
- advice on plan design and policy changes
The Office of the Chief Actuary is responsible for conducting an annual actuarial valuation of the pension plan for accounting purposes and a triennial (that is, 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 retiree, appointed from retirees nominated by the public servant retiree associations
- 6 members representing employees, appointed from the employees nominated by the National Joint Council of the Public Service of Canada
- 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 3 years and are eligible for reappointment for 1 or more additional terms.