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Why Our Plan

Jim, Member

A Provident10 pension is more than a valuable financial asset. For our members, it’s peace of mind with the certainty of predictable, secure lifetime payments with the Public Service Pension Plan (PSPP).

The PSPP, Provident10’s Defined Benefit (DB) plan, is one of the easiest and most effective ways to save for the future. Most importantly, the Plan allows our members to enjoy their retirement.

With only one in four working
Canadians having membership
in a defined benefit pension plan,
they are the most-sought after
workplace retirement savings
plans in the country.

Source: Statistics Canada. Table 11-10-0133-01 Registered pension plan (RPP) active members by area of employment.

A retirement pension for life

Provident10 members can retire with confidence, knowing their pension is guaranteed for life.

Our pensions are based on a straightforward formula that uses pensionable salary and years of service—so your pension amount isn’t influenced by market fluctuations or economic downturns, like other workplace retirement plans.

  • Valuable

    Members get more for contribution dollars that on average, translates to double that of other workplace plan types.

  • Stress-Free

    Our plan is professionally managed and invested, with no difficult investment decisions required from members.

  • Versatile

    Our plan includes options for members to retire early, purchase past service, and transfer from plan to plan.

  • Secure

    Our members earn a reliable lifetime pension, not affected by market adjustments and downturns in the economy.

An investment in your future

New to the Plan or considering a role with a participating employer? Your career decisions today can pay off tomorrow.

A Provident10 pension frees you from the stress of making investment decisions, letting you focus on what matters now and feeling confident about what lies ahead.

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 have the security and stability you deservein retirement.

For each dollar contributed,
the retirement income from
a pension like ours is
$5.32 versus $1.70
from a typical individual approach.

Source: HOOPP, The Value of a Good Pension

Benefits for members

Our members are at the heart of everything we do. At Provident10, we are committed to giving members confidence in their pension plan today, so they can feel confident about what comes next. Here are some of the key benefits:

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    Employer
    contributions

    Employers are a key partner, contributing to the Plan on members’ behalf to maximize their retirement benefit.

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    Monthly pension payments

    Pensioners receive secure, stable and predictable benefits in retirement. Our members know what their pension will be, and that it will be there for life.

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    Survivor and
    disability benefits

    Our Plan is here to reduce stress and protect members and their families to support them through the toughest times.

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    Flexible retirement options

    Want to retire early? With our flexible options, we can help members retire as early as age 55 with an unreduced pension.

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    Portability

    Career paths may involve new jobs and employers. Members’ pensions move seamlessly between participating employers – and options exist to transfer between other Plans too.

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    Purchasing
    of service

    Have you taken leave or some time away? Members have options and may be able to purchase back time to increase their pension benefit.

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    Freedom and flexibility in retirement

    Having access to a financially secure retirement has a significant impact on the wellbeing of our members.

    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.

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    Local support

    When our members have questions, we have answers. Our team of local experts, working right here in Newfoundland and Labrador, are here to support members through all life’s changes, answer questions and ensure our members are maximizing their benefit.

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)

Local impact

With over 60,000 members, our reach extends into every corner of Newfoundland and Labrador – and beyond. Together, with our members and partners, we’re building strong, vibrant communities for all.

In 2023, Provident10 provided benefits to 24,082 pensioners across the province and beyond. These benefits have a significant economic impact, returning approximately $600 million to our provincial economy.

Since 2016, we have paid
over $4.7 billion
in pension benefits to members
across the province.

The economic benefits of plans like Provident10 are widespread. Across the country, Public Service Pension Plans like Provident10 are a significant source of retirement income.

Pensioners rely on us to achieve sustainable, long-term returns to deliver on our promise to them. And the benefits they receive go back into their communities and the economy. In turn, this activity supports wages that households and families rely on.