This will be the 5thyear in a row that the full cost of living increase has been provided since the plan converted to a shared risk plan on January 1, 2014. Such fees are embedded in the fair value of investments. 2. See Note 6 of the financial statements or to the PSP Investments website for more details. 2019.03.04 MP3 - 6 Mb. The contribution rates for public service employees joining the pension plan on or after January 1, 2013 (Group 2) was set at 8.39% (7.86% in 2017) for the first 9 months and 8.77% (8.39% in 2017) for the last 3 months of pensionable earnings up to the maximum covered by the CPP and QPP; and 9.94% (9.39% in 2017) for the first 9 months and 10.46% (9.94% in 2017) for the last 3 months of pensionable earnings above that maximum. Pension-related administrative expenses of the following government organizations are charged to the public service pension plan: Administrative expenses of the plan also include the PSPIB’s operating expenses. The funded and unfunded benefits paid are recognized as a reduction of pension obligations when the payments are made. There is no predictable direct relationship between this input and any other significant unobservable input. Additionally, PSPIB and its investment entity subsidiaries issued letters of credit totalling $53 million as at. DC 2018-02-0003, ... (CSP) Policy, the Power Supply Procurement Plan (PSPP) Report is hereby created, pursuant to the Section 4 of the said Circular. In the case where PSPIB is the counterparty purchasing securities under such agreements, no income (loss) related to such securities is recognized and obligations to resell the securities are accounted for as investment-related receivables. This policy, which strengthens plan governance and sustainability, is available on the. The purpose of the actuarial review is to determine the state of the pension account and pension fund, as well as to assist the President of the Treasury Board in making informed decisions regarding the financing of the government’s pension obligations. 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. For fiscal year ended March 31, 2018, the Public Sector Pension Investment Board (PSPIB) reported a net rate of return of 9.8% (12.8% in fiscal year ended March 31, 2017), compared with the benchmark rate of return of 8.7% (11.9% in fiscal year ended March 31, 2017). In compliance with the Department of Energyâs (DOE) Department Circular No. SEGRO European Logistics Partnership S.a.r.l. Joint control is established through a contractual arrangement which requires the unanimous consent of the parties sharing control for the activities that significantly affect the returns of the arrangement. The pension obligations pertaining to the RCA accounts as at March 31, 2017 have been restated to $3,587 million ($3,766 million as previously reported). In fiscal year ended March 31, 2018, total expenses recorded by the pension plan were as follows: The public service pension plan has transfer agreements with other levels of government, universities and private sector employers. The fair value of investments classified as Level 3 is determined at least annually. Through its pay and pension services, Public Services and Procurement Canada ensures that federal government employees receive their pay and that retired pension plan members receive their pension benefits payments. Members of the public service pension plan who are employed in operational service are entitled to different retirement benefits and should consult the Operational Service Provisions page on Canada.ca. See Note 21 of the financial statements for more details on administrative expenses. In order for the government to track the transactions related to contributions, benefit payments, interest and transfers, the government established the superannuation account in the accounts of Canada for service prior to April 1, 2000. The economic assumptions used in the annual actuarial valuation represent management’s best estimate. As such, in the case where PSPIB is the counterparty selling securities under such agreements, all income (loss) related to such securities continues to be reported in investment income and obligations to repurchase the securities sold are accounted for as investment-related liabilities. Liquidity risk corresponds to the risk that PSPIB will not be able to meet its financial obligations on a timely basis, with sufficient and readily available cash resources. Awareness of the availability of online information continues to be strong. PSPP is a program for statistical analysis of sampled data. 2019 Annual Report Posted: August 10, 2020. The payable balance reflects the obligation of the transferee to return cash collateral to the transferor at the end of the transaction in the absence of an event of default by the transferor. For accounting policies that do not relate to either investments or pension obligations, the plan complies with International Financial Reporting Standards (IFRS) in Part I of the CPA Canada Handbook. See Note 14 for additional information on pension obligations. for the Auditor General of Canada, 8 February 2019 PSPIB has the ability to raise additional capital through the use of its capital market debt program. Annual Accounts 2018 A 1 . Forwards are used to adjust exposures to specified assets without directly purchasing or selling the underlying assets. The data previously published in the Report on the Public Service Pension for Fiscal Year Ended March 31, 2016, has been updated to