Federal Public Service Pension Surplus to be Transferred to Revenue Fund
On November 25, 2024, Anita Anand, President of the Treasury Board, announced in Ottawa that the federal public service pension plan is in a surplus position. According to a Special Actuarial Report tabled in the House of Commons, the surplus amounts to approximately $1.9 billion as of March 31, 2024. This surplus exceeds the limits set by the Public Service Superannuation Act, which mandates that a pension plan's assets cannot exceed its liabilities by more than 25%.
The government plans to transfer this surplus to the Consolidated Revenue Fund, a central account for government revenues and expenditures, to address the non-permitted surplus status. Discussions with stakeholders will continue as the government considers further steps.
The public service pension plan is designed to provide retirement income to federal public servants, with benefits based on salary, service, age, and termination reason. Both the employer and active members contribute to the plan. The government assures that the pension plan remains well-managed and sustainable, ensuring its health for the future.
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