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Public Service Pension Plan
The Public Service Pension Plan covers the federal public service, the Canadian Forces, and the Royal Canadian Mounted Police. The Treasury Board of Canada...
Public Service Pension Plan
The Public Service Pension Plan covers the federal public service, the Canadian Forces, and the Royal Canadian Mounted Police. The Treasury Board of Canada Secretariat oversees plan design and funding, while the Public Sector Pension Investment Board (PSP Investments), a federal crown corporation established in 1999, manages the invested assets at arm's length from the government. The plan's assets are deployed by PSP Investments across a diversified portfolio. The mandate includes public equities, fixed income, private equity, infrastructure, natural resources, and real estate. Known direct and indirect real asset holdings include Revera Inc., a Canadian senior-living operator; 22 Bishopsgate, a landmark London office tower; and The Wharf, a mixed-use development in Washington, D.C. The portfolio also holds global infrastructure and natural resources positions. PSP Investments operates from its headquarters in Ottawa with a principal office in Montreal and a presence in New York, London, and Hong Kong. The team is led by President and CEO Deborah Orida, who oversees approximately CAD $265 billion in net assets under management as of March 31, 2024 (per the PSP Investments 2024 Annual Report). The plan and its investment manager participate in industry bodies including the Principles for Responsible Investment (PRI), the Canadian Coalition for Good Governance (CCGG), and the Pension Investment Association of Canada (PIAC). The structural separation between the plan sponsor — the Treasury Board — and the independent investment manager — PSP Investments — is codified in the Public Sector Pension Investment Board Act. This creates a governance firewall unique among large Canadian public pensions: the federal government cannot direct specific investment decisions, insulating the portfolio from political influence.
General information
Firm type
Pension Fund
Location
Region
North America
Country
Canada
City
Ottawa
Corporate office
Ottawa, ON, Canada
Principals
Deborah Orida
President and CEO of PSP Investments
Sector focus
Frequently asked questions
Who manages the investments for the Public Service Pension Plan?
The Public Sector Pension Investment Board (PSP Investments) manages the plan's assets. PSP is a federal crown corporation created by the Public Sector Pension Investment Board Act in 1999. It operates at arm's length from the government, with an independent board chaired by Maryse Bertrand and a management team led by President and CEO Deborah Orida.
How large is the Public Service Pension Plan's asset base?
PSP Investments reported net assets under management of CAD $264.7 billion as of March 31, 2024 (per the PSP Investments 2024 Annual Report). The plan has grown steadily from approximately CAD $50 billion at PSP's inception in 1999, driven by net contributions from the federal government and plan members, plus investment returns.
What asset classes does the plan invest in?
PSP Investments manages a diversified portfolio across public markets, private equity, infrastructure, real estate, natural resources, and credit. The real asset portfolio includes direct holdings such as Revera Inc. (Canadian senior living), 22 Bishopsgate in London, and The Wharf in Washington, D.C., alongside extensive infrastructure and natural resources allocations globally.
Who are the members of the Public Service Pension Plan?
The plan covers employees of the federal public service, the Canadian Forces, and the Royal Canadian Mounted Police. It is a contributory defined-benefit plan, with both employees and the Government of Canada contributing. The Treasury Board of Canada Secretariat acts as plan sponsor and is responsible for plan design, funding policy, and overall management.
Can the Canadian government direct PSP Investments' investment decisions?
No. The Public Sector Pension Investment Board Act explicitly establishes PSP Investments as an independent crown corporation. The government cannot interfere in specific investment decisions, board selection processes, or day-to-day operations. This governance structure was designed to depoliticize the management of federal pension assets.
Does the plan maintain any co-investment or partnership programs?
PSP Investments frequently participates in co-investments, direct deals, and fund commitments alongside other large institutional investors. The organization is an active member of the Pension Investment Association of Canada (PIAC) and the Principles for Responsible Investment (PRI), and it co-invests with sovereign wealth funds, global pension funds, and private equity general partners on a deal-by-deal basis.
Where does PSP Investments maintain offices?
PSP Investments' headquarters is in Ottawa, Ontario, with a major office in Montreal, Quebec. The organization also maintains international offices in New York, London, and Hong Kong to support its global investment mandate across public and private markets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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