We’ve Made an Important Change

As plan administrator of the Public Service Pension Plan, Provident10 is responsible for overseeing the processing of your semi-monthly pension payments. Until now, your pension payment was processed by the Government of Newfoundland and Labrador. Going forward, CIBC Mellon will process your pension payments on behalf of Provident10. Provident10 remains the administrator of your pension.

We have partnered with CIBC Mellon to assist us in processing pension payments, providing quarterly pay stubs and related customer support beginning on the December 15, 2021.

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

Following the pension reform agreement, a Joint Sponsorship Agreement was signed between Government and the Unions, establishing an independent corporation to administer the Plan and manage the investments. Provident10 is that corporation.

Changing pension payment service providers is another important step towards full independence for Provident10 and the Plan.

The transition occurred on the December 15, 2021 pay date.

Following an in-depth and thorough search process, we chose CIBC Mellon as our pension payment provider in 2018. They have been an important partner of the Public Service Pension Plan (the Plan) for several years—their experience in providing pension payment services and their knowledge of the Plan made them an excellent choice as our pension payment service provider.

CIBC Mellon is a leader in Canadian pension payment services with a proven track record, currently serving over 350 pension plans throughout Canada.

Since 2018, they have proven to be excellent and capable partners in administering PSPP pension payment services.

CIBC Mellon provides our members with an exceptional quality of service, including quarterly pay stubs and online resources, such as:

The ability to request a duplicate tax slip

Address Changes

Direct deposit requests

The move to a new pension payment provider will be seamless and have no impact on your current gross pension amount. But you should be mindful of the following:

Your semi-monthly gross pension payment will not change because of this transfer. However, depending on your province of residence, you may see a change in your withholding taxes. Going forward, your withholding taxes will be based on your province of residence. Formerly, you were taxed according to the withholding rate of your province of employment.

Once you have made the transition to CIBC Mellon, future correspondence you receive about your pension payment will come from CIBC Mellon, on behalf of Provident10.

You will receive two tax slips for 2021. One will be from the Government of Newfoundland and Labrador for January 1 – December 14, 2021; the other will be from CIBC Mellon for December 15 – 31, 2021. Tax slips for 2022 onward will be printed and mailed to you by CIBC Mellon.

You will not be required to switch to direct deposit. However, mail delivery is always dependent on our postal system, which can encounter delays.

Direct deposit of your pension payment ensures efficient and secure payment and is often much faster than postal delivery. If you would like to sign up for direct deposit, you can fill out the request form by clicking here.

Your payment schedule will not change. Direct Deposits are issued on the 15th (or last business day before), and the last business day of each month. CIBC Mellon mails cheques two days prior to the payment date – please allow time for Canada Post regular delivery.

Your pay stub from CIBC Mellon will look a little different. Click here for more information on how to read your pay stub.

No, your group insurance benefits will not change because of this transition. These benefits will be administered by the Government of Newfoundland and Labrador as usual. For questions related to your group insurance benefits, please contact the Government of Newfoundland and Labrador Group Insurance Section at 709-729-2310 or [email protected].

For the members who transitioned previously in 2018, your benefits provider remains the same.

All current benefit deductions will continue to be deducted from your pension payment. However, you may notice some of your deductions are now combined. For example, your deduction for life insurance used to be called “Basic Life, Basic Accidental Death and Dismemberment, and Dependant Life”. On your new CIBC Mellon pay stub, it will appear simply as “GNL LIFE”. For more details on how to read your new pay stub, click here.

To add any new deductions, please contact your financial institution to have them processed directly from your bank account.

You will continue to receive quarterly pay stubs. You will also receive a pay stub when a change is made to your payment, such as a tax change.

If both pensions are with the PSPP, then both payments will move at the same time. For questions related to a pension plan other than the PSPP, please contact the relevant plan administrator directly.

Any time that you contact CIBC Mellon you will be required to correctly answer four out of six qualifying questions to validate your identity. The six questions will be chosen from the following list:

Full name (first and last)

Name of your former employer or pension plan

Full mailing address

Date of birth

MemberID (this is located on any correspondence you received from CIBC Mellon)

The last three digits of your Social Insurance Number (if you speak with a pension benefit administrator)

Approximate amount of monthly payment

Bank account number where payment is deposited

If you have not received your first pension payment as expected, please call Provident10 at 709.701.3355 or 1.844.247.1237; or email [email protected].

Please contact CIBC Mellon for all questions related to your pension payment, tax slips, personal exemptions, direct deposit banking, notifications, errors on paystubs, missed payments, reporting the death of a family member or friend, or changing any personal information.

Pensions will be appropriately taxed according to Federally and Provincially prescribed rates. We only have knowledge of the gross pension payment amount and do not have specific information regarding the amount of tax being deducted from an individual’s pension payment.