As the employer of the federal public service, we recognize that a strong pension plan is key to the government’s ability to attract and retain innovative and high-performing employees. Additionally, sufficient sources of liquidity are maintained for deployment in case of market disruption. IFRS 9: Financial Instruments (2014) was initially adopted for the year ended March 31, 2016. PSPIB frequently monitors the credit rating of its counterparties as determined by recognized credit rating agencies. In 2018, the net value of assets reached $111.1 billion, which can be broken down as follows: Figure 9 presents the net value of public service pension plan assets held by the PSPIB each year for the last 10 years. The ultimate discount rate is expected to reach 6.0% by 2028 (6.0% by 2028 in 2017). During the year ended March 31, 2018, floating rate notes were reclassified out of other fixed income securities and into government and corporate bonds in order to better reflect their nature and common characteristics. To invest fund transfers in the best interests of the beneficiaries and contributors under the PSSA. Accordingly, comparative figures were adjusted to decrease other fixed income securities within Level 2 by $2,367 million and increase government and corporate bonds within Level 2 by the same amount. Such techniques, together with the significant inputs used, are described in Note 6(C)(III). Includes only eligible Correctional Service Canada operational employees who qualify for an unreduced pension. Consist of minimum benefit payments and return of contribution payments at death. Direct investments in Canadian and foreign equities are measured at fair value using quoted prices in active markets and are based on the most representative price within the bid-ask spread. These financial statements present information on the pension plan on a going-concern basis. PSPIB may enter into investment transactions with government-related entities in the normal course of its business, more specifically, as part of private markets and certain fixed income investments described under Note 6 (A). There will be no requirement for actuarial adjustment payments in the fiscal year ended March 31, 2019, based on the new triennial actuarial valuation that was tabled in Parliament on November 2, 2018. Financial assets representing investments are managed, together with related financial liabilities, according to the entity’s business model to maximize the rate of return. Note 11(A) provides additional information with respect to such credit facilities. Data for 2009 was obtained from the actuarial report as at March 31, 2008, and data for 2018 was obtained from the actuarial report as at March 31, 2017. Infrastructure investments are comprised of direct equity positions, fund investments and co‑investments in various private entities. The terms to maturity of the notional amount of derivatives are disclosed in Note 6(B). The plan is anchored by these five To mitigate this risk, PSPIB may take, through foreign forward contracts or cross currency swaps, positions in foreign currencies. 2018 2017 2016 2015 2014 Increase in assets. This rate is aligned with the assumption used in the most recently tabled actuarial valuation for funding purposes of the public sector pension plans (public service, Canadian Forces, Reserve Force and Royal Canadian Mounted Police). Ottawa, Canada. PSPIB holds interests in partnerships and funds mainly in the context of its investments in private markets. Additionally, the Credit Support Annex (CSA) to the ISDA Master Agreement enables PSPIB to realize any collateral placed with it in the case of default of the counterparty. Pension Highlights statements are sent each year after employers submit their year-end employee information.. Actuarial shortfalls found between the balance in the RCA accounts and the actuarial liabilities are credited to the RCA accounts in equal instalments over a period of up to 15 years. Governor General of Canada. PSPIB manages the pension plan’s investments. The pension plan provides pension benefits based on the number of years of pensionable service up to a maximum of 35 years. In the normal course of business, investments in private markets are commonly held through investment entity subsidiaries formed by PSPIB. Five years of annual reports are posted online. The public service pension plan took many forms until the Public Service Superannuation Act came into effect on January 1, 1954, and broadened pension coverage to include nearly all public service employees. The average annual pension for members who retired in fiscal year ended March 31, 2018, was $37,391, compared with $37,785 for members who retired in fiscal year ended March 31, 2017. For archived reports, please contact Municipal Pension Board Secretariat. Because Group 2 members receive a benefit that has a lower overall cost, they pay less than Group 1 members, who are eligible for an unreduced pension at age 60. More information on the rate of return on assets held by the PSPIB and comparative benchmarks is available on the PSP Investments website.
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