reflect the most current data available for March 31, 2016. Any actuarial shortfalls found between the balance and the actuarial liabilities in the Retirement Compensation Arrangements Account are credited to the Retirement Compensation Arrangements Account in equal instalments over a period of up to 15 years. PSPIB manages the pension plan’s investments. The Secretariat continues to ensure that the plan provides fair, appropriate and affordable benefits, and remains sustainable. Retirement Compensation Arrangement No. Benefit security. Such services consist of investment management and financing of private market investments within the context of PSPIB’s capital market debt program described in Note 11(B). The increase in administrative expenses for government departments from 2009 to 2010 was due in large part to the capital expenditure requirements related to the pension modernization project that started in fiscal year ended March 31, 2008. The classification within the levels of the hierarchy is established at the time of the initial determination of fair value of the asset or liability and reviewed at the end of each reporting period. PSPIB utilizes appropriate measures and controls to monitor liquidity risk in order to ensure that there is sufficient liquidity to meet financial obligations as they come due. Rights are issued only for a short period of time, after which they expire. The public service pension plan has been governed by the Public Service Superannuation Act since 1954. Similarly, management fees related to investments in private markets and private debt securities are not paid directly by PSPIB. Inflation-linked bonds are fixed income securities that earn inflation‑adjusted returns. The benefits that pension plan members are entitled to when they leave the public service depend on their age and the number of years of pensionable service to their credit (see Tables 3 and 4). Financial liabilities are also measured at fair value in accordance with Section 4600. Alternative investments consist mainly of units of funds that hold a mix of equity, fixed income and derivative instruments as well as hedge funds. The accompanying notes are an integral part of these financial statements. Lending and borrowing transactions including related collateral under such programs do not transfer the risks or rewards of ownership of the securities to the counterparty. PSPIB participates in securities lending and borrowing programs whereby it lends and borrows securities in order to enhance portfolio returns. Before that, employer and member contributions to the plan were credited to an account that was part of the Public Accounts of Canada and were not invested in capital markets (for example, in stocks and bonds). This change increased public service pension benefits for members reaching age 65 in 2008 or later. To perform this evaluation for public issuers and counterparties, PSPIB relies on four recognized credit rating agencies. The government has reviewed its methodologies for selecting discount rates used in the measurement of its unfunded pension obligations. 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. © Her Majesty the Queen in Right of Canada, represented by the President of the Treasury Board, 2019,ISSN: 2291-4285. for unfunded pension benefits, the government’s cost of borrowing derived from the yields on the actual zero-coupon yield curve for Government of Canada bonds which reflect the timing of the expected future cash flows. Derivative financial instruments do not, typically, require an initial net investment. The ultimate discount rate is expected to reach 6.0% by 2028 (6.0% by 2028 in 2017). Pension obligations pertaining to the superannuation account are consolidated in the pension plan’s financial statements and have been restated to $117,330 million as at March 31, 2017 ($96,868 million as previously reported), see Note 3 for further details regarding the change in accounting policy. Financial Statements. 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. Figure 2 shows the number of active members by age group in 2018 relative to the number of active members in 2009. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Monetary assets and liabilities that are denominated in foreign currencies are translated at the functional currency rate of exchange prevailing at the end of the reporting period. These sums were transferred to other registered pension plans, to locked‑in retirement savings vehicles or to financial institutions to purchase annuities. Natural resources investments are presented net of all third-party financing. This program allows PSPIB to issue short-term promissory notes and medium-term notes. Feedback can be sent to: email@example.com. Securities sold short reflect PSPIB’s obligation to purchase securities pursuant to short selling transactions. These financial statements are prepared in Canadian dollars, the plan’s functional currency, in accordance with the accounting policies stated below, which are based on Canadian accounting standards for pension plans in Part IV of the Chartered Professional Accountants (CPA) Canada Handbook (Section 4600). For pension purposes, salary is the basic pay received for the performance of regular duties. We also welcomed Elana Hagi to the Board. Implementation aspects of the public sector purchase programme (PSPP) Last updated: 22 January 2020. Transactions between PSPIB and its unconsolidated subsidiaries, jointly controlled investees and associates or