The Public Service Pension Plan (PSPP) was established on April 1, 1967 by the Public Service Pensions Act. The PSPP is one of five Defined Benefit Pension Plans administered by Government. Under Defined Benefit Plans, pensions are calculated based on a percentage of members years of pensionable service and pensionable earnings.
Overall administration of the PSPP is the responsibility of the Pensions Administration Division, Department of Finance, in cooperation with the employers who participate in the Plan. As of December 2008 there are approximately 29,450 plan members in the PSPP, including employees of Crown Corporations, Healthcare Organizations, School Boards and a variety of other organizations owned or controlled by Government. There are approximately 13,700 pensioners. The primary objective of the PSPP is to help plan members prepare for a comfortable retirement.