A message from your trustees

We are pleased to share that the Public Service Pension Plan (PSPP) has reached a significant milestone. In 2025, the plan marked 90 years since the Civil Service Superannuation Act first took effect, laying the foundation of pension security for public servants in BC.

In 2000, the plan signed the Joint Trust Agreement and the governance of the plan shifted from provincial government to members and employers. This shift gave plan participants a voice at the table. Under the Joint Trust Agreement, trustees are appointed by Province of British Columbia, British Columbia General Employees’ Union and British Columbia Government Retired Employees’ Association, which means the composition of the board can better represent the members of the plan. For 26 years, your trustees have shared the responsibilities of plan governance and administration, worked together to manage challenges and opportunities and made decisions with members in mind.

Over the decades, the plan has successfully navigated economic cycles, demographic shifts, technological evolution and periods of geopolitical uncertainty. Its ability to evolve and remain resilient stems from three pillars: our proven governance framework, a disciplined investment strategy and a focus on long-term sustainability. For members, this means the plan is designed to maintain stability across changing conditions and continues to provide secure lifetime pensions.

Valuations provide a clear picture of the plan

We have checks and balances in place to ensure we know where the plan stands so we can chart the path ahead. One of these checks is the actuarial valuation. A regular actuarial valuation—completed every three years by an independent actuary—helps the plan remain on track to meet its long-term commitments. The next valuation will be as of March 31, 2026, with results shared in early 2027. We will include an update in the next issue of Pension Life.

As we mark this milestone year, the board remains focused on safeguarding the long-term health of your pension. We look to the future, but it is our awareness of the past that helps us make decisions that protect pensions for years to come.