The Plan is a jointly trusteed defined benefit pension plan continued under a Joint Trust Agreement (Agreement) authorized by the Public Sector Pension Plans Act. The partners to the Agreement are the Provincial Government and the British Columbia Government and Service Employees’ Union (Partners). The Agreement describes the composition, appointment, powers, functions and duties of the Public Service Pension Board of Trustees (Board) and provides the authority for the Board to make the pension plan rules. We will refer to "the Board" in our reporting to represent the Public Service Pension Board of Trustees.
Membership in the Plan is open to eligible employees of the Province of British Columbia and certain crown corporations, agencies, institutions, and other employers approved by the Board, and eligible Members of the Legislative Assembly.
Roles and responsibilities
The Partners and other organizations representing the plan members and employers are responsible for appointing the 14 trustees to the Board.
The Board is responsible for the management of the Plan, including investment of assets and administration of the Plan. The Board may amend the pension plan rules as long as changes can be funded by the Plan’s surpluses or are cost-neutral to the Plan. Unless required to ensure compliance with regulatory enactments applicable to the Plan, only the Partners can initiate pension plan rule changes that result in contribution rate increases. The Agreement allows the Board to either appoint a chair from among the 14 trustees or appoint a person not appointed by the Partners. The vice-chair is appointed by the other trustees, from among the 14 trustees.
British Columbia Pension Corporation (Pension Corporation)
Pension Corporation provides benefit administration services as an agent of the Board. The Board appoints two members to the eight-member board of directors of Pension Corporation.
British Columbia Investment Management Corporation (BCI)
BCI provides investment management services, including the valuation of investments, as an agent of the Board. The Board appoints one member to the seven-member board of directors of BCI.