Legislation changes made in 2019 by the Government of Alberta make the Alberta Investment Management Corporation (AIMCo) the permanent exclusive investment manager for PSPP. As a result of this change the Investment Management Agreement (IMA) that was previously in place between PSPP Corporation and AIMCo needed to be renegotiated by December 31, 2020. Over the past year PSPP Corporation negotiated with AIMCo in an effort to reach mutually agreeable terms for a new IMA.
Despite extensive negotiations, we were unable to reach an agreement by the December 31st deadline. As a result of not having an IMA in place between PSPP Corporation and AIMCo, the Government of Alberta exercised its authority under legislation to impose investment terms through a Ministerial Order effective January 1, 2021. This Ministerial Order establishes interim terms and conditions of the investment relationship between PSPP Corporation and AIMCo until such time as an IMA is finalized. PSPP Corporation intends to continue working with AIMCo to establish a mutually agreeable IMA.
The Ministerial Order does not impact your PSPP pension benefits. PSPP Corporation is still managing your pension plan and the Plan continues to be well funded. Your PSPP pension is secure.
PSPP Corporation will update members once a new agreement is reached.