Organizational structure of the plan
Learn how BC's Public Service Pension Plan is structured and organized.
The Public Service Pension Plan provides secure retirement income for plan members. The plan serves about 133,000 members and their employers in British Columbia. Members and employers work in a variety of sectors, including the provincial government, transportation, health care and others.
The plan has three categories of members: active, retired and inactive.
- About 64,000 active members work and contribute to the plan
- About 50,000 retired members receive a pension
- About 19,000 inactive members are no longer with a plan employer but have contributions with the plan and may be eligible for a pension
As of March 31, 2019, the plan had assets of $33.1 billion.
The plan is jointly managed by the Public Service Pension Board of Trustees. Trustees are nominated and appointed by the plan partners – British Columbia Government and Service Employees’ Union (BCGEU) and the provincial government – and other organizations representing plan members and employers.
The Public Service Pension Plan Joint Trust Agreement sets out how the 14 trustees are appointed:
- BCGEU appoints six trustees (two nominated by unions other than the BCGEU with members in the plan)
- British Columbia Government Retired Employees’ Association appoints one trustee (a retired plan member)
- The provincial government appoints seven trustees, including one nominated by Crown Corporation Employers’ Association and one nominated by British Columbia Excluded Employees’ Association who must be an excluded employee as well as an active plan member
Trustees are responsible for governing the plan and managing the pension fund, which includes pension plan administration and investment of assets. They do this by making decisions and providing direction to:
- British Columbia Pension Corporation (the plan's administrative agent) on administration of the plan, including services to members
- British Columbia Investment Management Corporation (the plan's investment agent) on management of the plan’s assets
The following service providers also play an important role:
- Eckler Ltd. (an independent actuary) assesses the plan’s financial health every three years
- KPMG (an independent auditor) audits the plan’s financial statements each year per Canadian generally accepted auditing standards
- Green Shield Canada provides extended health care and dental coverage for eligible retired plan members