Federal Pension Surplus - Statement of GSU National President
Dec. 5, 2024
Over the past weeks, a significant amount of information has been shared in the media regarding the federal pension surplus. We understand that this has raised questions and concerns among our members.
First and foremost, we want to reassure you that, as it stands, nothing changes for members. Your contributions to the pension remain the same, and the pension fund itself is not disappearing.
What we know is this: under the Public Service Superannuation Act, the current surplus exceeds the allowable limit. The government must now decide how to address this situation. Speculation suggests the government might grant itself a contribution holiday. If that were to happen, we firmly believe that members, who have equally contributed to this fund, should also benefit from the surplus.
Furthermore, we see this as an ideal opportunity to address inequities in the system, such as the two-tier pension plan introduced by the Harper government. Eliminating this unfair structure would bring more equity to the pension system for all members.
For now, we urge members not to worry. In its current state, the surplus has no impact on your pension contributions or benefits.
We will continue to monitor developments closely and keep you informed as more information becomes available.
In solidarity,
Bruce Roy
National President
Government Services Union