Today marks an important milestone for our Plan – 10 years since the establishment of the Public Service Pension Plan Corporation.
In 2014, as part of public service pension reform, a joint agreement was made between the Government of Newfoundland and Labrador and the five largest unions representing the members of the PSPP to ensure the long-term sustainability of the Plan. This agreement also introduced the shared management of the Plan, with equal responsibility for any future surpluses or deficits between government and the Unions.
On March 31, 2015, the Public Service Pension Plan Corporation was created with the appointment of our Board of Directors and the official separation of the Fund’s assets from the Newfoundland and Labrador Pooled Pension Fund.
As we reflect on the past decade, we’re proud of how far we’ve come, and we want to share some of the key milestones we’ve achieved together:
- Gaining Independence from Government
In the early years of the corporation, we worked with the Government of Newfoundland and Labrador as we built our organization, developed our leadership team, and refined the Fund’s investment strategy. In 2017, we proudly became Provident10, completing our transition to operational independence, establishing new offices and implementing segregated systems and infrastructure to support our future growth.
- Strengthening the Plan
One of our main goals from the start was to ensure that your pension would be secure for the long term and be fully funded in 30 years. Since our inception, we’ve achieved fully funded status five times. Our total assets have grown by close to 40%, now over $11.5 billion*, demonstrating our commitment to managing your pension with care.
- Growing to Support Over 62,000 Members
Today, we proudly support more than 62,000 members* across Newfoundland and Labrador. Whether you’ve been with us for years or are just starting your journey, we provide you with a strong foundation for your future.
- Paying Out Over $4.7 Billion in Benefits
Since day one, we’ve stayed committed to delivering on our pension promise. Since 2016, we’ve paid out over $4.7 billion* in pension benefits to our members across the province – providing freedom and flexibility you deserve in retirement.
*As of Dec 31, 2023
A big thank you
To our members, thank you for trusting us with your pension. To our partners, your support helps us deliver on our promises. And to our team, we couldn’t have done this without your dedication.
As we look ahead, we’re excited about what the future holds. We’re committed to keeping your pension plan stable and strong – so you can count on us, just like you’ve been counting on your pension for years. Here’s to the next 10 years of growth, security, and delivering on our promise to you.
Thank you for being a part of Provident10 and the PSPP. We’re here for you now and will continue to be here for your future.
