2001 Annual Report to Members
PUBLIC SERVICE PENSION PLAN
Over the past year...
- Assets grew from $1,463.9 million to $1,470.0 million by the end of the year.
- The annual investment return was a negative 0.9%.
- Government paid $40 million as a special contribution to the pension fund in the year
2001.
- Contributions were increased by 1/4 of 1 percent, matched by employers on January 1,
2001. This represented the final phase in a 4 year plan to
increase the total combined contribution rate by employees and
employers by 2 percent.
- In the future...
- Commencing January 1, 2003, Government will increase special contributions
to the Pension Fund on behalf of the PSPP from $40 million to $60
million annually.
- Effective October 1, 2002, all benefits to
pensioners who are age 65 and
over will increase by 60% of the CPI in the previous year to a maximum
increase of 1.2%.
- Contributions for both employees and employers will increase by 1 percent
effective October 1, 2002 to offset the costs associated with
indexing.
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