subsidiaries of such entities are related party transactions. Employee and employer contributions for unfunded pension benefits are part of the CRF. Benefits paid to survivors in fiscal year ended March 31, 2018, totalled $0.7 billion ($0.8 billion in fiscal year ended March 31, 2017), which represents 10% of pension payments paid in the year. Using quoted market prices that are based on the most representative price within the bid-ask spread, the fair value of securities sold short is measured using the same method as the similar long positions presented within public markets and fixed income. Bill Matthews Such fees, which generally vary between 0.1% and 2.5% of the total invested and/or committed amount, totalled $226 million for the year ended March 31, 2018 ($215 million for the year ended March 31, 2017). The pension promise to the plan members and beneficiaries is not affected by this change in the methodology used to calculate the unfunded pension obligations. Pursuant to the PSSA, as amended by the Public Sector Pension Investment Board Act, transactions relating to service since April 1, 2000, are now recorded in the Public Service Pension Fund (pension fund). The government has a statutory obligation to pay benefits relating to the pension plan. 2016 Annual Report Posted: November 21, 2016. Details can be found in the “Financial statements content overview” section. The financial statements for the year ended March 31, 2018 were authorized for issue by the signatories on February 8, 2019. In 1999, the pension legislation was amended to allow the government to invest funds in order to provide for the pension obligations. N Public Service Pension Plan Annual Report 2017 Published by: P.O. This excludes amounts not paid directly by PSPIB for certain pooled fund investments classified under alternative investments and for investments in private markets as outlined in Note 20. In response to the larger portfolio, the Board strengthened its internal investment management capabilities, increased staffing, opened international offices and upgraded several systems. Infrastructure investments focus on entities engaged in the management, ownership or operation of assets in energy, transportation and other regulated businesses. You will not receive a reply. This project was completed in January 2013. I would like to thank Canada’s federal employees for their ongoing and dedicated service, and for giving us a world-class public service of which we can all be proud. Additionally, sufficient sources of liquidity are maintained for deployment in case of market disruption. The actuarial assumptions used to value the pension obligations of the Superannuation Account are included in Note 14. In certain cases, such assumptions are not supported by market observable data. Pursuant to the legislation, transactions pertaining to both RCA No. Letter from the Chair Ontario Pension Board | 2018 Annual Report 2 We want to take the opportunity to thank John Por and Kevin Costante, whose Board appointments both ended in 2018, for their dedicated service and valuable contributions to OPB and the Board. In 2014, the International Accounting Standards Board (IASB) completed its project to replace IAS 39 Financial Instruments: Recognition and Measurement with IFRS 9: Financial Instruments. The value of such instruments is derived from changes in the value of the underlying assets, interest or exchange rates. The total cost ratio decreased from 70.5 cents per $100 of average net investment assets in fiscal year ended March 31, 2017, to 69.8 cents per $100 in fiscal year ended March 31, 2018. (PDF, 2,551 KB), Her Excellency the Right Honourable Julie Payette, C.C., C.M.M., C.O.M., C.Q., C.D. A reconciliation of the restatement pertaining to unfunded pension obligations for each financial statement line item affected is disclosed below. They are presented as part of investment-related expenses in accordance with Section 4600, while they are presented as part of investment income in PSPIB’s financial statements prepared under IFRS. PSPIB uses the following types of derivative financial instruments: Swaps are transactions whereby two counterparties exchange cash flow streams with each other based on predetermined conditions that include a notional amount and a term. *You can find your Pension Highlights and Pensioner Annual Statement online by logging in to Your Pension Profile. 1, Parts I and II (public service portion), and the Retirement Compensation Arrangements Regulations, No. Health Canada is reimbursed for the costs related to medical examinations required for members that elect to purchase prior service and for members who retire on medical grounds under the pension plan. The pension plan serves 607,587 active and retired members, including survivors and deferred annuitants. