Planning for your future is evolving.
And so are we.

In December 2014, the Government of Newfoundland and Labrador and the five largest unions representing employees of the Public Service Pension Plan (the Plan) announced an agreement to ensure the future sustainability of Plan by introducing pension reform.

At the same time, a Joint Sponsorship Agreement was announced to create an independent pension entity, Provident10.

Who are we?

As a new corporation, we had the opportunity to choose our own name and brand. We recognized the importance and value of choosing a name truly representative of who we would be for each of our stakeholders. Our plan members depend on us to responsibly manage their pension and keep their future secure. Our plan sponsors demand confidence in our management of their employees’ assets. Our employees expect to work for an organization that will be a best-in-class employer of choice with a member-first culture. We wanted a name and brand that would embody all of these important elements.

At the end of an in-depth branding exercise, we chose the name “Provident10”. The word “provident” means “providing carefully for the future”, describing exactly what we do for our plan members every day – planning for your secure futures. The name imparts a sense of trust, strength, and dependability – the very qualities we will embody for our plan members. 

Our name tells the world, and specifically our plan members, “You can rest assured today, because we’re focused on your tomorrow.”

The design elements of our logo play an important role in our brand identity. Our tagline, “rest assured”, speaks directly to the member benefit, the “i” represents the individual member, and the 10 is not only a strong, positive number, but also references Newfoundland and Labrador’s place as the tenth province to join Canada.

A name like Provident10 is unique in our industry and breaks from traditional corporation names, so we have the flexibility to expand our scope of business in the future. 

What’s Important to Us?

Our pillars are the principles upon which Provident10 was founded and will guide us as we work towards delivering best-in-class service and results.

High Standards

  • We set the quality bar high for ourselves because we know that our members rely on us for peace of mind.


  • Our success comes from a team approach. We always help and support each other because we’ll get better outcomes for our members.


  • We are always thinking about tomorrow. Not only do we focus on success today, we look for smarter, better ways to succeed tomorrow.


  • We are responsive and responsible to our members and stakeholders, so they can always trust us.


  • Not only will we measure what we do, we will learn and act upon new understanding to always improve our level of service.


Pension Reform

On September 2, 2014, the Government of Newfoundland and Labrador (GNL) and the five largest unions representing employees of the Public Service Pension Plan (the Plan) announced an agreement to ensure the future sustainability of Plan by introducing pension reform. The goal of pension reform was to maintain the defined benefit pension plan and be fully-funded in 30 years.

The main premise of the pension reform agreement was that GNL and the Unions will be jointly responsible for the sustainability of the PSPP into the future and will share equally in surpluses and deficits.

The key features of the agreement include:

  • GNL will pay $2.685 billion over 30 years to address the unfunded liability
  • Employee and employer contribution rates increased
  • Future service benefits will be calculated using the best six-year average earnings
  • Indexing on future service was suspended as of 2015

Following the pension reform agreement, a Joint Sponsorship Agreement was signed between GNL and the Unions. The purpose of this agreement was to establish the principles of the Joint Trusteeship, including the Funding Policy and the Trustee Corporation Framework for the establishment of an independent corporation to administer the plan and manage the investments.

Contributing Unions

The unions party to the agreement are:

On December 10, 2014, GNL introduced the necessary legislation into the House of Assembly to amend the Pensions Funding Act and the Public Service Pensions Act, 1991. Changes to both acts came into effect on January 1, 2015.

On March 31, 2015, Provident10 was established, the Board of Directors were appointed, and the assets of the Public Service Pension Plan Fund (the Fund) were legally separated from the Newfoundland and Labrador Pooled Pension Fund (NLPP Fund). As an interim measure, the Corporation engaged GNL through a service level agreement to continue providing pension administration and investment management services. The Service Level Agreement expired March 31, 2017.

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