Within the past couple of weeks, pensioners of the Public Service Pension Plan have been receiving letters from Provident10 about changes to the processing of your pension payments. The office of NLPSPA has received many calls from concerned pensioners who are worried and somewhat agitated by this change. At this time, the Board of Directors of NLPSPA and Provident10 wish to advise that there is no need for worry or concern about this change. This change is all a part of the process of transitioning your pension plan from management and administration by the Government of Newfoundland and Labrador to an independent, credible, and secure pension plan system.
With the creation of the Public Service Pension Plan Corporation, later re-named Provident10, your pension payments continued to be distributed by the Government of Newfoundland and Labrador. However, it was always the intention that when the proper infrastructure was in place, your pension payments would be removed from Government administration. As Provident10 is the investment and administration arm of your pension plan, CIBC Mellon will become your pension payroll provider. CIBC Mellon is a leader in pension payment services in Canada and they will continue to provide the same services that you received when the payroll was with the Government. In fact, CIBC Mellon is well familiar with our pension plan, having been one of the investment management companies that the NL Government had for our plan, prior to Provident10.
The transition to CIBC Mellon payroll will happen in phases from November 2018 through 2019. Once you have made the transition to CIBC Mellon, future correspondence you receive about your pension payment will come from CIBC Mellon, on behalf of Provident10. Your payment schedule will not change. If you currently receive payment by direct deposit, you do not need to take any action. Specifically, you do not need a CIBC bank account to receive payment from CIBC Mellon. If you currently receive payment by cheque, your schedule will also remain the same. CIBC Mellon mails cheques at least four days prior to the payment date to ensure that you receive payment on or before the payment date. Once again, you do not need a CIBC bank account to receive payment from CIBC Mellon.
NLPSPA will continue to try and assist a smooth transition to CIBC Mellon by seeking answers to questions that you might have. We encourage patience and understanding as we work together with Provident10 to make this change as smooth and least stressful as possible.
If you have any further or additional questions surrounding pensioner payroll transition, please contact the NLPSPA office at 709-754-5730; 1-800-563-4188 or by email firstname.lastname@example.org or contact Provident10 at 709.701.3355 or 1844.247.1237, Monday to Friday 8:30 am to 5:00 pm (NST); or by email email@example.com.