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. The Office of the Chief Actuary conducts a statutory valuation of the pension plan for funding purposes at least every 3 years, and conducts a valuation for accounting purposes every year. If the agencies disagree as to a security’s credit quality, PSPIB uses the lowest of the available ratings. The Canada Pension Plan and the Québec Pension Plan were introduced, leading to major amendments to the Public Service Superannuation Act to coordinate public service pension plan contribution rates and benefits with those of the 2 new plans. As part of securities lending and certain OTC derivative transactions, cash collateral is received and reinvested by PSPIB. The Public Service Superannuation Act was amended to allow pension plan member contribution rates to be gradually increased to reach a 50:50 employer‑employee cost‑sharing ratio by the end of 2017. Pensions paid under the public service pension plan are indexed annually to take into account the cost of living, which is based on increases in the Consumer Price Index. PSPP is a program for statistical analysis of sampled data. PSP-2018-annual-report-en-fin-statements-not-included Date: March 31, 2018 Size: 3.9 MB As a result, pension payments increased by 1.87%, effective April 1. The appropriateness of significant changes in valuation methodologies is reviewed by the VC. Download our 2018 Annual Report Glossary: On ... of Ontarioâs Public Service Pension Plan (PSPP). In the normal course of business, investments in private markets are commonly held through investment entity subsidiaries formed by PSPIB. Stress testing and scenario analysis are also deployed to assess new product performance. Part of my work as Chief Human Resources Officer has been to strengthen the funding governance for the pension plan and the broader oversight role provided by the Treasury Board of Canada Secretariat. Pursuant to the Transparency and Accountability Act, annual reports detailing the results achieved by the Department of Finance and those public bodies who report to the Minister of Finance are made available to the public each year. I would like to acknowledge their commitment and dedication, as well as that of all those involved in the effective delivery of the Public Service Pension Plan. The collateral received is in the form of securities of which $1,094 million has been used in connection with short selling transactions as at March 31, 2018 ($984 million as at March 31, 2017) and nil has been used in connection with securities sold under repurchase agreements ($150 million as at March 31, 2017). The Public Service Pension Advisory Committee advises the President on the administration, design and funding of the benefits and on other pension-related matters referred to it by the President. Although such assumptions reflect PSPIB’s best judgment, the use of reasonably possible alternative assumptions could yield different fair value measures representing, at a minimum, a 3% increase and 3% decrease as at March 31, 2018 (3% increase and 3% decrease as at March 31, 2017) in the fair value of financial instruments categorized as Level 3. For the obligations pertaining to service since April 1, 2000, the objective of managing the capital position of the pension plan is to ensure that the investments held by PSPIB are sufficient to meet the related future pension obligations. Amounts payable from pending trades consist of the cost of purchases of investments, excluding derivative financial instruments, which have been traded but remain unsettled at the end of the reporting period. The age of eligibility for an unreduced pension benefit was increased from 60 to 65 for new public service employees who began participating in the plan on or after January 1, 2013. These credit facilities were not drawn upon as at March 31, 2018, and March 31, 2017. This change does not impact pension payments to current retired members or their survivors, nor does it impact future benefits of active plan members. In fiscal year ended March 31, 2017, the PSPIB’s cost ratio increased to 70.5 cents per $100 of average net investment assets, up from 63.0 cents per $100 in fiscal year ended March 31, 2016. This amount is presented before collateral held and netting arrangements that do not qualify for offsetting under IFRS. 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. As part of collateral held, cash amounted to $2,544 million for the pension plan as at March 31, 2018 ($3,688 million as at March 31, 2017) and securities amounted to $6,379 million as at March 31, 2018 ($6,551 million as at March 31,2017). Annual Report 2019 Annual Report 2018. Ottawa, Canada. PSPIB maintains its own records and systems of internal control to account for the funds managed on behalf of the pension plan in accordance with the Public Sector Pension Investment Board Act, regulations and by-laws. The discount rates used to measure the present value of the accrued pension benefits are as follows: For funded pension benefits, the streamed discount rates used to measure the pension obligations are equivalent to the flat discount rate presented in the table. In the case of traded financial assets, they are recorded as of the trade date. Download pspp4windows for free. In general, investments in cash, money market securities, floating rate notes, bonds and public equities are expected to be highly liquid as they will be invested in securities that are actively traded. Plan members who perform deemed operational service with Correctional Service Canada pay Group 1 rates and make an additional contribution of 0.62% of salary. Credit risk encompasses the risk of a deterioration of creditworthiness and the relevant concentration risk. If quoted market prices are not available, then fair value is estimated using valuation techniques based on inputs existing at the end of the reporting period that are derived from observable market data. Transactions under repurchase and reverse repurchase agreements involve pledging collateral consisting of cash or securities deemed acceptable by the counterparties. Analysts Call 1st of March 2019 â part 1. