Have a question?


You can always contact our member service team at Provident10.

Phone

709.701.3355 or 1.844.247.1237

(choose option 1)

Email

[email protected]

When making email enquiries about your pension statement, please indicate “Pension Statement” in the subject line.

Hours of operation

Mon-Fri | 8:30 a.m - 5:00 p.m

Frequently Asked Questions


What are survivor benefits?

  • Survivor benefits are the benefits granted to a principal beneficiary when a plan member passes away. For more information on survivor benefits, click here.

Why is my service broken down into indexed service and non-indexed service?

  • Indexing is an annual pension increase equal to 60% of the national Consumer Price Index (CPI), to a maximum annual increase of 1.2%.

    One of the changes agreed to during pension reform was the suspension of the indexing provision in the Plan. The suspension meant that all service accrued in the Plan up to December 31, 2014, would be indexed and used to calculate the indexed portion of your pension when the indexing benefit is payable at age 65. All accrued service after 2014 will not be included in the calculation of your indexed pension.

Why are there three different accrual rates listed on my statement?

  • If you were a member of the PSPP prior to April 1, 1996, your accrual rates may have been impacted. Below are the accrual rates applicable for each period:

    • Service in the PSPP prior to April 1, 1993: accrual rate 2.0% per year
    • April 1, 1993 to March 31, 1994: accrual rate 1.1%
    • April 1, 1994 to March 31, 1995: accrual rate 1.8%
    • April 1, 1995 to March 31, 1996: accrual rate 1.8%
    • All years beyond March 31, 1996: accrual rate 2.0%

How is the rate of interest on contributions determined?

  • The rate of interest credited on member contributions is based on the average five-year personal fixed term, chartered bank deposit rates over the 12 months ending in October, as published by Statistics Canada.

What information is reflected in the table “For the period January 1, 2019 to December 31, 2019”?

  • The table outlines the number of months of service you worked and received credit for in the Plan during the year; the pensionable salary you earned during the year; and the amount of pension contributions you made to the plan during the year. These contributions do not include any contributions made to the Plan by your employer but may include purchases or transfers of service completed in 2019.

I have worked for multiple PSPP participating employers. 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 reflect on your entire career to ensure that the total service credited on your statement is accurate.

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.

Can I see my annual statement online?

  • This service is not currently available; however, we are investigating the possibility of offering online services in the future.

Why is the date of plan entry different from my employment date? 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.

    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.

What does the earliest 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.

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.

How is the pension benefit calculated?

  • Your pension is calculated using the following formula:

    2% of your highest average earnings (HAS) x years and months of credited pensionable service

    If you were a member of the PSPP prior to April 1, 1996, your accrual rates may have been impacted. Below are the accrual rates applicable for each period:

    • Service in the PSPP prior to April 1, 1993: accrual rate 2.0% per year
    • April 1, 1993 to March 31, 1994: accrual rate 1.1%
    • April 1, 1994 to March 31, 1995: accrual rate 1.8%
    • April 1, 1995 to March 31, 1996: accrual rate 1.8%
    • All years beyond March 31, 1996: accrual rate 2.0%

    For examples of pension calculations, check out our Plan Member Handbook.

How do I change my personal information or correct an error?

  • If you need to change your personal information or correct an error on your statement, please send an email to [email protected]. In your email, please include your full name, date of birth, the last four digits of your SIN, and the information you wish to change or correct.

    If you believe there is an error on your statement, please notify your current employer or Provident10 immediately. Any confirmed errors will require adjustments to the data stored on file. Adjustments will be reflected on your next statement.

    If you need to update your date of birth, please send a photocopy of your birth certificate to Provident10 at:

    Provident10

    15 International Place, Suite 200

    St. John’s, NL, A1A 0L4

What is the 12-digit code above my name and mailing address?

  • The 12-digit code is a security feature used during the production and mailing of statements to help ensure privacy of information. The code is randomly generated at the time of statement creation.

What is a bridge benefit?

  • The bridge benefit refers to a portion of your pension that is payable from date of pension eligibility to 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 unreduced Canada Pension Plan (CPP) benefit. The PSPP bridge benefit is payable until age 65, regardless of when you elect to receive your CPP benefit.

How is the bridge benefit calculated?

  • The bridge benefit will be calculated on the date of termination or the date of retirement. The bridge benefit 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 termination or the date of retirement. For further clarification on the formula click here.

I purchased/transferred service this year. Why isn’t it reflected 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 the following year. Current benefit statements reflect any balance owing on a purchase or transfer of service up to the end of the previous calendar year. Any additional payments or new transactions for the current year will be reflected on your statement next year. Service is not credited in the Plan until it has been paid in full.

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

  • The contributions shown in the section Your Contribution Summary are only the contributions that you have paid into the Plan, plus interest. They do not include any contributions made by your employer. A CV would represent the value of your pension, as of a specific date, and is based on several factors including:

    • your age
    • your pension entitlement
    • your accrued service
    • interest rates, as determined by the Canadian Institute of Actuaries, etc.

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

What does “vested” and “non-vested” 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.

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