Evidence of meeting #94 for Government Operations and Estimates in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was plan.
A recording is available from Parliament.
Director, Pensions and Benefits Sector, Treasury Board Secretariat
I can't say exactly. I'm waiting until the accounts come out, but that's the target.
NDP
Mathieu Ravignat NDP Pontiac, QC
Does TBS expect the cumulative savings to reach $2.075 billion by 2017 and 2018, as projected?
Director, Pensions and Benefits Sector, Treasury Board Secretariat
I'm sorry....
Director, Pensions and Benefits Sector, Treasury Board Secretariat
The $2.1 billion, I apologize.
Director, Pensions and Benefits Sector, Treasury Board Secretariat
Again, we're targeting to reach the savings by 2017, and we're monitoring the contribution rates over the....
NDP
Mathieu Ravignat NDP Pontiac, QC
Thank you very much.
Of course, some public servants are worried about the changes being made to the plan. As you know, the employee contribution rate to the Public Service Pension Plan will steadily increase until the employer and the employees are splitting the plan's cost 50/50.
Will employees have more of a say in the plan's management, or will they continue to have their voices heard through their representatives within the Public Service Pension Advisory Committee?
What is the plan in terms of public sector unions' involvement?
Director, Pensions and Benefits Sector, Treasury Board Secretariat
Currently, employees will be engaged through the Public Service Pension Advisory Committee, through their representatives.
NDP
Mathieu Ravignat NDP Pontiac, QC
In other words, they will pay more, but they will not have more of a say in the process.
Director, Pensions and Benefits Sector, Treasury Board Secretariat
Again, the pension advisory committee will....
Director, Pensions and Benefits Sector, Treasury Board Secretariat
No change to the....
NDP
Mathieu Ravignat NDP Pontiac, QC
Does the Chief Actuary provide actuarial estimates of the costs and obligations stemming from the changes made to the contribution rates of the Public Service Pension Plan?
Chief Actuary, Office of the Chief Actuary, Office of the Superintendent of Financial Institutions
The answer is yes.
NDP
Mathieu Ravignat NDP Pontiac, QC
Do the actuarial evaluations stem from the changes to the contribution rate coming into effect?
Chief Actuary, Office of the Chief Actuary, Office of the Superintendent of Financial Institutions
That answer is also yes.
Chief Actuary, Office of the Chief Actuary, Office of the Superintendent of Financial Institutions
First off, we received the proposal contained in Bill C-45 . In some ways, it's a fairly easy change to make because the total cost of the plan stays the same as far as we're concerned, except for new contributors. That cost, however, will materialize over time.
For the first five years, then, the change affecting new contributors isn't as significant as the change in the cost-sharing ratio, which will go from 35/65 to a 50/50 split. We carried out the evaluations that were asked of us.
Chief Actuary, Office of the Chief Actuary, Office of the Superintendent of Financial Institutions
They appear, by the way, in the report that was tabled in Parliament.
NDP
Mathieu Ravignat NDP Pontiac, QC
The compensation package will change because the public service pension plan amounts are changing. Will that have an impact on the public service's appeal as an employer? It is seen as an employer of choice, after all.
Director, Pensions and Benefits Sector, Treasury Board Secretariat
I would have to say the public service pension plan is still a very good pension plan, and I believe it will continue to attract employees.