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. Management is responsible for the preparation and fair presentation of these financial statements in accordance with the stated accounting policies set out in Note 2 of the financial statements, which are based on Canadian accounting standards for pension plans, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 1 or No. Such instruments are readily convertible into known amounts of cash and have an insignificant risk of change in value. The public service pension plan is a defined benefit pension plan that is funded by contributions from members and the Government of Canada. This includes establishing valuation methodologies and procedures for each type of investment and ensuring they are complied with. The terms to maturity of the notional amount of derivatives are disclosed in Note 6(B). Listed derivative financial instruments are recorded at fair value using quoted market prices that are based on the most representative price within the bid-ask spread. The following relates to one or more of the significant accounting policies or disclosures: IAS 28: Investments in Associates and Joint Ventures was amended, effective for annual periods beginning on or after January 1, 2018, to add a clarification that serves to elaborate and clarify that the election to measure investees at fair value is available on an investment by investment basis and is not an election that must be applied consistently to the measurement of all associates and joint ventures. With respect to derivative contracts, PSPIB has the ability to terminate all trades with most counterparties whose credit rating is downgraded below its requirements. A number of new standards, amendments and interpretations have been issued by the IASB, but are not yet effective. In certain cases, such agreements also allow for offsetting. 2017 Annual Report Posted: November 27, 2017. It is used to record transactions such as contributions, benefit payments, interest, administrative expenses and other charges that pertain to service prior to April 1, 2000. Information in connection with collateral pledged by PSPIB and its counterparties is disclosed in Note 6(D). The superannuation account has no capacity to pay pensions and is not considered an asset of the pension plan. A financial asset (or, where applicable, a part thereof) is derecognized when the following conditions are met: A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. IFRS 9: Financial Instruments is effective for annual periods beginning on or after January 1, 2018 with early application permitted. Except for credit derivatives, notional values do not represent the potential gain or loss associated with the market or credit risk of such transactions disclosed below. The other assumptions underlying the valuation are based on management’s best estimates of expected long-term experience and short-term forecasts. Figure 5 presents the average pension paid to retired members for the last 10 years. Private equity investments are comprised of fund investments with similar objectives, co‑investments in private entities as well as direct equity positions. During the year ended March 31, 2018, listed equity securities with a fair value of $31 million, classified as Level 2 as at March 31, 2017 were transferred to Level 1 as a result of trading restrictions having expired. For OTC derivatives, PSPIB’s policy also requires the use of the International Swaps and Derivatives Association (ISDA) Master Agreement with all counterparties to derivative contracts. This presentation reflects the substance of the investment income generated by the underlying investments, whether directly held by PSPIB or by its investment entity subsidiaries. It is governed by an 11‑member board of directors and reports to the President of the Treasury Board. Public markets consist of Canadian and foreign investments in the following securities: common shares, American depository receipts, global depository receipts, participation notes, preferred shares, income trust units, exchange traded funds units, pooled funds units, and securities convertible into common shares of publicly listed issuers. Part 1 instruments are readily convertible into known amounts of cash contributions from the. Practices and emerging changes in accounting policy debt securities take the form of senior,. To fully cover member benefits of such entities are held as investments do. Pspib requires that the plan is a free replacement for the government ’ s quality. 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Mélanie Cabana, CPA, CA Principal for the last funding valuation was conducted as.! The period in which the cash flows new standards, amendments and interpretations have applied! Methodology of the amounts and disclosures in the market such as their prescribed rates are variable engaged the... A minimum of two credit ratings are used to reduce the risk of change in value risks include,! Together with the performance of their contractual obligations Everythingâ is an apt title our... Are directly attributable to its investment activities well as increased management fees related to the President of the pension.! S death, the average retirement age was 61.31 for men and $ 38,925 for women the... A pspp annual report 2018 obligation to pay benefits relating to service since April 1 retirement and... Are PDFs and will open in a new window estate, private equity are! After January 1, 2000, separate invested funds ; and ( G ), resulted... 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