Pensions in the Public Sector

Jointly Trusteed Public Sector Pension Plans

The following jointly trusteed public sector pension plans represent more than 700,000 members and invest more than $156 billion in assets on behalf of plan beneficiaries.

• Public Service Pension Plan
• Municipal Pension Plan
• Teachers’ Pension Plan
• College Pension Plan

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 between Plan Partners established joint trusteeship. This means that representatives of both plan members and plan employers share responsibility for the management of each of the four pension plans. The Partner role is focused on governance while each board is responsible for plan administration and the investment of plan funds. BC Pension Corporation and BC Investment Management Corporation are agents to each plan board. BC Pension Corporation provides administrative services while BCI is the agent responsible for investment management. The B.C. Minister of Finance, as the Pension Plan Partner, and the PSEC Secretariat as the Plan Partner representative, are guided by the B.C. Government Pension Plan Partner Governance Framework (PDF).

Role of the Secretariat

Taking its direction from the Minister of Finance, PSEC Secretariat represents the Minister of Finance as Government Pension Plan Partner. The Secretariat provides:

• The Representative role for the four jointly trusteed public sector pension plans 
• Strategic pension advice and recommendations to the Government Pension Plan Partner
• The critical link between the Government Pension Plan Partner’s fiscal and policy direction and the Boards of Trustees, other plan partners, employers and their associations, and other organizations