Need help making sense of your pension statement? We’re here for you.

Get all the information you need about your pension, quickly and easily with our 2017 Pension Statement Primer video and frequently asked questions.

What are survivor benefits?

  • If a plan member dies before retirement with at least five years of service:

    • The principal beneficiary (spouse) can elect to receive:

    a. a survivor pension benefit calculated at 60% of plan member’s benefit, or

    b. the commuted value (lump sum payment) of the plan member’s benefit

    If there is no eligible survivor (principal beneficiary), the estate will receive the lump sum (commuted value) of the plan member’s pension.

    If plan member dies after retirement:

    •  The principal beneficiary (spouse) will receive a survivor pension benefit calculated at 60% of plan member’s benefit. If there is no principal beneficiary, children up to age 18 (or age 24 if in full-time attendance at a recognized education institution) will receive a pension calculated at 60% of plan member’s benefit.
    • There is an “estate provision” whereby if the total pension benefits paid is less than the value of the plan member’s contributions plus interest, the estate will receive the difference.

What should I do if my credited service is inaccurate?

  • If you think your credited service is inaccurate, please contact your participating employer.

Why does my marital status appear on my statement?

  • Your marital status is important when determining your principal beneficiary for your survivor benefits. For more information about survivor benefits, please see question 26 in the Your Survivor Benefits section below.

What do I do if my marital status has changed?

I’m a non-vested plan member. What will happen to my contributions if I leave the Plan? What about my employer contributions?

  • A non-vested plan member is entitled to their own contributions and interest, but are not entitled to their participating employer’s contributions and interest. The participating employer’s contributions remain in the Plan. If a non-vested member does not receive a refund of their contributions or request to transfer their contributions and interest to an RRSP or another RPP, the amount will remain in the plan until Provident 10 receives a request from the plan member to initiate an option.

What does “vested status” mean?

  • To be a vested plan member, you must have a minimum of five years of credited service. A plan member with less than five years is non-vested. Vested members are entitled to receive a pension once they are eligible; non-vested members are not entitled to receive a pension.

Who should I contact if I have specific questions regarding my statement?

  • If you have specific questions pertaining to your statement, you should contact your employer or Provident10. We can be contacted by email at: [email protected] or by calling 1.709.701.3355 or 1.844.247.1237. We encourage you to use our email option.

Do contributions, plus interest, represent my commuted value (CV)?

  • Your pension statement shows your contributions, plus interest, that you have paid into the Plan. The commuted value represents the value of your pension, as of a specific date, and is based on several factors including: your age, pension entitlement, service, interest rates as determined by the Canadian Institute of Actuaries, etc.

    Plan members must be vested (i.e., have a minimum of five years credited service) to be eligible for a CV. Currently, the CV is calculated upon termination of employment and is subsequently presented as an option to plan members who are not eligible to receive an immediate, unreduced pension at the date of termination.

Why is service in 1989 reflected as a lump sum amount and why is there no pensionable salary?

  • Due to space limitations, service prior to 1989 is reflected in a lump sum amount. Although pensionable salaries are not reflected, they are stored in our database.

Why is there a balance showing for Service Purchased?

  • Current benefit statements reflect payments on service purchases up to the end of the previous calendar year. Any transactions for the current year will be reflected on your statement next year.

I recently purchased/transferred service. Why isn’t it on my statement?

  • Your statement is a summary of service credited as of the end of the previous calendar year. Any service purchased/transferred since that date will be reflected on your statement next year.

Why is my bridge benefit not reflected on my statement?

  • The bridge benefit can only be determined at the date of retirement since the formula utilizes information provided by the Canada Pension Plan (CPP), such as the yearly maximum pensionable earnings (YMPE), that is applicable on the date of retirement.

How is the bridge benefit calculated?

What is a bridge benefit?

  • The bridge benefit refers to a portion of your pension that is payable until age 65. It was originally designed to bridge the gap from when you start receiving your PSPP pension to normal retirement age of 65 when you will be eligible to receive an un-reduced Canada Pension Plan (CPP) benefit. The PSPP bridge benefit is payable until age 65, regardless of when you elect to receive your CPP benefit.

What is annual inflation protection?

  • This is otherwise known as indexing. It is possible that your pension will increase provided you have reached age 65. The amount of the increase is based on 60% of the Consumer Price Index (CPI) for the previous 12 calendar months with CPI capped at 2%. Therefore, the maximum increase will be 1.2%: (60% of 2% = 1.2%).


    • If CPI is 1%: 60% X 1% = 0.6% increase
    • If CPI is 1.3%: 60% X 1.3% = 0.78% increase
    • If CPI is 2%: 60% X 2% = 1.2% increase (maximum) If CPI is 4%: maximum 1.2% increase

What is the barcode above my name and mailing address?

  • The barcode is a security feature used during the production and mailing of statements to help ensure privacy of information.

What should I do if my birthdate is incorrect?

  • Please forward a copy of your birth certificate to Provident10 via secure email transfer or post:

    Email: [email protected].
    Fax: 709.700.5842

    Mail: Provident10
    Suite 200, 15 International Place St. John’s, NL, A1A 0L4

How do I change my mailing address?

