Pensions in the Public Sector
Jointly Trusteed Public Sector Pension Plans
Public sector pension plans in B.C. represent about 650,000 members and invest more than $145 billion in assets 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. The B.C. Minister of Finance, as the Pension Plan Partner to these plans, and the Minister’s Representative in the PSEC Secretariat, 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, the Public Sector Employers’ Council Secretariat (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
- Responsibility for the daily oversight of the 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
- Liaison with other jurisdictions
