We’re here to help! Here are answers to some of our most commonly asked questions.

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  • What rate of interest is earned on my contributions to the PSPP?

    Interest is credited on your contributions each year, using a rate that is based on average chartered bank five-year fixed term deposit rates. This is the same rate that is applied to other public service pension plans in Newfoundland and Labrador.

  • Can you tell me the commuted value of my pension?

    No. However, we are happy to offer you a summary of the actuarial assumptions used to calculate the commuted value.  that you can take to your investment professional for consideration.

  • I purchased/transferred service this year. Why isn’t it reflected in 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 in 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 in your statement next year. Service is not credited in the Plan until it has been paid in full.

  • What if I change to part-time employment?

    A member whose employment status changes to part-time is no longer eligible to participate in the PSPP. A part-time employee is required to participate in the Government Money Purchase Pension Plan (GMPP), provided that the employer is participating in the GMPP. Furthermore, there is a reciprocal arrangement whereby service may be transferred between the GMPP and the PSPP. It should be noted that, a refund of contributions is not permitted.

  • Can I stop contributing to the PSPP?

    No. Once you join the Plan, you must continue to participate if you remain a full-time employee with a participating employer.

  • What happens if I pass away?

    When we think of planning for the future, we naturally think of how our spouse or family would be provided for in the event of a death. Survivor Benefits are provided for your principal beneficiary or surviving children if you should die before retirement or while receiving your pension.

  • What is the bridge benefit and how is it calculated?

    Because the PSPP is integrated with the Canada Pension Plan (CPP) if you retire before age 65, your pension will include a portion called the bridge benefit. The bridge benefit is payable until the end of the month when you reach age 65. Find more information about the bridge benefit.

  • What should I do if my service is inaccurate?

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

  • 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.

  • Can I see my annual statement online?

    This service is not currently available; however, we plan to offer it in the future. We’ll let our members know as new e-services are introduced. To stay up to date on everything happening at Provident10, sign up for our email newsletter.

  • I have worked for multiple participating employers in the PSPP. 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.

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    Pension Calculator

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    Understanding Your Pension

    It’s important to understand your pension, so we’ve put together resources to help.

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    Annual Report

    Discover how we’ve performed, the ways that we served our members, and our path forward.

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    Contact us

    Questions? We’re here to help!

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Renee, Member


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