  • Please send an email with your current mailing address to [email protected]. Your employer should also be notified.

How is the pension estimate calculated?

  • The estimate is based on service credited as of the end of the previous calendar year (i.e., if the statement was received in June 2018, the pension benefit is based on service credited as of December 31, 2017). The last six years (not necessarily the best six) are used to calculate the estimate reflected on the statement.

    Plan members should keep in mind that the statement reflects an estimate and may be different once payroll data is validated and the pension is calculated at actual retirement.

Why is the pensionable salary lower/higher in a year?

  • Certain years may reflect an additional pay period or that you were temporarily assigned to a higher paying position.

Why do I have more than 12 months of service credited in a certain year?

  • This could mean that you were credited with additional service via a purchase or transfer. This service is reflected in the year that the service was added to your service history and not the actual period(s) that it was worked. If you think there is an error in your credited service, please contact your participating employer.

Why do I have less than 12 months of service credited in a certain year?

  • This could mean that you were on leave without pay, you terminated employment, or your employment status was part-time during a portion of the year. If you think there is an error in your credited service, please contact your participating employer.

What does normal retirement date mean?

  • This date reflects the date on which you will turn 65 years old and will be eligible to retire with a regular pension, assuming you have been credited with a minimum of five years of pensionable service.

What does early unreduced retirement date mean?

  • This date reflects the earliest date you can retire and receive an immediate unreduced pension, if you continue to work and accrue service in the Plan up to that date. If you no longer contribute to the Plan and are not vested, you are not eligible for a pension. However, there are other options available to you regarding your contributions, plus interest, which can be found in the Your Contribution Summary section of your pension statement.

Why is the date of plan entry different from my employment date? or What does the plan entry date represent?

  • The plan entry date reflects the effective date that you initially joined the PSPP. This date will not change even if you purchase service worked prior to the initial plan entry date. Usually this date will only change when it is determined that it is inaccurate.

    It should be noted that plan members who resigned and received a refund of contributions or a commuted value, and subsequently re-joined the PSPP, will have a plan entry date that reflects the most recent date they joined.

Has my eligibility to retire changed since pension reform?

  • Your eligibility to retire depends on whether you were eligible to retire under the provisions of the Plan prior to January 1, 2015, or whether you are eligible to retire under the provisions of the Plan that were applicable prior to January 1, 2015, on or before December 31, 2019. The five-year period from January 1, 2015, to December 31, 2019, is referred to as the Transition Period.

Can I see my annual statement online?

  • This service is not currently available. However, this feature will be available on our website in future. For you to receive notification that benefit statements are available online, we require your personal email address. Your email address will be stored securely in our database and will be used solely to communicate directly with you.

I misplaced my annual statement. Can I get another copy?

  • Yes. You can request a new copy of your statement by emailing [email protected] or by calling 1.709.701.3355 or 1.844.247.1237. We will require the last four digits of your SIN and will need you to verify your identity.

Why is the information in my annual statement based on last year’s data?

  • We send statements on an annual basis. We chose December 31 as our cutoff date to ensure all plan members received their statements around the same time, based on the same end date.

I have worked for multiple participating employers in the Plan. Does my statement include all my employment history?

  • Yes. Your statement is an accumulation of all your accrued service while working for any PSPP participating employer. It is very important for you to review your employment history to ensure that your data, as recorded on your statement, is accurate.

I was on long term disability (LTD) benefits or a deferred salary leave plan (DSLP) in the past. Does my annual statement include that service?

  • No. Your statement does not include LTD or DSLP service unless you had previously purchased the unpaid leave period. If you have a period of LTD or DSLP service not credited or, if you have some other approved unpaid leave period not credited as service, you have the option to purchase the period and receive the appropriate service credit. To enquire regarding the cost to purchase such service, you must submit a request to your employer.

What should I do if there are errors on my statement?

  • If there are errors on your statement, it is your responsibility to notify your current employer or Provident10 immediately. Any confirmed errors will require adjustments to the data stored on file. Adjustments will be reflected in your next statement.

What should I do with my statement once I receive it?

  • Once you receive your statement, you should review it very carefully to ensure that the information is accurate. Your statement contains very confidential and personal financial information and, as such, should be filed in a safe place.

Does the statement show my employer’s contributions?

  • No. Your statement only shows your contributions, work service, and earnings. It does not show participating employers’ contributions to the Plan.

How is my personal information protected?

  • Each participating employer transfers plan member data and information to Provident10 electronically using a secure, encrypted data transfer system. Your information is stored in a protected database and can only be accessed by a member of our pension administration team who processes and verifies the data.

    Once the data is verified and the statement generated, it is mailed in a lined envelope for added security. Your statement contains very confidential and personal financial information and should be kept in a safe place.

When can I expect to receive my statement?

  • Your employer provides Provident10 with payroll data each pay period. This data includes your earnings, employment data, unpaid leaves, and any service that you may have purchased. Your statement will be mailed to your home address annually.

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