Every day, you show up and do your part to build a strong, stable future for your community. At Provident10, we’re committed to building a strong, stable retirement for you, so you can always feel secure about what comes next.
With over 60,000 members, our reach extends into every corner of Newfoundland and Labrador – and beyond. Our Plan and our members are making a lasting impact. Together, we’re building strong, vibrant communities for all.
Since 2016, we have paid over
$4.7 billion
in pension benefits to members across the province.
After more than three decades working in Long Term Care, Mental Health and Acute Care, Joannie’s not slowing down in retirement – and neither is her husband Gary! With the peace of mind provided by their Provident10 pensions, this pair is staying active and giving back.
Defined benefit (or DB) plans like ours offer stable and secure retirement income that you can depend on for life. As a member, you’ll benefit from:
Monthly pension payments
Enjoy secure, stable and predictable benefits in retirement. You’ll know what your monthly benefit payment is, and it will be there for you for life.
Employer contributions
Your employer is a key partner, contributing to the Plan on your behalf to help to maximize your retirement benefit.
Local support
When you have questions, we have answers. Our team of local experts, working right here in Newfoundland and Labrador, are here to support you through all life’s changes, answer your questions and ensure you’re maximizing your benefit.
Survivor and disability benefits
Reduce stress and protect your family with benefits that support you through the toughest times.
When Everett retired, he had more time to spend on the things he loves – like working on the family farm in Wooddale, NL, and writing songs. With the freedom and flexibility to pursue his passion for music, he’s built a catalogue of over 2000 songs played around the world and is living his life to the fullest.
Membership in defined benefit pension plans like Provident10 can increase rates of volunteerism, community involvement and charitable donations. Members reported improved financial security, positive impacts on their personal health and less stress.
In a 2021 study,
90% of pensioners
attributed their higher life satisfaction to being part of a defined benefit pension plan.Source: Canadian Centre for Economic Analysis. Social Value Benefits: OMERS Pension Plan (December 2021)
As a passionate advocate of seniors and pensioners in the province, Sharron sees how Provident10 and other pension plans empower people to engage in and support their communities after retirement.
Our team of investment professionals are investing across North America and around the world to deliver the best long-term results for our members. These experts are working for you – independently from government, banks, and other financial influencers – to ensure you can enjoy a stable, predictable lifetime income in retirement.
Our defined benefit plan also offers pension enhancements so you can get the most from your retirement. As a member, you’ll have options to maximize your benefit through:
Portability
Your career path may involve new jobs and employers. Your pension will move seamlessly between participating employers – and if you’re moving to or from a job with a different plan, you may be able to transfer between Plans.
Purchasing of service
Life changes. Whether you went on maternity leave, took some time away, or if you have previous years of eligible service that weren’t part of the Plan, you may be able to purchase back this time to increase your pension.
The results speak for themselves. Defined benefit plans like ours offer a higher return per dollar of contributions than other workplace retirement options. Most importantly, the Plan allows you to enjoy your retirement.
For every $1 in contributions, plans like Provident10 return $5.32. That’s
more than double
the returns of group RRSP or defined contribution plans.Source: HOOPP, The Value of a Good Pension
Luzviminda, Member
Learn more about the PSPP and your pension with some of our most popular online tools.