The Public Sector Pension Plan was established in 1945 to provide retirement income to permanent employees of the Province of PEI, Health PEI and certain participating employers. The Plan was originally called the Civil Service Superannuation Fund, and the name was updated to the Public Sector Pension Plan in 2020.
The Minister of Finance of the Government of Prince Edward Island is responsible for the administration of the Plan and has delegated the day-to-day administrative duties to the Pensions & Benefits and Fiscal Management sections of the Department of Finance.
The assets of the Plan are held within the Province of Prince Edward Island Master Trust, which is administered by external investment managers. It operates under policy guidelines set by Executive Council and is supervised by an advisory committee to the Minister of Finance. The assets of the Plan are separate from the Operating Fund of the Province.