Pensions in the Public Sector
Public sector pension plans in B.C. represent more than 500,000 members and invest more than $1 billion on behalf of their beneficiaries:
Government manages its risks and interests in these plans through its role as Partner in each of these plans, under the authority of the Minister Responsible for the Public Sector Pension Plans Act.
Joint Trust Agreements established boards of trustees, which are comprised of people appointed by the Partners in the plans, including the Government Partner. The Partner’s role in this is governance, while the boards’ role is administration. The boards are responsible for the administration of the plans and the investment of the plans’ funds. Their primary service providers, the BC Pension Corporation and the BC Investment Management Corporation, assist the boards in their administrative responsibilities.
Role of the Secretariat
The Public Sector Employers’ Council (PSEC) Secretariat represents government in its role as Government Pension Plan Partner. The Secretariat provides the:
- Strategic pension advice and recommendations to the Government Partner
- Critical link between the Government Partner’s fiscal and policy direction and the Boards of Trustees, other plan partners, employers and their associations, and other organizations
The PSEC Secretariat monitors and manages the Government Partner’s risks and interests on a day-to-day basis.